China’s Shein has allocated an additional US$85 million over five years for its Global Community Empowerment Commitment.
The fund will bring the company’s ESG roadmap pledge to $155 million, following the $70 million committed last April. The strategy, dubbed ‘EvoluShein’, consists of nine environmental and social priorities organized under three strategic pillars – People, Planet and Process.
According to the company, while the $70 million commitment will be used to fund the company’s manufacturing supplier community, $50 million and $35 million will be used to support ‘aspiring designers’ and women, young people, and the underprivileged, respectively.
“This fund will support these communities to grow alongside Shein, towards a more equitable future,” said Molly Miao, COO at Shein.
Shein, which sells goods in more than 150 countries, is headquartered in Singapore but manufactures most of its products in China.
Last month, US states asked the Securities and Exchange Commission to audit the chain for the use of forced labor ahead of its potential IPO.