Reliance Retail is set to bring Chinese fashion giant Shein to India
The Centre had banned Shein, one of the world’s largest fashion retailers, from selling its products in India through its own app
Reliance Retail is set to bring Chinese fashion giant Shein to India through a strategic partnership, over two years after the latter's app was banned by the Indian government, executives aware of the developments said.
The Centre had banned Shein, one of the world’s largest fashion retailers, from selling its products in India through its own app over two years back as part of a larger crackdown on Chinese apps following escalated border conflicts.
Shein had created a niche for new styles and accessible price points in India before its app was banned by the home ministry in 2020.
A Wednesday report by Wall Street Journal said Shein has raised $2 billion in its latest funding round, but at two-thirds of its $100-billion valuation from last year.
The lower valuation is on account of declining tech share prices and increased pressure from US lawmakers regarding its labour and environmental practices, the report said.
Shein, which competes with fast fashion labels such as H&M and Zara, closed the last financial year with revenue of $23 billion.
