France fines Shein 40 million euros for deceptive business practices

Paris, France - France's antitrust agency said on Thursday it had fined fast-fashion retailer Shein 40 million euros ($47.17 million) for alleged deceptive business practices including misleading discounts and vague claims about environmental impact, following a nearly year-long probe.

The agency said Infinite Style E-Commerce Co Ltd, which handles sales for the Shein brand, had misled customers about discounts, and that the company had accepted the fine.

In a statement, China-founded Shein said the antitrust agency had informed Infinite Style Ecommerce Co Ltd (ISEL) of issues related to discounts and environmental claims in March last year, and had taken corrective action within the following two months.

"All of the points raised have therefore been resolved more than a year ago," Shein said in a statement. "ISEL takes very seriously its legal and regulatory obligations in France."

($1 = 0.8480 euros)

(Reporting by Makini Brice and Helen Reid; Editing by Charlotte Van Campenhout and Susan Fenton)