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Ambani’s Reliance to launch IPO-bound label, ex-Meta honcho to be roped in, says report

Reliance Retail Ventures of Mukesh Ambani will launch Shein, a Chinese fast fashion label 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 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.

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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.

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

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

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