By Jody Godoy and Arriana McLymore
NEW YORK, July 28 (Reuters) - Shein, the online fast-fashion retailer, said its U.S. operations are under investigation by the U.S. Federal Trade Commission and that it could face significant fines as a result, according to documents filed in connection with its planned Hong Kong IPO.
Shein is cooperating with the probe, the Chinese-founded company said in the documents published by the Hong Kong stock exchange on Sunday.
"The outcome of the investigation, whether in settlement or otherwise, may require us to make significant monetary payments that could have a material adverse effect on our financial condition and results of operations," the company said in the filing.
An FTC spokesperson confirmed on Tuesday the agency is conducting a consumer protection investigation into Shein. The FTC enforces U.S. laws against unfair and deceptive business practices.
#documents #jody
NEW YORK, July 28 (Reuters) - Shein, the online fast-fashion retailer, said its U.S. operations are under investigation by the U.S. Federal Trade Commission and that it could face significant fines as a result, according to documents filed in connection with its planned Hong Kong IPO.
Shein is cooperating with the probe, the Chinese-founded company said in the documents published by the Hong Kong stock exchange on Sunday.
"The outcome of the investigation, whether in settlement or otherwise, may require us to make significant monetary payments that could have a material adverse effect on our financial condition and results of operations," the company said in the filing.
An FTC spokesperson confirmed on Tuesday the agency is conducting a consumer protection investigation into Shein. The FTC enforces U.S. laws against unfair and deceptive business practices.
#documents #jody
3 months ago
