May 21, 2024

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The European Union's “strike” on fast fashion giant Shein

The European Union's “strike” on fast fashion giant Shein

Company Fast fashion shin It is brought under the scope of key EU rules designed to crack down on illegal and harmful online content.

Shin, founded in Chinabut now based in Singapore, averages more than 45 million monthly users in the European UnionThe European Commission said on Friday that it meets the minimum target set by the EU Digital Services Law.

“Shane will have to stick to it Stricter rules “Under the daily subsistence allowance law, within four months of being notified,” the committee said. This includes “a commitment to take specific measures to empower and protect internet users, including minors, and to properly assess and mitigate any systemic risks arising from its services.”

This move means that Shin It can be liable for fines of up to 6% of global revenue To violate the law, which aims to limit the spread of illegal content online, according to Bloomberg.

Platforms already deployed within DSA include YouTube by Alphabet, Facebook by Meta Platforms, and X by Elon Musk. Other markets such as AliExpress by Alibaba Group Holding and its platform They are also eligible, because they meet the criteria of having at least 45 million monthly active users in the EU.

the Leonard Lin, Shein's global head of public relations; The company shares the Commission's “ambition to ensure that EU consumers can shop online with peace of mind and we are determined to do our part,” the company said.

The DSA also requires online marketplaces to identify sellers on their platforms, add ways for customers to report illegal content and conduct random checks for illegal products.

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The EU move is the latest attempt by regulators to crack down on companies with ties to China. Following the same rules as earlier this week, TikTok is ByteDance It was forced to halt a controversial rewards program in its Lite app before EU watchdogs carried out their threat to temporarily ban the feature over fears it could cause addiction in children.

Under a separate legal instrument – ​​the Foreign Subsidy Regulation – EU competition monitors are implemented Raid the headquarters of the Chinese security company Nuctech, On suspicion that it may have received subsidies that might distort competition in the EU's precious single market.

Other EU investigations under the Financial Instruments Support Regulation also targeted Chinese companies active in clean energy and railways. The wave of investigations reflects the European Union's increasingly assertive approach to China, which threatens restrictive trade measures that could lead to tariffs, isolating China from European markets and potentially leading to a trade war.

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