UBS Evidence Lab’s Global App Monitor has named Chinese fast fashion retailer Shein as ‘most downloaded’ shopping app as well as the ‘most searched-for apparel retailer in the US. The online-only retailer of inexpensive clothes, beauty, and lifestyle products grew from a $15 billion valuation in 2020 to 100 billion value in a recent funding round, as per a WSJ report.
Growth is attributed to its strong momentum with consumers, say UBS analysts. As per an AoI report, growth makes Shein an increasing threat to US specialty retailers such as American Eagle, Aberchrombie & Fitch, Urban Outfitters, Victoria’s Secret, The Gap, and department stores and off-price retailers. Despite having no network of physical stores, Shein has been ranked a top brand on TikTok and has been the second favorite website for shopping amongst teenagers for the last two years, according to Piper Sandler's semi-annual Gen Z Survey. The e-commerce company pursues an aggressive, data-driven fast-fashion business model that makes it a popular brand amongst price-sensitive consumers.