Fashion giant Shein plans Mexico factory - sources
STORY: Online fast fashion giant Shein is exploring plans
to build a factory in Mexico, sources said
Shein, which sells $5 tops and $10 dresses, was founded
in China and manufactures most of its products there
The factory could shorten shipping times and cut
distribution costs for Shein customers in Latin America
and is part of the retailer's push
to diversify and localize production
The company will use funds from its recent $2 bln
capital raise to fund the expansion as it eyes a U.S. IPO
Despite a valuation cut to $66 bln in its latest funding round,
one source said Shein posts annual revenue growth of 40%
Shein declined to comment on the plan but
said it is committed to localization as it expands
The company has come under fire in markets including
India, Brazil and the U.S. for its supply-chain links to China