Fast fashion retailer Shein has been fined €40 million ($47.17 million) by France’s antitrust watchdog for allegedly having misleading discounts and unclear environmental claims, despite the company’s claim that the issues were fixed a year ago.
Following a nearly year-long investigation, officials said the brand misled consumers about discounts and made vague claims regarding its environmental impact.
The fine was accepted by Infinite Style E-Commerce Co Ltd (ISEL), which oversees Shein's sales operations.
In response, China-founded Shein stated that it was informed of the concerns in March last year and resolved them within two months.
"All of the points raised have therefore been resolved more than a year ago," Shein said in a statement. "ISEL takes very seriously its legal and regulatory obligations in France."
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Nigerian billionaire Aliko Dangote launched Africa's biggest-ever share sale on Monday, opening the oil refinery that has remade the country's fuel market to public ownership for the first time.
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