It's-

它是——

- Shein. - Shein.

- Shein。- Shein。

I say Shein.

我念 Shein。

It's Shein.

是 Shein。

Shein is known for$2 T-shirts and $7 pants with prices even lower than its competitors.

Shein 以 2 美元的 T 恤和 7 美元的褲子而聞名，價格甚至低於競爭對手。

Shein made its U.S debut in 2015, and the brand's sales exploded during the pandemic growing sixfold in two years.

Shein 於 2015 年在美國首次亮相，疫情期間該品牌的銷量呈爆炸式增長，兩年內增長了六倍。

The company generated an estimated 23 billion dollars in revenue in 2022.

據估計，該公司創造了2022 年高達 230 億美元的收入。

And its filed to go public in the U.S.

並申請在美國上市。

Shein takes fast fashion to a different level, and they're on top of every micro trend.

Shein 將快時尚提升到了另一個高度，他們掌握著每一個微觀趨勢。

But there's a larger story behind Shein's low prices.

但 Shein 的低價背後還有更大的故事。

A congressional report found that Shein uses a tax exemption to cut costs, and the company released a report that cited cases of involuntary labor in its supply chain.

一份國會報告發現，Shein 利用免稅來削減成本，該公司還發布了一份報告，列舉了其供應鏈中的非自願勞工案例。

This is The Economics of Shein.

今天這集是《Shein 經濟學》。

Scrolling through Shein's website can feel endless.

瀏覽 Shein 的網站會讓人感覺無窮無盡。

We offer thousands of new items per day.

我們每天提供數千種新商品。

But Shein only initially produces 100 to 200 units of each new product.

但 Shein 最初只生產每種新產品 100 至 200 件。

Shein's designs originate with Shein designers and with our Shein X third-party designers.

Shein 的設計源自 Shein 設計師以及我們的 Shein X 第三方設計師。

As customers browse those designs, Shein has technology that monitors user engagement activity.

當顧客瀏覽這些設計時，Shein 擁有技術監控用戶參與活動。

When a customer shows interest in an item by hovering over it, clicking on it, or adding it to their cart, Shein takes note,

當客戶透過將滑鼠停在某件商品上、點擊它或將其添加到購物車來表現出對它的興趣時，Shein 會注意到，

then it creates new designs based on data from popular items.

然後它根據流行商品的數據創建新的設計。

This way, the retailer can test how popular an item is with its customers.

這樣，零售商就可以測試一件商品受顧客歡迎的程度。

If it does well, Shein starts producing more.

如果做得好，Shein 就會開始生產更多。

This differs from traditional retail where orders can often be placed in the 10,000 to 100,000 copies of a garment and can be placed between three and six months in advance.

這與傳統零售不同，在傳統零售中，通常可以下達 10,000 至 100,000 件服裝的訂單，並且可以提前三到六個月下達。

And while it's fast at creating new designs, it's also quick to go through them.

雖然它創建新設計的速度很快，但瀏覽它們的速度也很快。

A Boston Consulting group report found that Shein has an inventory turnover rate of 40 days.

波士頓諮詢公司報告發現 Shein 的庫存週轉率為 40 天。

That same report found that Shein is twice as fast as other competitor retailers like H&M and Zara.

同一份報告還發現，Shein 的速度是 H&M 和 Zara 等其他競爭對手零售商的兩倍。

The small batch model is a matter of controlling the cost and controlling the inventory wastage so that they won't have a large number of clothes that are sitting unsold in their warehouses in China or in the U.S. or anywhere else in the world.

小批量模式是為了控製成本和庫存浪費，這樣他們就不會在中國、美國或世界其他地方的倉庫裡有大量未售出的衣服。

The company calls this an on-demand model, and to support this on-demand model and lower prices, Shein hires thousands of smaller manufacturers.

該公司將此稱為「按需模式」，為了支援這種按需模式和更低的價格，Shein 僱用了數千家小型製造商。

It took the journal to film in one of its third-party supplier factories in Dongguan.

本刊拍攝了在其位於東莞的一家第三方供應商工廠。

Our designers will identify an item, design it, prepare a spec for it, and then they'll put it into our supplier management system, which will identify a contract manufacturer.

我們的設計師將識別一個項目，設計它，為其準備規格，然後將其放入我們的供應商管理系統中，該系統將識別合約製造商。

That contract manufacturer will procure the supplies necessary to produce that garment from a network of suppliers that Shein has approved.

