Indian bilionaire 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 on Thursday.
The retail unit of Ambani's oil-to-telecom conglomerate Reliance Industries (RELI.NS), opens new tab reportedly teamed up with the IPO-bound fashion brand last year and is likely to tap former Meta (META.O), opens new tab director Manish Chopra to head Shein's operations in India, the newspaper said, 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.
Shein, which is eyeing a London listing, and Reliance did not immediately respond to Reuters' request for comment.
This move comes four years after Shein was banned from India as a part a wider crackdown on some Chinese applications following border conflicts between the two Asian neighbours.
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 profit of the Indian firm, ET said.
All relevant and sensitive data will be hosted and stored in India with Shein having no access or rights over them, according to the report.
Once launched, Shein will compete directly with Walmart (WMT.N), opens new tab-backed online shopping site Myntra and the Westside brand of Tata-owned Trent (TREN.NS), opens new tab in India's $10 billion, opens new tab fast fashion market.
1719742957-0/BeFunky-collage-(100)1719742957-0-270x192.webp "russian drone attack on ukraine hits energy facility in sumy region")
1719569060-0/BeFunky-collage-(67)1719569060-0-270x192.webp "reliance and state owned banks propel indian shares to all time high")
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