In a significant move reported by Reuters, Chinese fast-fashion retailer Shein has announced the launch of its first branded credit card, marking its debut in the financial services sector. This initiative comes through a collaboration with Mexican fintech Stori, aimed at expanding their reach in Mexico's growing credit market.
Expanding credit access in Mexico
With many Mexicans lacking access to credit, the Shein-Stori partnership seeks to encourage greater participation in the financial landscape while also attracting more shoppers to Shein’s affordable, quick-turnaround offerings. The credit card, backed by Mastercard, will reward users with points for every purchase made, and double points will be awarded for transactions on Shein’s website.
Shein's rapid growth in Latin America
Shein has rapidly gained traction across Latin America, particularly in Mexico, where its popularity has soared. The company is also exploring plans to establish a manufacturing plant and enhance its distribution network in Brazil. The burgeoning small business sector in the region, with many retailers purchasing Shein products in bulk for resale, further underscores the brand's influence.
E-Commerce boom in Mexico
According to the Mexican Online Sales Association (AMVO), Mexico's e-commerce market was the fastest-growing globally last year, with clothing sales comprising over 40% of online transactions. This robust market environment presents an opportunity for Shein and Stori to capitalize on the growing demand for accessible credit and fashionable clothing.
Exclusive offer for new Stori clients
The Shein credit card will be exclusive to new Stori clients, reflecting the fintech's strategy to attract a fresh customer base while expanding its service offerings. As both companies aim to leverage their strengths, this partnership is poised to reshape the retail and credit landscape in Mexico.
