(Reuters) -Shein said on Monday its resale platform, where customers can buy and sell previously pre-owned products from the fast fashion retailer online, will be made available in Europe and the UK.
The platform, which was launched in the U.S. about two years ago, will now be accessible in France, followed by the UK and Germany in subsequent phases.
The online retailer, founded by a Chinese entrepreneur, is also said to be preparing to file a prospectus with Britain’s Financial Conduct Authority for approval ahead of a potential London float, according to a Sky News report from Sunday.
The company said the latest launch of the Shein Exchange platform comes after studies revealed that 50% of respondents from the UK, France, Germany, and Brazil are driven by sustainability to buy second-hand clothes online.
In 2023, over 4.2 million new users signed onto the exchange platform in U.S., with over 115,000 pre-owned items listed for sale by over 95,000 sellers, the company added.
(Reporting by Radhika Anilkumar in Bengaluru; Editing by Shailesh Kuber)