Ambani-owned Reliance to launch IPO platform Shein in India | kbnmart

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

The retail unit of Ambani’s oil and telecom conglomerate Reliance Industries teamed up with the fashion brand, which is set to go public last year, and is likely to bring in former Meta CEO Manish Chopra to head Shein’s India operations, the newspaper reported, citing executives familiar with the development.

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

Shen, which is looking to list in London, and Reliance did not immediately respond to Reuters’ request for comment.

The move comes four years after the Shein app was banned in India as part of a broader crackdown on some Chinese apps following border conflicts between the two Asian neighbours.

ET said the operations in India will be run by a wholly owned subsidiary of Reliance Retail, and Shein is expected to receive a licensing fee as a percentage of the Indian company’s profits.

According to the report, all relevant and sensitive data will be hosted and stored in India without Shein having any access or rights over it.

Once launched, Shein will compete directly with Walmart-backed online shopping site Myntra and Tata-owned Trent’s Westside brand in India’s $10 billion fast-fashion market.