Tariffs imposed by the Trump administration will not eject fast-fashion juggernaut Shein from the US market, its executive chairman, Donald Tang, has told AFP.
Shein says US tariffs won’t slow fast-fashion surge. – Shein
The head of the online platform, which has faced scrutiny over its environmental footprint and allegations of human rights violations, also insisted that the company does not use forced labor.
Customers not affected
“We’re not focusing on customs policy,” Tang said about the new US import levies during a visit to France this week.
“We will find a way to deliver the goods,” he added, saying that Shein’s “business model” had seen the company through other global trade upsets like the coronavirus pandemic.
This time, however, China is directly in Washington’s crosshairs, with 20% additional tariffs levied on imported products.
The Trump administration has also questioned whether imported packages worth less than $800 will continue to enjoy duty-free status.
Shein—a firm founded in China but now headquartered in Singapore—and Temu have taken advantage of that practice for years to send tens of billions of dollars worth of products into the US from their network of Chinese factories.
Tang said that whatever happens, “we will do our best to make sure the customers’ interest and experience are not affected”—without detailing any specifics.
No forced labor
Like other major players in the textile sector, Shein has faced regular allegations of exploiting members of the Uighur minority in the cotton fields and factories of the western Chinese province of Xinjiang.
Tang told AFP that the policy on forced labor is zero tolerance. We don’t tolerate it at all, no questions asked.”
He added that the company had a code of conduct “totally, 100% aligned with the International Labour Organization Convention” that it required suppliers to sign.
Once deals are in place, “we have internationally renowned auditors come into the factories with unannounced visits,” Tang said.
David Hachfeld of the campaign group Public Eye, which has published an investigation into Shein, said the group’s measures were insufficient.
“In manufacturing, 75 hours a week was typical for most workers,” Hachfeld said, with “one and a half free days per month.”
Amnesty International has also called for Shein to be more transparent.
The campaign group has argued that any company operating in Xinjiang should set up human rights checks.
“If Shein has not undertaken this crucial step, it should pause its operations in Xinjiang,” Amnesty emailed AFP.
“Conversely, if the company is confident it has eliminated such risks, it should publicly disclose how this has been verified.”
Market flotation
Many investors expect Shein to float on a significant global stock market sometime this year, with London as the most likely venue.
But Tang did not give away any hints about the plans—beyond saying that a listing would reinforce trust.
“We wanted to embrace the universal mechanism for accountability and transparency, to have transparency as a requirement, not optionality,” he told AFP, hoping to stoke “public trust, which is crucial for our long-term growth.”
In January, the head of the British Parliament’s Business and Trade Committee said he and other members were “horrified” by Shein’s lack of transparency about where its products come from.
Tang said that the company has since responded to MPs’ questions.
The brand recently announced it will invest 200 million euros ($220 million) in European circular economy and recycling projects to polish its image.
“We have been meeting different companies in Paris and other cities in France and talking to the technology leaders” in the sector, Tang said—without naming the prospective partners.
Shein will likely face a hard sell regarding European environmental groups.
Friends of the Earth calculated in 2023 that Shein’s operations—which, on average, add around 7,200 new items for sale daily—emit “between 15,000 and 20,000 tonnes of carbon dioxide” every 24 hours.
The European Union and individual countries, including France, are already weighing regulations to limit waste from fast-fashion giants.
Menswear company Tailored Brands announced on Thursday the appointment of Julie Rosen and Lewis Bird III to its board of directors, effective March of 2025.
Men’s Wearhouse
The Houston-based company that Rosen and Bird collectively bring nearly seven decades of retail and business experience to the company, as it charts its next phase of growth.
Rosen boast three decades of experience, and has held leadership roles at specialty retail brands, including The Gap, Ann, and Bath & Body Works. Over the past eight years, she has served in the role of president with overall P&L responsibility for multiple companies, bringing extensive experience in business strategy, brand development and operational leadership.
Likewise, Bird’s career spans more than 35 years. He most recently served as chairman and chief executive officer for At Home Group., a home decor retailer. Prior to At Home, he served as managing director/consumer practice leader of The Gores Group, a private equity firm; group president of Nike affiliates for Nike Inc.; chief operating officer of Gap; and chief financial officer of Old Navy.
Coinciding with the appointments, Bob Hull will departs as executive chairman of the board, Sean Mahoney, Tailored Brands board member and chair of the nominating and governance committee, succeeding him as chairman, effective May 3.
“The addition of Julie and Lee underscores Tailored Brands’ continued momentum and focus on the future, and I am confident their combined talent and expertise will help inform strategies to accelerate revenue growth and profitability,” said Hull.
“The board has never been stronger, and with Sean taking on an expanded role as chairman, I am confident we have the right combination of institutional expertise and fresh thinking to chart the path forward. I look forward to watching all this team continues to achieve as I transition away from this great company.”
