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Chinese fast-fashion giant Shein has teamed up with Mexican fintech Stori to release its first branded credit card globally. Announced on October 22, this Mastercard collaboration is designed to attract more Mexican consumers to Shein’s platform while expanding financial inclusion in the region’s credit market.
Shein Eyes Expansion in Latin America, Boosting E-commerce and Local Small Business Growth
The Chinese fast-fashion colossus Shein is partnering with Mexican fintech Stori to launch its first branded credit card globally. In a report by Reuters, this promising partnership, announced on October 22, is set to open new doors for both companies in Latin America's second-largest economy, promising a bright future for e-commerce in Mexico.
The initiative will simultaneously seek to attract more Mexicans to the credit market, where they are currently underrepresented, and to attract consumers to the website of the low-cost, fast-turnaround retailer.
In recent years, Shein's popularity has rocketed in Latin America. The company is even considering building a plant in Mexico and expanding its distribution network in Brazil, a key market. This growth is a testament to the company's potential and the exciting times ahead for Shein in Latin America.
In addition, the number of small businesses in the region that purchase Shein clothing in bulk and resell it in physical storefronts has increased.
With its rapid growth and low-cost model, Shein, valued at $66 billion in a fundraising round last year, has upended the fast-fashion industry.
Shein’s Mastercard Offers Double Points for Purchases, Targeting Mexico’s Rapidly Growing E-commerce
According to a study conducted by the Mexican Online Sales Association (AMVO), the e-commerce market in Mexico experienced the quickest growth in the world last year. Clothing accounted for just over 40% of all online purchases.
The Shein credit card, which is a Mastercard, will provide users with points that can be redeemed on the retailer's website with each purchase. The companies announced that customers who purchase clothing on Shein's website will receive double the points.
Stori, a fintech company that offers savings accounts with an impressive 15% yield and credit cards with nearly complete approval rates, has already won over 3 million clients in Mexico over the past four years. This success story is a testament to the company's reliability and the trust it has built among its clients.
According to Stori's website, the Shein card will be accessible exclusively to new consumers and not existing ones.
