عربي English Türkçe اردو فارسى
Logo
Latest News
Fashion

Online Fashion Outlet Otrium Raises $120 Mln ahead of US Launch

Amsterdam-based Otrium said that its revenues had tripled in 2020. (Otrium)
Amsterdam-based Otrium said that its revenues had tripled in 2020. (Otrium)
TT
20
TT

Online Fashion Outlet Otrium Raises $120 Mln ahead of US Launch

Amsterdam-based Otrium said that its revenues had tripled in 2020. (Otrium)
Amsterdam-based Otrium said that its revenues had tripled in 2020. (Otrium)

Otrium, an online outlet store for fashion brands, said on Wednesday it had raised $120 million from investors as it launches in the United States and develops its platform for trading items left unsold at the end of the season.

Amsterdam-based Otrium said that its revenues had tripled in 2020, while its registered members topped 3 million and it has over 300 fashion stores on its app. Its partners include Karl Lagerfeld, Joseph, Anine Bing, Belstaff, Reiss and ASICS.

"Our goal is to get as close as possible to eradicating unsold seasonal inventory," said Milan Daniels, CEO and co-founder of Otrium.

The Series C investment round was led by BOND and Index Ventures, with continued backing from existing investor Eight Roads Ventures, Otrium said in a statement.

Most Viewed

 
Fashion

France Fines Shein 40 Million Euros for Misleading Discounts

FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
TT
20
TT

France Fines Shein 40 Million Euros for Misleading Discounts

FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo

France's antitrust agency said on Thursday it had fined China-founded fast-fashion retailer Shein 40 million euros ($47.17 million) for alleged deceptive business practices including misleading discounts, following a nearly year-long probe.

The agency, in charge of consumer protection as well as competition, said Infinite Style E-Commerce Co Ltd, which handles sales for the Shein brand, had misled customers about discounts, and that the company had accepted the fine, Reuters reported.

Under French regulations, the reference price for any discount is the lowest one given by a retailer during the 30 days preceding the offer. Shein infringed that rule by not taking into account previous offers, and sometimes increasing the price before applying a discount, the agency said.

It said its investigation showed the company "deceived consumers about the authenticity of discounts they could benefit from."

The probe, conducted across thousands of products on Shein's French site between October 1, 2022 and August 31, 2023, found 57% of advertised deals were not, in fact, offering a lower price; 19% had less of a discount than advertised; and 11% were in fact price increases.

In a statement, Shein said the antitrust agency had informed Infinite Style Ecommerce Co Ltd (ISEL) of breaches related to reference price and environmental regulations in March last year, and ISEL had taken corrective action within the following two months.

"This means that all identified issues were addressed more than a year ago," Shein said, adding that ISEL was committed to complying with French regulations.