牛津经济研究院-SHEIN在欧盟的经济影响 THE ECONOMIC IMPACT OF SHEIN IN THE EU 2024

0FORD

ECON0MICS

THE

ECONOMICIMPACT

OFSHEININTHEEU

NOVEMBER2024

Areportfor

ABOUTOXFORDECONOMICS

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NOVEMBER2024

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Thisreportisconfidentialto

SHEINandmaynotbepublishedordistributedwithouttheirpriorwrittenpermission.

Themodellingandresultspresented

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SHE

TheeconomicimpactofSHEINintheEU

Contents

Executivesummary

1.DigitalisationoftheEU’sretailsector

1.1Embracingdigitalisationtobuildcompetitiveness

1.2Onlineretailerscanplayakeyroleinenablingtransformation

1.3SHEIN’spresenceintheEU

2.TheeconomicimpactofSHEINintheEU

2.1SHEIN’stotaleconomicimpact

2.2Thethreetiersofimpact

3.SHEINandthefashioncommunity

3.1SHEINX

3.2SHEINMarketplace

Conclusion

Appendix1:Economicimpact

Appendix2:KeydemographicsofSHEINXsurveyrespondents

IN

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ECONOMICsTheeconomicimpactofSHEINintheEUTheeconomicimpactofSHEINintheEU

SHEIN

Executivesummary

Foundedoveradecadeago,SHEINoperatesinover150countriesandhasanaverageofmorethan100millionactivemonthlyusersintheEuropeanUnion(EU).Withanexpansiveglobalpresence,SHEINmakesanimportantcontributiontothelocaleconomiesinwhichitoperates.ThisreportexploresthecontributionSHEINmakestotheEUeconomythroughitsoperationsinthreekeymarkets:France,ItalyandPoland.ItalsoexamineshowSHEINcansupportandempowerdesigners,artistsandentrepreneursintheEUtoestablisha

stakeintheretailindustrythattheywouldotherwisestruggletoachieve.

Oursurveyfoundthat:

•FouroutoffiveSHEINXdesignersandartists

felttheirpartnershipwithSHEINhadenabledtheirdesignstobesoldtoconsumers.

•MorethanhalfoftheSHEINXdesignersand

artistswesurveyedfeltthatSHEINXsignificantlyenabledthemtointegratetechnologyandreal-

timeinsightsintotheirend-to-endprocesses,fromproductdesigntosales.

•Threein10ofthosewithavenuesofrevenue

outsideSHEINsaidthattheirpresenceonSHEINhelpedthemearnrevenuesonotherplatforms.

•Oversixin10saidSHEINXhadencouragedthemtopursuetheircreativeambition.

Inparallel,inBrazilandMexicowhereSHEIN

Marketplacehasbeenoperationalforoverayear,

partnersoftheprogrammerevealedhowtheplatformhasenabledthemtobuildacredibleonlinepresence,encouragingthemtoleveragedigitaltoolstokeep

abreastofchangesincustomerpreferences,and

helpingmicro-,smallandmediumenterprisesgrowquicklyandscaletheiroperationsastheybecomesuccessful.

SHEINanditspartnershavethepotentialtoplayasupportingroleintheEUretailsector’sdigital

transformation,helpingtocatalysetheuseand

integrationofdigitaltoolswithintheindustry’srichandvariedretaillandscape.

Enablingentrepreneursandsmallbusinessestoenterthemarket

Inadditiontoitsowneconomicfootprint,SHEINhasintroducedtwokeyinitiativestoitsglobaloperatingmodeltohelpyoungerdesigners,artistsand

businessesenterandgrowintheonlinefashionandlifestyleretailsector.SHEINX—launchedin2021,

isdesignedtobuildanecosystemoflocaltalent

anddesigninfluencearoundtheSHEINplatform.

Meanwhile,SHEINMarketplace—formallylaunchedmorerecentlyin2023,isanonlineplatformthat

providesachannelforbusinessestoselldirectlytotheircustomers.

