Jamie Salter may have built a $30 billion business that owns some 50 of the world’s best-known brands, but he’s still a dealmaker at heart. And the chief executive officer ofapparel and accessories that will include sportswear, activewear and swimwear, among other categories. The collection, which will sport the co-branded label Forever 21 x Shein, will be sold exclusively online on Shein’s sites in the U.S. as well as part of Europe and Australia.
“This is us going on their marketplace,” Salter said. “Look at their penetration in the U.S., Brazil, Saudi Arabia and other parts of the world. It’s incredible.” “It’s a 50,000-square-foot store and we gave them 20 percent of the space,” Salter said. “We more than doubled our volume that week over the prior year, and Shein did almost as much business as we did.
“We’re going to open more pop-ups and we’re also working on RTS — return to store,” Salter said. “Right now, the returns go to a warehouse but Shein’s return rate is in the low double digits. They do $12 billion in the U.S., so that’s over $1 billion in returns. If you can go to a store and get credit, it could be huge.”
As a result, Salter estimated that down the road, the deal with Shein could potentially be worth “multiple billions” in sales. “They’re doing $40 billion in sales worldwide and if we build a good, better, best platform with them, it can be a huge traffic driver into the stores.”
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