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,

Through analysing products listed as being on sale on Shein's French website, investigators found that 57% of products had no price reduction, 19% had a slight discount, while 11% of products actually had a price increase.

The Paris competition office found 11% of the ultrafast-fashion retailer's advertised discounts it checked were actually price increases.