Commitment brings support for "people" pillar of company's ESG roadmap to US$155 Million
SINGAPORE, Sept. 14, 2023 /PRNewswire/ -- SHEIN, a global, integrated, fashion and lifestyle marketplace ("SHEIN Marketplace"), announced that it is allocating an additional US$85 Million over five years towards initiatives that support the "Equitable Empowerment" pillar of its evoluSHEIN roadmap. This is in addition to US$70 Million already committed in April 2023.
SHEIN's ESG roadmap, evoluSHEIN, is the company's strategy to address social and environmental challenges and make a positive impact on society. The roadmap comprises nine priorities organized under three strategic pillars – People, Planet and Process.
- Equitable Empowerment, the "people" pillar, focuses on uplifting and empowering stakeholders who are fundamental to SHEIN's success.
- Waste-less Innovation looks at improving SHEIN's processes and practices to enable a circular future and reduce waste.
- Collective Resilience outlines SHEIN's strategy to collaborate with stakeholders across our shared ecosystem to ensure the sustainability of our planet.
The "Equitable Empowerment" pillar seeks to improve the lives of communities that are important to SHEIN and create opportunities for people in these communities to reach their full potential, focusing on aspiring designers, SHEIN's supplier community, and women, young people and the underprivileged.
"At SHEIN, we aim to empower our different stakeholder communities with the tools, capabilities and funding to improve and change lives, whether in their personal or professional capacity," says Molly Miao, Chief Operating Officer at SHEIN. "This fund will support these communities to grow alongside SHEIN, towards a more equitable future."
The US$155 Million in funding is broken down over five years across the groups as follows:
- Aspiring designers: US$50 Million
- SHEIN's manufacturing supplier community: US$70 Million (Announced in April 2023)
- Women, young people and the underprivileged: US$35 Million
Empowering Aspiring Designers
SHEIN has committed US$50 Million towards the SHEIN X Designer Incubator Program, to empower up to 5,000 emerging designers over five years to build their own successful brands. This additional funding will bring the company's total investment into the SHEIN X Designer Incubator Program to US$105 Million till 2028.
Since launching in January 2021, the program has grown from seven to nearly 3,000 designers and artists from over 20 countries, launching more than 25,000 original creations to global audiences.
Empowering the Supply Chain
SHEIN's Supplier Community Empowerment Program (SCEP) helps the company's manufacturing supplier community to transform traditional production models with technology advancements, providing factory and facilities enhancements, training and upskilling for workers and services for communities within the supplier ecosystems in Brazil, China and Turkey. In April 2023, SHEIN announced a total of US$70 Million of funding for the SCEP over five years.
Empowering Local Communities
To improve the lives of the communities, the company is allocating US$35 Million over five years to expand or fund new global or in-country social impact activities focused on empowering women, promoting gender equality, supporting the development of young people and poverty alleviation.
View original content:https://www.prnewswire.co.uk/news-releases/shein-allocates-additional-us85-million-for-global-community-empowerment-301927730.html
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