Shein Launches First Branded Credit Card in Mexico

By Kylie Madry
MEXICO CITY (Reuters) – Chinese fast-fashion giant Shein is launching its first branded credit card worldwide through a partnership with Mexican fintech Stori, the firms said on Tuesday. This initiative is expected to help both companies expand in Latin America's second-largest economy.

The push aims to
– Draw more Mexicans to the credit market, where access is limited
– Lure shoppers to Shein’s low-cost, quick-turnaround website.

Shein has seen a surge in popularity throughout Latin America in recent years, with plans weighing on building a plant in Mexico and enhancing its distribution network in Brazil. Additionally, the region has experienced a boom in small businesses that bulk-buy Shein clothing for resale in physical stores.

Valued at $66 billion in a fundraising round last year, Shein has disrupted the fast-fashion industry with its low-cost model and rapid growth.

According to a study by the Mexican Online Sales Association (AMVO), Mexico's e-commerce market was the fastest growing globally last year, with over 40% of online purchases being clothing.

The Shein credit card, issued through Mastercard (NYSE:MA), will reward points for purchases made on its website, with double points for clothing purchases.
Stori, a fintech providing high-yield savings accounts and widely approved credit cards, has already gained 3 million clients in Mexico within the last four years.
However, the Shein card will be exclusive to new Stori clients, as stated on Stori's website.