一片骂声中蒸蒸日上的希音！预计2025年净利达20亿美元

Core Viewpoint - Shein, a cross-border e-commerce giant based in Singapore, anticipates a net profit of $2 billion by 2025, despite pressures from increased tariffs in the U.S. The company has successfully offset the impact of declining online traffic through price increases and cost-cutting measures [1][6]. Sales and Profit Growth - Shein expects a mid-double-digit percentage growth in sales this year, which could nearly double its net profit compared to last year's $1.1 billion. In Q1, the company reported a net profit exceeding $400 million with revenues close to $10 billion, driven by a surge in sales as U.S. consumers rushed to purchase items before the cancellation of the de minimis policy [3][7]. - The company has managed to increase profit margins by passing some tariff costs onto consumers and reducing advertising expenses, especially as competitors like Temu have decreased their promotional efforts in the U.S. market [5][8]. Market Position and Competition - In contrast to Shein's robust growth, Western apparel retailers like Inditex and H&M are projecting more modest profit increases of 8.6% and 8.8%, respectively [9]. Shein's market share in the competitive French apparel and footwear market has grown from 2% in 2021 to 3% in 2024 [15]. Regulatory Challenges - Shein faces significant regulatory challenges, particularly in France, where it has been fined for misleading commercial practices and data privacy violations. The French government has initiated procedures to suspend Shein's online market services due to complaints about inappropriate products sold on its platform [10][11][14]. - The company's IPO plans are still pending approval from the China Securities Regulatory Commission, and it is seeking to list in Hong Kong after previous plans for New York and London were thwarted by political and regulatory obstacles [6][12]. Controversies and Consumer Perception - Despite ongoing controversies, including accusations of selling inappropriate products and using forced labor, Shein's profitability remains strong, highlighting a disconnect between regulatory scrutiny and consumer demand [16][17]. The company has attempted to cultivate a responsible corporate image by investing in sustainable initiatives, yet it also seems to embrace controversy as a marketing tool [17][19]. - The recent backlash in France has intensified scrutiny on Shein and other Chinese e-commerce platforms, suggesting that they may face stricter regulations moving forward [19].