عربي English Türkçe اردو فارسى
Logo
Latest News
Fashion

Polish Fashion Group LPP Says it Won't Return to Russia

FILE PHOTO: Clothes are displayed on the mannequins at Polish fashion retailer LPP brand Reserved shop, amid the coronavirus disease (COVID-19), in Warsaw, Poland, September 4, 2020. Picture taken September 4, 2020. REUTERS/Kacper Pempel/File Photo
FILE PHOTO: Clothes are displayed on the mannequins at Polish fashion retailer LPP brand Reserved shop, amid the coronavirus disease (COVID-19), in Warsaw, Poland, September 4, 2020. Picture taken September 4, 2020. REUTERS/Kacper Pempel/File Photo
TT
TT

Polish Fashion Group LPP Says it Won't Return to Russia

FILE PHOTO: Clothes are displayed on the mannequins at Polish fashion retailer LPP brand Reserved shop, amid the coronavirus disease (COVID-19), in Warsaw, Poland, September 4, 2020. Picture taken September 4, 2020. REUTERS/Kacper Pempel/File Photo
FILE PHOTO: Clothes are displayed on the mannequins at Polish fashion retailer LPP brand Reserved shop, amid the coronavirus disease (COVID-19), in Warsaw, Poland, September 4, 2020. Picture taken September 4, 2020. REUTERS/Kacper Pempel/File Photo

Polish fashion group LPP will not return to Russia, its CEO said on Monday and repeated that the company had exited the country, seeking to reassure investors after a Hindenburg Research report questioned the sale of its business there.
In a call on Monday, Marek Piechocki also said the company would consider a share buyback, though shareholders would have the final say.
The company's shares were 24% higher by 1025 GMT, partially recovering from a 36% fall on Friday after Hindenburg Research's report.
LPP again denied the allegations in the report and said it has no operating or trading activities in Russia.

Most Viewed

 
 
Fashion

Shein to Open Pop-up Store in South Africa to Woo More Shoppers

A view of a Shein pop-up store at a mall in Singapore April 4, 2024. (Reuters)
A view of a Shein pop-up store at a mall in Singapore April 4, 2024. (Reuters)
TT
TT

Shein to Open Pop-up Store in South Africa to Woo More Shoppers

A view of a Shein pop-up store at a mall in Singapore April 4, 2024. (Reuters)
A view of a Shein pop-up store at a mall in Singapore April 4, 2024. (Reuters)

Fast-fashion giant Shein, known for its $5 tops and $10 dresses, will open a pop-up store in Johannesburg, South Africa in August as the online retailer aims to expand its brand recognition in the country.

Shein, founded in China, and its rival Temu have aggressively expanded worldwide as online shopping has surged after the COVID pandemic. They have been accused of exploiting tax loopholes by exporting China-made products in small quantities to avoid higher duties.

Shein will open its pop-up store from Aug. 2-11 as an "exhibition space" for customers to try on trendy fashion and lifestyle products and order them online at a discount, the company said in its South African Instagram post on Tuesday.

Local influencers were tapped for a pre-opening marketing campaign.

Brick-and-mortar and online fashion retailers have urged South African regulators to impose a 45% import duty on all clothing item imports, no matter the price, to level the playing field. Shein, which is planning to go public in Britain, taps a network of largely China-based suppliers which take small initial orders and scale up based on demand.

A Shein spokesperson told Reuters the retailer is engaging with South African regulators to ensure its continued compliance with local laws.

"That said, such tax measures are not critical to the success of our business or the competitive prices we offer our consumers. We keep our prices affordable through our technology-based on-demand business model and flexible supply chain," the spokesperson added.