Fast-fashion retailer Shein has expanded its third-party marketplace to include home appliances and smart home products.
The extended product categories now include items such as portable washing machines, remote control lighting and a selection of home improvement products like bathroom fixtures and wallpaper, according to a Thursday (June 15) press release.
Shein has also established partnerships with renowned global brands such as footwear brand Skechers and motherhood brand Lansinoh. The retailer is actively collaborating with boutiques to enhance its fashion, beauty and lifestyle offerings, per the release.
Over the next few months, the company plans to progressively introduce the marketplace model to additional markets, the release said.
“We are always committed to providing our customers with high-quality products at affordable prices, and our expansion into new categories reflects that,” said Shein Chief Operating Officer Molly Miao in the release. “Through our collaborations with these curated brands, we not only highlight the distinctive value of Shein’s newly launched marketplace, but also demonstrate our dedication to customer satisfaction and our mission to make fashion and lifestyle products accessible to everyone.”
Shein launched its third-party marketplace in the United States in May. The marketplace is also available in Brazil.
The move to expand its offerings follows a deceleration in growth within Shein’s primary segment of affordable and trendy fashion. This slowdown is consistent with the overall trend observed in the fast-fashion industry, where budget-conscious consumers have scaled back their spending and faced heightened competition.
Also last month, a funding round lowered the company’s $100 billion valuation by a third. Shein raised $2 billion and slashed its valuation to $66 billion. The news followed reports from January that Shein was planning a $3 billion funding round that would lower its valuation to $64 billion.
In February, Shein told investors that it plans to double its revenue by 2025. It also expects its gross merchandise value (GMV) will rise 174% over that same time. The projected annual revenue of $58.5 billion would be more than double last year’s total of $22.7 billion and would top today’s combined sales of Shein’s competitors, H&M and Zara.
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