France's antitrust agency said on Thursday it had fined China-founded fast-fashion retailer Shein 40 million euros ($47.17 million) for alleged deceptive business practices including misleading discounts,

France’s General Directorate for Competition Policy, Consumer Affairs and Fraud Control (DGCCRF) said it had doled out a €40 million ($47 million) fine to the company as a result of the now-concluded investigation, which ran from October 2022 to August 2023.

Chinese online retailer Shein has been fined €40 million ($47 million) in France for misleading consumers about price reductions, the Paris competition and anti-fraud authority DGCCRF said in a statement on Thursday.