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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Chinese E-commerce giant Shein faces another set back as French Ministry of Finance initiates a procedure to suspend its platform in France until it can demonstrate compliance with the country's laws.
Shein is opening its first permanent physical stores in France, starting in Paris and expanding to five more cities. The fast-fashion giant aims to test brick-and-mortar retail in one of the world’s most influential fashion markets.
The European Union is cracking down on Chinese platforms Shein and Temu over safety breaches.
Shein pledges to boost product safety checks and invest in compliance following EU pressure over unsafe items sold on its platform.
Germany’s foreign intelligence service secretly monitored the telephone communications of former U.S. President Barack Obama for several years, including calls made aboard Air Force One, according to an investigation by the German newspaper Die Zeit.
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