France Fines Shein €40 Million for Misleading Discounts on Fast Fashion Platform

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France’s antitrust regulator has fined fast-fashion giant Shein €40 million ($47.17 million) for deceptive commercial practices related to misleading discounts offered on its platform. The penalty follows a nearly year-long investigation into how Shein presented pricing on its French website.

According to the Directorate General for Competition, Consumer Affairs and Fraud Control (DGCCRF), Shein’s European sales handler, Infinite Style E-Commerce Co Ltd (ISEL), failed to comply with French pricing laws that require any advertised discount to reflect the lowest price offered over the prior 30 days. Instead, Shein often disregarded prior discounts and, in some cases, even increased prices before applying supposed markdowns.

The investigation, which analyzed thousands of products listed between October 1, 2022, and August 31, 2023, found that:

  • 57% of the “discounts” did not actually reduce the price,

  • 19% offered smaller savings than advertised,

  • 11% were actually price increases disguised as deals.

The regulator concluded that Shein had misled consumers about the authenticity of its promotional offers, violating both consumer trust and legal standards.

In response, Shein stated that it was notified of the violations in March 2023 and took corrective action within two months. The company emphasized that “all identified issues were addressed more than a year ago” and reaffirmed its commitment to full compliance with French regulations.

This fine adds to growing scrutiny of Shein across Europe and other markets, where regulators are focusing not just on pricing practices but also on environmental impact and labor transparency.

J.P. Morgan Revises Stablecoin Growth Forecast, Cuts Projections by Half

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J.P. Morgan has lowered its forecast for the stablecoin market, predicting growth to reach only $500 billion by 2028—half the size projected by some analysts. The investment bank called trillion-dollar estimates “far too optimistic,” citing limited mainstream adoption of dollar-pegged stablecoins beyond crypto trading.

While stablecoins have attracted fintechs and banks seeking faster payments and settlements, their actual use in everyday transactions remains minimal. J.P. Morgan estimates that stablecoin payments account for just 6% of demand, roughly $15 billion, with the majority of activity concentrated in crypto trading, decentralized finance, and collateral usage.

This cautious outlook contrasts sharply with earlier projections from Standard Chartered, which expected the market to grow to $2 trillion by 2028, and Bernstein, which forecasted a $4 trillion market over the next decade.

J.P. Morgan noted several challenges limiting stablecoin adoption outside crypto markets, including a lack of broad use cases, fragmented regulation, and the global focus on national digital currencies or improvements to existing payment systems.

In line with this trend, China’s central bank continues to promote the digital yuan (e-CNY) for international use, while Ant Group—Alibaba’s affiliate—plans to seek a license for stablecoin issuance in Hong Kong. However, J.P. Morgan emphasized that the success of platforms like Alipay and WeChat Pay, or the rise of the e-CNY, do not necessarily predict stablecoin expansion.

“The idea that stablecoins will replace traditional money for everyday use is still far from reality,” the bank said.

Thoma Bravo to Acquire Restaurant Tech Firm Olo in $2 Billion All-Cash Deal

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Buyout firm Thoma Bravo has agreed to acquire Olo, a provider of digital ordering and payment solutions for restaurants, in an all-cash transaction valued at approximately $2 billion. The deal offers Olo shareholders $10.25 per share, representing a 65% premium over the stock’s closing price on April 30, before sale rumors emerged. Olo’s shares rose more than 13% in early trading following the announcement.

Founded in 2005 and based in New York, Olo serves over 750 restaurant brands across 88,000 locations worldwide, including chains like Denny’s, P.F. Chang’s, Nando’s, and Cold Stone Creamery. The company became privately held after the acquisition, which is expected to enhance its growth by strengthening its platform and offerings.

Olo has undergone workforce reductions in recent years, cutting about 9% of its employees last year following an 11% reduction in 2023. Despite earlier losses, the company improved profitability with a net income of $1.81 million in the first quarter of 2025. As of December 2024, Olo employed 617 staff in the U.S.

Thoma Bravo, a major software-focused investment firm managing roughly $184 billion in assets, expects to finalize the acquisition by the end of 2025. Olo faces a termination fee of $73.7 million in cash if the deal falls through under specific conditions. Goldman Sachs is serving as Olo’s exclusive financial adviser.