該合約製造商將從 Shein 批准的供應商網路中採購生產該服裝所需的物資。

If a design is popular, Shein's ordering platform can automatically place another order with its platform working in real time.

如果某個設計很受歡迎，Shein 的訂購平台可以自動下一個訂單，其平台即時運作。

They're able to see as demand for a particular product is either waxing or waning in the marketplace so they can adjust their operations accordingly.

他們能夠看到市場上對特定產品的需求是增加還是減少，因此他們可以相應地調整其營運。

And this concentration of information allows our suppliers to efficiently structure their own business to be able to meet demand at near real time.

這種資訊的集中使我們的供應商能夠有效地建立自己的業務，從而能夠近乎即時地滿足需求。

By ordering in smaller batches, Shein says it can reduce the risk of excess unsold inventory.

Shein 表示，透過小批量訂購，可以降低未售出庫存過多的風險。

It means that we don't carry excess inventory waste when we produce garments.

這意味著我們在生產服裝時不會產生過多的庫存浪費。

That saves around 30 to 40% in cost of goods sold on the garments alone.

光是服裝的銷售成本就可以節省約 30% 至 40%。

But while less inventory waste in the factory may lower prices for consumers, environmental activists say it might not lead to lower waste levels overall.

不過，雖然工廠的庫存浪費減少了可能會降低消費者的價格，環保活動人士說這可能不會降低總體廢棄物的程度。

Critics are saying that because Shein's clothing is so cheap, people are buying a lot of it.

批評者認為因為 Shein 的衣服太便宜了，人們正在大量購買。

And because fashion conscious young people may retire some of their Shein quicker than other more expensive clothing that actually may cost inventory wastage after the consumption happened.

而且因為具有時尚意識的年輕人可能會比其他更昂貴的服裝更快地退役一些 Shein，這實際上可能會在消費發生後造成庫存浪費。

Oh my goodness, there's so much.

我的天哪，太多了。

A 2023 UBS report found that the average U.S. Shein shopper reported spending $100 per month on women's clothing.

瑞銀 2023 年的一份報告發現，美國 Shein 購物者平均每月在女裝上花費 100 美元。

That's about 60% more than the average U.S. female consumer, and critics argue that there's even more behind how the brand is able to keep prices low.

這比美國女性消費者的平均水平高出約 60%，批評者認為，該品牌能夠維持低價的背後還有更多原因。

Retailer Shein is in hot water once again.

零售商 Shein 再次陷入困境。

Shein has faced accusations of worker abuse.

Shein 曾被指控虐待工人。

The brand has recently come under fire.

該品牌最近受到了抨擊。

Shein's on demand business model is not the only reason why its products are so cheap.

Shein 的按需業務模式並不是其產品如此便宜的唯一原因。

It's also benefiting from cheap labor in China.

它還受益於中國的廉價勞動力。

Shein has not been fully transparent about its supply chains.

Shein 沒有做到完全透明其供應鏈。

In 2022, Shein released the results of its supplier audits, but unlike some other retailers, Shein didn't disclose who its suppliers were or where they were located.

2022年，Shein 公佈了供應商審核結果，但與其他一些零售商不同的是，Shein 沒有透露其供應商是誰或他們位於哪裡。

The audits reported some incidents that involve what the company calls involuntary labor, but didn't mention exactly how many or where these incidents occurred.

審計報告了一些涉及該公司所謂的非自願勞動的事件，但沒有具體說明這些事件發生的次數或地點。

The Wall Street Journal's calculations found that these audits accounted for about 36% of Shein's contracted manufacturers.

《華爾街日報》的計算發現，這些審計約佔 Shein 簽約製造商的 36%。

The company said in a statement to the Wall Street Journal,

該公司在給《華爾街日報》的聲明中表示，

"Shein is committed to providing a safe and fair work environment for all our suppliers employees.

「Shein 致力於為我們所有供應商員工提供安全、公平的工作環境。

We pay manufacturing suppliers competitive rates so they can pay fair wages to their workers."

我們向製造供應商支付具有競爭力的價格，這樣他們就能向工人支付公平的工資。」

Shein says it's committed about $70 million towards improving supplier factory conditions and training workers.

Shein 稱已投入約 7000 萬美元努力改善供應商的工廠條件和培訓工人。

Congress is investigating Shein's labor practices and whether the company sources cotton from China's Xinjiang region.

