SHEIN BACK IN INDIA? MUKESH AMBANI'S RELIANCE TO LAUNCH IPO-BOUND LABEL, EX-META HONCHO TO BE ROPED IN, SAYS REPORT

 Mukesh Ambani's Reliance Retail Ventures will launch Chinese fast fashion label Shein in the coming weeks, selling the latter's products on its app and brick-and-mortar stores, The Economic Times reported.

The retail unit of Ambani's oil-to-telecom conglomerate Reliance Industries reportedly teamed up with the IPO-bound fashion brand last year and will most likely tap former Meta director Manish Chopra to head Shein's operations in India, ET reported, citing executives aware of the development.

The partnership is the latest in a string of deals by Reliance Retail, which has brought international brands such as American jewellery maker Tiffany & Co and British online retailer ASOS to India.

The move comes four years after Shein was banned from India as a part of a wider crackdown on some Chinese applications following border conflicts between India and China.

The India operations will be run by a company entirely owned by Reliance Retail and Shein is expected to be paid a license fee as a share of the firm's profit, ET reported.

All the necessary and sensitive data will be hosted and stored in India, and Shein will have no access or rights over them, according to the report.

Once launched, Shein will compete directly with Walmart -backed online shopping site Myntra and the  Tata-owned Westside in India's $10 billion fast fashion market, which is projected to grow to a $50 billion market by FY31.

2024-07-04T07:37:55Z dg43tfdfdgfd