Shein expert exchange key points 0728

English summary

Business breakdown by region: North America: first tier, GMV share 27%+, with the U.S. accounting for 23-24%. In recent years, mid-teens compound growth rate. Affected by the 2025 tariff increase and a decline in the small-batch, fast-response ratio, incremental growth mainly comes from 3P merchants' full-category expansion. Europe: second tier, GMV share 22-23%, limited growth in early market, CAGR 12-15%. Latin America & Middle East: emerging markets. Latin America GMV share 17%, annual growth rate 25-30%; Middle East GMV share 14%, annual growth rate 35-37%, no strong competition except local platform Noon, rapid local development. Southeast Asia: GMV share 7-8%, lagged behind TikTok in 2023-24. Through cooperation with TikTok (TT) for live-stream e-commerce, CAGR 25-30%, but relatively small scale. Other markets: Japan and South Korea account for about 3% of total merchandise value; Africa, after 2024, focuses on South Africa and Kenya, with GMV share of 1%, large initial infrastructure investment and losses; Australia/New Zealand GMV share 2-3%, with investment but no significant breakthrough yet.…