Companhia de Tecidos Norte de Minas (Coteminas) announced the signing of a memorandum of understanding with Shein. The memorandum provides that 2,000 of the company’s apparel customers will become suppliers of Shein to serve the domestic and Latin American markets. The partnership also covers financing for working capital and export contracts for household products.
Coteminas is owned by the current president of the Federation of Industries of the State of São Paulo (Fiesp), Josué Gomes da Silva. On the 24th of April, he attended a meeting of the Minister of Finance, Fernando Haddad, with representatives of the Chinese e-commerce company.
After signing an agreement with Shein, common shares rose 58.20% on the 25th of April, to R$19, while preferred shares went up for auction to open at R$5.05, or a jump of 41.06% .