Exclusive-Fast-fashion group Shein agrees to pay $100 million to settle US FTC probe

By Helen Reid and Jody Godoy LONDON, Oct 23 (Reuters) Chinese fast-fashion giant Shein has agreed to pay $100 million to settle an investigation by the US Federal Trade ​Commission over delivery delays and other customer complaints, ‌a source with direct knowledge told Reuters on Friday. The settlement, equivalent to 44% of Shein s second-quarter profit, is the latest to hit the online fast-fashion retailer facing a regulatory and tax crackdown in Europe and the US ‌that ​has slammed the brakes on its growth. Shein, ⁠founded in China though ⁠headquartered in Singapore, said in a statement to Reuters that it had reached a constructive outcome with the FTC , and that additional information would be shared soon. An FTC spokesperson ​declined to comment. The company had warned in July filings for its Hong Kong IPO that the US probe could ⁠lead to significant fines. Shein shares have ⁠already dropped 22% from their September 1 listing ​price as investors have grasped the extent to which