Shein owner fined $1.9M for failing to notify 39M users of data breach

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A 2018 data breach has thrown Shein into the spotlight as the ultra-fast fashion e-commerce platform continues to dominate Gen Z markets around the world. According to a notice from the state’s attorney general’s office this week, Zoetop, the company that owns Shein and its sister brand Romwe, has been fined $1.9 million by New York for failing to properly handle a security incident.

Because New York does not publicly release data breach notifications like Maine, New Hampshire, California, or other states, the notice arrived much later than the cyberattack. Shein, which was founded in China but recently relocated its core assets to Singapore, experienced explosive growth during the pandemic as virus prevention drove consumers to shop online. Its incredible affordability and vast clothing selection have propelled it to the top of the list of the world’s fastest-growing consumer internet platforms in the last two years.

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Shein owner fined $1.9M for failing to notify 39M users of data breach

A 2018 data breach has thrown Shein into the spotlight as the ultra-fast fashion e-commerce platform continues to dominate Gen Z markets around the world. According to a notice from the state’s attorney general’s office this week, Zoetop, the company that owns Shein and its sister brand Romwe, has been fined $1.9 million by New York for failing to properly handle a security incident.

Because New York does not publicly release data breach notifications like Maine, New Hampshire, California, or other states, the notice arrived much later than the cyberattack. Shein, which was founded in China but recently relocated its core assets to Singapore, experienced explosive growth during the pandemic as virus prevention drove consumers to shop online. Its incredible affordability and vast clothing selection have propelled it to the top of the list of the world’s fastest-growing consumer internet platforms in the last two years.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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