Inourglobalsurveyofaround150SHEINXdesignersandartists,wefoundastrongsensethatthose

collaboratingwithSHEINinthisspacefeltthebenefitsofincreasedcustomeraccessandvisibility.Many

alsorecognisedtheircollaborationasanopportunitytounderstandandexploretheuseoftechnology

inthesectorandtopursuetheirpassions,buildingsuccessfulcareersinfashion.

andgrow

SupportingtheEU’sdigitalretailagenda

Theadoptionofe-commercehasbecomea

predominanttrendintheEU’sretailsector,butmanycountriesintheEuropeanUnion(EU)stilllagbehindAsia’smostadvancedeconomiesandtheUnited

Statesintermsofdigitaladoption.TheEuropean

Commissionrecognisestheimportanceofembracingdigitalisationtobuildacompetitiveretailsector;one

thatcankeepupwiththedynamismoftheglobal

retailindustry,inwhichdigitaloptionsandhyper-

personalisationareincreasinglybecomingthenorm.FortheEU,thiscantranslateintoimprovementsin

productivity,amoreeffectiveonlinepresence,an

integrationofadvancedtechnologiesintotheretail

valuechain,andthedevelopmentoftheinfrastructurerequiredforimprovedcustomerexperiences.

Contributing€1.1billion,supporting6,130jobs

SHEIN’sgrowingoperationsinFrance,ItalyandPolandsupportedaneconomiccontribution

worth€1.1billionin2023,aswellas6,130jobs.

NearlyhalfofthiseconomicimpactwasgeneratedbySHEIN’sownretailandwholesaleoperations,while

therestcanbeattributedtotheeconomicactivity

supportedamongitslocalserviceprovidersintheEUandthewagespendingofthoseemployed.ThesectorsbenefitingmostfromSHEIN’soperations

intheEUwerelocalenterprisesinthebusiness,professionalservicesandrealestatesectors,

followedbytransportationandstorage,andthewiderwholesaleandretailsectors.

SHEIN’sgrowingoperationsinFrance,

ItalyandPolandsupportedaneconomiccontributionworth€1.1billionin2023,aswellasover6,130jobs.

45

SHEIN’SECONOMICIMPACT

INTHEEUIN2023

ThroughthreeofSHEIN’s

importantmarketsintheEU–France,Italy,andPoland

SHEIN’sactivitiesintheregion

providersacrossadiverserangeofsectors.

supportwidereconomicactivityintheregion,leveraginglocalservice

TotalGDPcontribution

€1.1billion

UU

Totalemployment

6,130jobs

DistributionofGDPandjobssupportedinthewidereconomy,bysectors

Business&professionalservices,realestate

25%

27%

32%

Transportationandstorage

O

UU

38%

Wholesaleandretail

8%

5%

24%

Financialandinsurance

11%

15%

13%

Othersectors

SHEINSupportingthefashioncommunity

TheSHEINplatformcreatesopportunitiesfordesigners,artists,entrepreneurs,andsmallbusinessestogrowintoandsucceedintheEU’sfashionandlifestyleretailenvironment.ByencouragingtechnologyadoptionintheEU’sretailsector,onlineplatformslikeSHEINcanplayaroleinacceleratingitsdigitaltransformation.Oursurveyof

SHEINXdesignersandartistsaroundtheworldfoundthattheSHEINhadhelpedthem...

PURSUECAREERSINTHEINDUSTRY

Two-thirdsofSHEINXdesignersinoursurveycreditedSHEINasaplacewheretheylearnedhow

tooperateandsellon

e-commerceplatforms.

Nearlyeightin10

designersfeltthatSHEINXenabledthemtoexpandtheirreachtoawider

audience,withmostsellinginternationally.

BUILDDIGITALCAPABILITIES

MorethanhalfoftheSHEINXdesignersandartistswesurveyedfeltthatSHEINXsignificantlyenabledthemto

integratetechnologyandreal-timeinsightsintotheirend-to-endprocesses,fromproductdesigntosales.

It’snoteasyasayoungdesignerorartist...

