Ambani`s Reliance to launch IPO-bound Shein in India, ET reports
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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 reportedly teamed up with the IPO-bound fashion brand last year and is likely to tap former Meta 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-backed online shopping site Myntra and the Westside brand of Tata-owned Trent in India's $10 billion fast fashion market.
