Shein is set to launch its first branded credit card worldwide as it ramps up its international expansion ahead of a possible IPO.
The fast fashion giant has partnered with Mexican fintech Stori to offer points on its website with every purchase and double points on clothing orders, Reuters reported.
It comes as Shein’s sales growth is understood to have slowed to 23% in the first half of this year, substantially behind the 40% rise last year.
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The retailer’s profit plunged more than 70% to just below £308m ($400m) as sales topped £13.8 ($18bn), The Information reported.
Shein, which does not report its global results publicly, held informal investor meetings this month as it prepares for a planned initial public offer on the London Stock Exchange.
The retailer appointed Barclays and UBS as bookrunners last week. It is also working with Goldman Sachs Group Inc, JPMorgan Chase & Co and Morgan Stanley on its preparations.
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