[SHEIN]helpedmedevelopmydesignportfolio

andscalemybusiness.Itisahugeplatform,

providingtheopportunitytoseeifotherpeopleareinterestedinyourdesignandart.99

Oxana,afreelanceillustratoranddesigner,France

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ECON0MICS

Leveragingdigitaltoolstostayontopofchangesincustomerpreferences

PartnersofSHEINMarketplacesharedhowtheplatformhasenabledthemtobuildacredibleonlinepresence,

encouragingthemtoleveragedigitaltoolstokeepabreastofchangesincustomerpreferences,andhelpingmicro-,smallandmediumenterprisesgrowquicklyandscaletheiroperationsastheybecomesuccessful.

SHEIN’sfirstinclass

feedbacksystemenablesustokeeppacewith

yourcustomerchangingneeds….Wemeeteverymonthwithourstyle

teamabouttheinsightsandfeedbackfrom

clientsonSHEINtoseewhatisselling,whatdoourcustomersthink

ofourproductsandhowtoinnovate.99

HotanMirzakhani,Lunii

SHEIN

89

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ECONOMICsTheeconomicimpactofSHEINintheEU

1

CountriesintheEUgenerallylagbehindotheradvancedeconomiesine-commerceadoption.DatafromUNTradeandDevelopment

(UNCTAD)revealthateveninlargereconomiesintheEU,such

asFrance,theincidenceofonlineshoppersremainsrelativelylowcomparedtoAsia’smostadvancedeconomiesandtheUS.3Therehasbeenasignificantincreaseintheadoptionofe-commercein

recentyears,followingthepandemic.RetailersintheEUturned

toonlinesaleschannelstomeetthegrowingdemandforonline

purchases,whichincreasedfrom33%oftotalpurchasesin2020to

40%in2023.4

Buildingonthismomentum,inMarch2024,theEuropean

CommissionlaunchedtheTransitionPathwayforamoreresilientretailecosystem,whichhighlightstheneedfortheretailsectorto

investinitsgreenanddigitaltransformation.Itispartlydrivenby

thegoaltoensuremoresustainablebusinesspractices,andpartlyrepresentsaresponsetotheEU’sstrategicimperativetoimprovetheproductivityofitsmajorsectors.TheEUretailsectorneedstokeepupwithchangesinconsumerbehaviour,wheredigitaloptionsandhyper-personalisationarebecominganorm.5

DigitalisationoftheEU’sretailsector

Majoronlinefashionandlifestyleretailersthatsellviaonlineplatformssuchas

SHEINareattheforefrontofapplyingadvancedtechnologytofashionretail.Theyleveragethesetechnologiesacrosstheirvaluechain,frombackendprocessestomanufacturing,throughtothesupplychaintocustomerinterface.

WhenSHEINwaslaunchedoveradecadeago,itsfounderssetouttochange

theindustry“bycombiningaccuratedemandmeasurementcapabilitieswitha

technology-enabled,flexiblesupplychain”.1Forthis,SHEINinvestedacross

itsprocesschain,leveragingatrend-intelligence-basedproductdevelopment

process,andanadvancedlogisticsmodel.Asaplatform,SHEINalsomakes

technologicalknow-howandadvantagesavailabletoitspartnersinthefashion

industry—includingdesignersandmarketplacesellersmakinguseoftheplatform,andserviceprovidersfeedingintoit.

Today,SHEINservescustomersinover150countriesandoffersawiderangeofproductsincludingclothing,shoes,andaccessoriesformen,women,and

children;aswellasbeauty,homeandlifestyleitems.SHEIN’skeycenters

ofoperationgloballyincludetheUnitedStates(US),Brazil,Ireland,Türkiye

andSouthernChina.IthasofficesinLosAngeles,SaoPaulo,London,Paris,

Guangzhou,andSingapore,withDublinservingasregionalheadquartersforitsEurope,MiddleEastandAfrica(EMEA)operations

TheEuropeanUnionisakeyregionforSHEIN,thesourceofmorethan100millionmonthlyusers,onaverage.2InadditiontoSHEIN’sEMEAheadquartersinIreland,SHEINhasofficesinBelgium,France,Germany,Italy,Poland,andSpainandthecompanycontinuestobuilditsfootprintintheEU.