國會正在調查 Shein 的勞工行為以及該公司是否從中國新疆地區購買棉花。

The U.S. government has accused Chinese authorities of using forced Muslim Uyghur labor, which Beijing denies.

美國政府指責中國當局中國政府否認強迫維吾爾族穆斯林勞動。

Some U.S. lawmakers have pushed Shein to be more transparent about their supply chain.

一些美國立法者推動 Shein 應提高供應鏈的透明度。

In a statement to WSJ, the company says it has zero tolerance for forced labor, does not have contract manufacturers in Xinjiang and doesn't source cotton from China.

該公司在給《華爾街日報》的聲明中表示，它對強迫勞動採取零容忍態度，在新疆沒有合約製造商，也不從中國採購棉花。

Fashion Analysts say Shein hasn't provided evidence to back up these statements including a list of its suppliers, which goes against industry standard.

時尚分析師表示，Shein 沒有提供證據來支持這些聲明，包括其供應商名單，違反了行業標準。

And in addition to its on-demand model and low labor costs, Shein also keeps prices low by taking advantage of a U.S. tax exemption, which allows low-valued packages to enter the U.S. tariff-free.

除了按需模式和低廉的勞動力成本之外，Shein 還利用美國免稅政策，允許低價值包裹免關稅進入美國，從而保持低廉的價格。

Under the de minimis tax rule, shipments sent to individual buyers in the U.S. aren't subject to tariffs if they're worth less than $800.

根據最低稅收規則，發送給美國個人買家的貨物如果價值低於 800 美元，則無需繳納關稅。

According to a report from the U.S. House of Representatives, 30% of all packages shipped to the United States each day under the de minimis rule are from Shein and its rival Temu.

根據美國眾議院的報告，每天根據微量規則運往美國的包裹中，有 30% 來自 Shein 及其競爭對手 Temu。

Between the two companies, that adds up to millions of packages.

兩家公司合計的包裹數量達數百萬個。

Shein says that it supports reforming the de minimis exemption.

謝因表示，它支持改革最低限度豁免。

Meanwhile, the valuation has fallen.

與此同時，估值有所下降。

The company's $100 billion valuation in 2022 dropped by a third in a fundraising round earlier this year, and Temu, which launched last September, overtook a larger share of the U.S. market last June.

該公司 2022 年估值為 1,000 億美元，在今年稍早的一輪融資中下降了三分之一，去年 9 月推出的 Temu 在去年 6 月取代了美國市場更大的份額。

Recently, Shein has tried to improve its image through social media amidst environmental and labor criticisms, but with limited success.

最近，在環境和勞工方面的批評聲中，Shein試圖透過社群媒體改善自己的形象，但收效甚微。

Shein brought a group of influencers to tour factories in China.

Shein 帶來了一群有影響力的人參觀中國的工廠。

The tour didn't really help address a lot of the criticisms that people have about Shein.

這趟參觀並沒有真正幫助解決人們對 Shein 的許多批評。

The company has also moved its headquarters from Nanjing China to Singapore.

公司總部也已搬遷從中國南京到新加坡。

Shein is also trying to diversify its supply chain outside of China.

Shein 還在努力實現在中國境外的供應鏈多樣化。

With this move, Shein is also adding new manufacturers in other countries.

有了這一舉措此外，Shein 還在其他國家增加了新的製造商。

Although the majority of Shein's supply chain is still in China, the company promised to invest $150 million to train 2000 Brazilian manufacturers over the next three years.

儘管Shein的大部分供應鏈仍在中國，但該公司承諾在未來三年內投資1.5億美元培訓2,000家巴西製造商。

And Shein has recently partnered with Forever 21 and acquired roughly one third of the fashion brand's operator, Spark Group.

Shein 最近與 Forever 21 合作，收購了該時尚品牌營運商 Spark Group 約三分之一的股份。

Shein has in recent months, been trying to pivot to a marketplace model,

近幾個月來，Shein 一直在嘗試轉向市場模式，

which allows third-party sellers to sell products directly to consumers as Shein expands globally and is trying to capture more of market share in the U.S. and in other countries around the world.

隨著 Shein 在全球擴張，並試圖在美國和世界其他國家佔據更多市場份額，該平台允許第三方賣家直接向消費者銷售產品。