Tailored Brands is a specialty retailer of menswear, including suits, formalwear and a broad selection of business casual offerings. Its portfolio includes Men’s Wearhouse, Jos. A. Bank, Moores and K&G Fashion Superstore.
Canadian department store retailer Hudson’s Bay Company said on Friday it has failed to secure sufficient financing to go ahead with a restructuring transaction under the Companies’ Creditors Arrangement Act.
Hudson’s Bay
The Toronto-based company said it has only secured limited debtor-in-possession financing that will require the full liquidation of the entire business, added that a store-by-store liquidation process will begin as soon as next week.
Hudson’s Bay said it hopes that key stakeholders, particularly its landlord partners, would explore with it an alternative restructuring path that could preserve jobs and tenancy in retail locations, and, keep the long-standing retailer operational.
“Our team has worked incredibly hard to identify a viable path forward, and our resolve is strengthened by the overwhelming support from customers and associates who have shared heartfelt stories about Hudson’s Bay and what our stores have meant to them, their families, and their communities across the generations,” said Liz Rodbell, president and chief executive officer of Hudson’s Bay.
“These powerful experiences remind us why we must continue to pursue every possible opportunity to secure the necessary support from key landlords and other stakeholders to save The Bay.”
During the liquidation process, Hudson’s Bay and its licensed Canadian Saks Fifth Avenue and Saks Off 5th stores will remain open in store, and, for a limited time, online.
The closures come less than one week after the department store retailer said it had filed for creditor protection with a Ontario Superior Court of Justice, and revealed plans to restructure and strengthen its business.
The relentless rise of gold has taken prices of the precious metal above the psychologically key $3,000 per ounce mark for the first time, as geopolitical and economic uncertainty sent investors rushing into the safe-haven asset.
Spot gold hit a record $3,004.86 per ounce on Friday, marking its thirteenth all-time high in 2025. Prices have already climbed 14% this year, after surging 27% in 2024.
“With continued central bank buying, there are multiple factors driving demand. In a backdrop of geopolitical uncertainty and ongoing tariff changes, appetite for gold remains strong,” said Standard Chartered analyst Suki Cooper.
Since the start of U.S. President Donald Trump‘s administration, protectionist policies have jolted global markets, with his tariffs triggering swift retaliation from China and Canada.
“With equity markets selling off and unpredictable political risks, we are starting to see a return of Western investors to gold, which could propel it to much higher levels,” said John Ciampaglia, CEO of Sprott Asset Management.
“We consider gold as an ‘insurance policy’ and source of liquidity in difficult market environments.”
Tariffs fuel inflation fears and trade tensions, driving investors to gold as a safe-haven hedge. Meanwhile, gold stocks in COMEX-approved warehouses hit a record 40.56 million ounces, as traders rushed to cover positions amid tariff uncertainty. But inflows have slowed in recent weeks.
Traders are doubling down on U.S. Federal Reserve rate cuts, now expecting three quarter-point reductions this year, up from two just days ago.
The Fed has slashed rates by 100 basis points since September, pausing in January, but markets now anticipate cuts to resume in June. That is keeping the dollar under pressure, a stark shift from when Trump’s protectionist policies strengthened the currency.
“The inflation data is helping to give the market confidence that the easing cycle will continue, given concerns around inflation and growth,” said Standard Chartered analyst Suki Cooper.
Investor demand for gold is surging, with physically-backed gold exchange-traded funds (ETFs) recording their largest weekly inflow since March 2022, according to the World Gold Council‘s February data.
The SPDR Gold Trust (GLD), the world’s largest gold-backed ETF, saw holdings rise to 907.82 metric tons on February 25, the highest since August 2023.
“There will likely be increased flows into safe-haven assets like gold, especially as investors move away from equity growth stocks amid rising uncertainties and future concerns,” said Dina Ting, Head of Global Index Portfolio Management at Franklin Templeton.
She noted that while investment strategies vary, a 5% to 10% gold allocation can offer effective diversification.
Gold’s rise is getting another tailwind from central bank demand. Analysts say strong buying in 2025 could push prices to new highs as nations continue stockpiling the metal amid economic uncertainty.
“Central banks may ramp up gold purchases amid market uncertainties, not just to hedge against the U.S. dollar but to anchor their currencies to gold as well,” Ting said.
China’s gold reserves marked four straight months of buying in February. After an 18-month spree, the central bank paused for six months in 2024 before resuming purchases in November.
In the absence of any improvement in the U.S. budget deficit, gold could challenge a high of about $3,500, Macquarie said in a note. Goldman Sachs raised its year-end 2025 gold target to $3,100. Central banks snapped up over 1,000 tons of gold for the third year in a row in 2024, and in the final quarter of 2024 – as Trump’s election win roiled markets – buying soared 54% year-on-year, according to a report from the World Gold Council last month.
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