TheEuropeanUnionisakeyregionforSHEIN,thesourceofmorethan100millionmonthlyusers,onaverage.

1AcceleratingtheEvolution:2022SustainabilityandSocialImpactReport,SHEIN

2DigitalServicesAct,SHEIN

SHEIN

TheeconomicimpactofSHEINintheEU

1.1Embracingdigitalisationtobuildcompetitiveness

RetailersintheEUturnedto

onlinesaleschannelstomeetthegrowingdemandforonlinepurchases,whichincreased

from33%oftotalpurchasesin2020to40%in2023.

1.2Onlineretailerscanplayakeyroleinenablingtransformation

Embracingdigitaltechnologyiskeytobuildingresilienceinretail.Thisincludes

investinginanonlinepresence,establishingmulti-channelsalescapabilities,

integratingadvancedtechnologiesthroughoutthevaluechain,anddeveloping

theinfrastructuretodeliverhighqualityandseamlesscustomerexperience.Thedigitalisationofretailopensthedoortogreaterautomationandinsights—which

poweracompany’sabilitytounderstanditsconsumerandcustomiseitsofferingstotheirneeds.Thiscanfacilitateinnovation,buildingamorecompetitivesector.

SHEINisonesuchretailerdrivingthetransformationofretailprocessesand

improvingefficiencythroughdigitalisation.AccordingtoSHEIN,thecompany’s

on-demand,small-batchmanufacturingsystem,poweredbyitsproprietarydigitalsupplychaintechnology,substantiallyreducestheproblemofexcessinventory:

unsoldinventoryofSHEIN-brandedproductsisconsistentlyinthelowsingledigits,comparedtotheindustryaverageof25-40%.6

3Businesse-commercesalesandtheroleofonlineplatforms,UNCTAD(2024)

4E-commercestatistics,Eurostat

5Atransitionpathwayforamoreresilient,digital,andgreenretailecosystem,EuropeanCommission(2024)

6AgilityIsFashion’sNewSourceofCompetitiveAdvantage,BostonConsultingGroup(2023)

SHE

TheeconomicimpactofSHEINtheEU

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ECONOMICsTheeconomicimpactofSHEINintheEU

1.3SHEIN’spresenceintheEU

IntheEU,SHEIN’soperationscoverasuiteofactivities,fromcorporatefunctionsattheheadquarterstosalesandmarketingacrossregionaloffices.AsSHEIN

continuestoexpandintheEU,ithasalsoopeneddistributioncentresand

fulfilmentcentresinWroclaw,PolandandStradella,Italy,respectively.SHEINalsoregularlyorganisespop-upevents,settingupaphysicalpresenceforshortdurationatagivenlocation,forcustomerstointeractwiththebrandin-person.In2023,

SHEINorganisednearly20pop-upeventsacrosstheEUinFrance,Italy,Spain,Ireland,andGermany.

ArtistsanddesignersfromtheEUaccountedfornearly15%oftheover4,500contracts

signedwithartistsand

designersthathavejoinedtheSHEINXprogrammeglobally.

SHEINhasintroducedtwomajorinitiatives—SHEINXandSHEINMarketplace—toitsglobaloperatingmodelwithinthepastthree

yearstohelpyoungerdesigners,artistsandbusinessesaccessglobalmarketsandbuildtheirownsuccessfulbrands.

Since2021,SHEINXhasbeenprovidinglocalartistsand

designerstheopportunitytobetterunderstandtheirmarket,launchproductsandbuildtheirportfolios.Theprogrammeisoperational

acrosstheworld,andartistsanddesignersfromtheEUaccountedfornearly15%oftheover4,500contractssignedwithartists

anddesignersthathavejoinedtheprogrammeglobally.SHEINalsoorganisesshowcaseevents,suchastheSHEINXRunwayShowinParisinJune2023forEuropeanwinnersofaSHEIN

Xcompetition.Thewinnersgettheopportunitytopresenttheir

designstoalivestreamaudience,industryexpertsandinternationalmedia.Suchevents,togetherwiththepop-ups,enhancethevisibilityoflocaltalentandaddtothevibrancyoftheretailsector.

