_0.jpg?itok=G3o1MJLI "Nearly S$650,000 spent to maintain, upkeep seized assets in billion-dollar money laundering case")
LONDON: Online fast-fashion retailer Shein must face the European Union’s strictest level of digital regulations, the bloc said on Friday (Apr 26) as it added the company to its list of big platforms that need extra scrutiny.
The EU’s Executive Commission said it formally classed Shein as a “very large online platform” under the 27-nation bloc’s Digital Services Act, an expansive rulebook designed to clean up online platforms and keep internet users safe.
Shein is a low-cost online retailer that was founded in China but is now based in Singapore. It reaches customers mainly through its app. It didn’t respond immediately to a request for comment.
Shein has had a meteoric rise in the West by offering low-cost apparel and household items, primarily targeting younger women through social media partnerships with online influencers and celebrities.
Because it has more than 45 million European users, Shein has to start obeying the most stringent requirements by August.
They include taking specific measures to protect online users and assessing and mitigating any “systemic risks” from their services, such as limiting the sale of illegal or counterfeit products.
