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Shein is set to launch its first branded credit card worldwide through a partnership with Mexican fintech company Stori, Reuters has reported.
The credit card, which will be branded Mastercard, will offer points to use on Shein’s website with every purchase made as well as double points on clothes orders.
According to Stori’s website, the card will only be available to new clients and not existing ones.
In Latin America Shein has boomed in popularity in recent years and it is now looking to build a plant in Mexico and a distribution network in Brazil.
The credit card announcement comes as the retailer’s profit recently plunged more than 70% to $400m (£308m) as revenue reached $18bn (£13.8bn). The deceleration in growth reportedly comes as a result of rising competition from Chinese fast shopping site Temu.
Earlier this month, Reuters also reported that Shein is set to hold investor meetings in the coming weeks over its initial public offer on the London stock exchange.
Shein and Stori have been contacted for comment.