SHEINformallylaunchedtheSHEINMarketplacein2023,anonlineplatformthatprovidesachannelforbusinessestoselldirectlytotheircustomers.IntherelativelyshortperiodthatithasbeenactiveinBrazil,Mexico,andtheUS,thenumberof

localsellersontheseplatformsincreasedtoover21,000.TheinitiativeisnascentintheEU,whereitlaunchedinAugust2023andisintheprocessofonboardingsellers.

Inthisreport,weexploretheeconomicimpactofSHEINintheEUbasedon

itsoperationsinFrance,ItalyandPoland,aswellasthewiderimpactsfromtheSHEINXandSHEINMarketplaceprogrammesglobally.Inthenextchapter,weestimatethecontributionthatSHEIN’soperationsmaketotheEUeconomyin

termsofGrossDomesticProduct(GDP)andemployment.Then,inchapter3,

welookbeyondthiscoreeconomicfootprinttoexplorethewiderimpactsSHEINcreatesthroughtheopportunitiesitgivestolocaldesigners,artistsandsmall

businesses.

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ECONOMICsTheeconomicimpactofSHEINintheEU

2

TheeconomicimpactofSHEINintheEU

SHEINhasgrownitsEUcustomerbaserapidlyinrecentyears,leveragingreal-timeinsightsandaudienceengagementtoolstoidentifyfashiontrendsthat

aregainingtractionwithaudiencesintheEU.Inthischapter,weuseabespokeeconomicimpactmodellingframeworktoassessSHEIN’seconomicfootprintintheEUintermsofGDPandemployment,throughthelensofitsthreeimportantEUmarkets–France,Italy,andPoland.

Ouranalysisisbasedonastandardeconomicimpactmodellingframework.WequantifySHEIN’seconomicimpactinFrance,Italy,andPolandintermsofthe

grossvalueadded(GVA)andemploymentcontributionstotheEU’seconomy.

•Thegrossvalueadded(GVA)contributiontogrossdomesticproduct

(GDP)isthevalueoftheoutputproducedbySHEINanditsserviceproviders,minustheirexpenditureoninputs(goodsandservices)thatareusedupin

production.Aggregatedacrossalleconomicoperatorsintheeconomy,thisformsGDP(plusproductiontaxesandsubsidies),whichisthemostwidelyrecognisedmeasureoftotaleconomicoutput.

•TheemploymentcontributionismeasuredonaheadcountbasisandincludesanyonewhoispaidwagesfortheiractivityinSHEIN’soperationsandwithlocalserviceprovidersinthewidereconomy,regardlessofthelengthoftheirworkingweekorwhethertheyworkallyearround.

SHEINhasgrownitsEuropeancustomer

baserapidlyinrecentyears,leveraging

real-timeinsightsandaudienceengagementtoolstoidentify

fashiontrendsthataregainingtractionwith

Europeanaudiences.

SHEIN

TheeconomicimpactofSHEINintheEU

Box1:Frameworkformeasuringeconomicimpact

ThetotaleconomicfootprintofSHEIN’soperationscomprisesthreechannels,including:

•InducedImpact:Thewidereconomicbenefitsthatarisefromwage-fundedexpenditure

intheconsumereconomybyemployees

workingatSHEINandin-countrybusinessesacrosstheeconomythathelpsustain

SHEIN’soperations.Employeesspending

theirearningsinthewidereconomystimulatefurthereconomicactivityandjobs.

•DirectImpact:TheeconomicactivitydirectlygeneratedatSHEIN’sin-countryoperationalsites.ItencompassesgrossvalueaddedandemploymentgeneratedbySHEIN’ssalesinFrance,ItalyandPoland.

•IndirectImpact:Theeconomicactivityand

employmentstimulatedintheEUbySHEIN’sspendingongoodsandserviceswithlocal

serviceproviders.Thisfurthergenerates

demandforothergoodsandservicesacrossthewidereconomybasedontheinterlinkagesinthedomesticeconomy.

Fig.1:ThreechannelsofimpactthroughwhichweanalyseSHEIN’seconomiccontribution

DIRECTIMPACT

SHEINemploysstaff,

payswages,and

generatesprofits.

