Shein partners with Stori to launch a credit card in Mexico

This initiative aims to leverage elements that could benefit both companies as they aim to expand within Mexico, which is the second-largest economy in Latin America. The credit card initiative not only aims to attract more Mexican consumers to the credit market, where access has traditionally been limited, but also to increase traffic to Shein’s online platform, known for its affordable and quickly produced apparel. 

Reuters reports that, in recent years, Shein has gained significant popularity across Latin America and is considering establishing a manufacturing facility in Mexico while enhancing its distribution network in Brazil. The region has also witnessed a rise in small businesses that purchase Shein products in bulk for resale in physical stores. With a valuation of USD 66 billion following a fundraising round last year, Shein has notably disrupted the fast-fashion sector through its cost-effective model and rapid expansion.

Mexico’s ecommerce market 

According to a report by the Mexican Online Sales Association (AMVO), Mexico's ecommerce market was the fastest-growing globally last year, with over 40% of online purchases in the clothing category. The Shein credit card, which operates on the Mastercard network, will reward users with points for purchases made on Shein's website, with double points awarded specifically for clothing transactions. 

Stori, which provides services including high-yield savings accounts and credit cards with high approval rates, has gained approximately 3 million clients in Mexico within the past four years according to Reuters. Notably, the Shein credit card will be accessible only to new clients of Stori, as specified on the company’s website.