Clothing retailer Shein launches credit card with Mexican fintech Stori [Yahoo! Finance]
Mastercard Incorporated (MA)
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Source: Yahoo! Finance
The push will simultaneously aim to draw more Mexicans to the credit market, where they lag in access, as well as luring shoppers to the low-cost, quick-turnaround retailer's website. Throughout Latin America, Shein has exploded in popularity in recent years, as it weighs plans to build a plant in Mexico and build out a distribution network in prime market Brazil. The region has also seen a boom in small businesses which buy Shein clothing in bulk and re-sell it in physical storefronts. Shein - valued at $66 billion in a fundraising round last year - has disrupted the fast-fashion industry with its low-cost model and rapid growth. Mexico's e-commerce market was the fastest growing in the world last year, according to a study by the Mexican Online Sales Association (AMVO), with just over 40% of all online purchases being clothing. The Shein credit card, a Mastercard, will offer points to use on the retailer's website with every purchase. Clothing purchases on Shein's website
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