>

Italsospendsmoneywithlocalservice

providers,whointurnemploystaff,generate<profits,andmakefurtherpurchases.

INDIRECTIMPACT

Employeesspendtheirwagesinthe

widereconomy,generatingmore

GDP,jobs,andtaxrevenues.

INDUCEDIMPACT

Addedtogether,thesethreeeffects—direct,indirect,induced—

comprisethetotaleconomicimpactofSHEIN.

TOTALIMPACT

1213

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ECONOMICsTheeconomicimpactofSHEINintheEUTheeconomicimpactofSHEINintheEU

SHEIN

2.1SHEIN’stotaleconomicimpact

SHEIN’scombinedoperationsinFrance,ItalyandPolandgeneratedatotal

economicimpactof€1.1billiontotheEU’sGDPin2023(Fig.2).Thistotal

economicimpactwassupportedbySHEIN’soperationsinthethreemarkets,andtheadditionaleconomicactivityineachmarketthatwasstimulatedacrossvarioussectorsinthewidereconomyandwage-inducedexpenditure.7Weestimatethat

thissupported6,130jobsintotal,thevastmajorityofwhicharerelatedtoactivitiessupportedinthewidereconomy,ratherthanbeingemployeesofSHEIN,directly.

1,200

1,000

800

600

400

200

0

Fig.2:SHEIN’stotaleconomicimpactinthethreemarkets,2023

€million

1,400

6,130

1,060

GVA(leftaxis)Employment(rightaxis)

Source:SHEIN,OxfordEconomics

Jobs

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

SHEIN’scombinedoperationsin

France,ItalyandPolandgeneratedatotaleconomic

impactof€1.1billiontotheEU’s

GDPin2023.

7Thisreferstoasummationoftheeconomicimpactestimatedineachofthethreemarkets(France,Italy,Poland),anddonot

takeintoaccounttradeflowsbetweenthethreemarkets.

2.2Thethreetiersofimpact

OfthethreetiersofSHEIN’stotaleconomicimpact,thedirectimpactislargest–contributing€544milliontotheEU’sGDPin2023acrossFrance,Italyand

Poland,combined(Fig.3).SHEINemploysaround180individualsinFrance,

ItalyandPolandwhoareinvolvedinawiderangeofjobfunctions,fromtraditionalrolesinback-endofficefunctionsandwarehouseoperations,tohigh-skilledrolesinanalyticsandwebsitemanagement(Fig.4).

Fig.3:SHEIN’scontributiontoGDPinthethreemarkets,bychannelsofimpact,2023

Grossvalueadded,€million

1,200

1,000

800

600

400

200

0

99

418

1,060

544

DirectIndirectInducedTotal

Source:SHEIN,OxfordEconomicsNote:Totalsmaynotsumduetorounding.

Fig.4:SHEIN’scontributiontoemploymentinthethreemarkets,bychannelsofimpact,2023

Employment,numberofjobs

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

1,120

6,130

4,830

180

DirectIndirectInducedTotal

Source:SHEIN,OxfordEconomicsNote:Totalsmaynotsumduetorounding.

1415

TheeconomicimpactofSHEIN

SHEIN

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ECONOMICsTheeconomicimpactofSHEINintheEU

OuranalysissuggestseconomicactivitiesstimulatedthroughSHEIN’s

spendingwithlocalserviceprovidersinthethreemarketssupporteda€418

millionGVAcontribution,underpinnedbyover4,800workers.Thisillustrates

theplatform’sinter-dependencewithlocalenterprisestofulfildemandintheEU

market,whichextendsacrossadiverserangeofsectors.Thebusiness,professionalservicesandrealestatesectorsaretheprimarybeneficiary,togetheraccountingfor38%ofSHEIN’sindirectGDPand25%ofemploymentimpacts(Fig.5).

Fig.5.SHEIN’sindirectimpactonGVAandemploymentinthethreemarkets,bysectors,2023

38%

25%

Business&professionalservices,realestate

15%

24%

Transportandstorage

11%

13%

Wholesaleandretail

8%

5%

Financialandinsur