Shein Opens First Physical Store in Tokyo as Valuation Pressures Mount

Shein faces allegations of worker exploitation and copyright theft affecting creators and garment workers.

In November 2022, Shein — the Chinese fast-fashion empire that once outpaced H&M and Zara in valuation — planted its first permanent physical presence on a quiet Tokyo alley, not to sell clothes, but to be seen selling them. The store is a stage without a cash register, a showroom where QR codes replace transactions, preserving the asset-light model that built a $100 billion empire even as that empire has begun to show cracks. Slowing growth, allegations of worker exploitation, environmental harm, and copyright theft have shaved $30 billion from Shein's valuation, and the Tokyo opening reads l

Shein Opens First Physical Store in Tokyo as Valuation Pressures Mount

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