NEW DELHI: Reliance Retail has introduced Chinese fast fashion label Shein this weekend, almost five years after it was banned in India following diplomatic tensions between India and China. After a test launch on its fashion app Ajio for two months, Reliance has now begun selling Shein on an independent app available on AppStore and GooglePlayStore.
ET had first reported Reliance’s plans to bring Shein to India in its July 4 edition last year, and then in its December 24 edition about Reliance Retail test launching the Chinese fashion label in India.
Shein, now based in Singapore, is selling affordable fast fashion in India. Reliance Retail Ventures Ltd had signed a partnership with Shein two years back to sell its in India. Commerce and industry minister Piyush Goyal had said last month in a written reply in the Lok Sabha that at all times, an indigenous retail platform for Shein will be hosted with Shein having no access to, or rights over, data. He had also said that the ministry of textiles, after consultation with MeitY and the ministry of home affairs, had no objection to Reliance Retail’s proposal. Goyal had added that Reliance Retail Ventures Ltd has signed a technology agreement with Roadget Business Pte Ltd to develop an indigenous ecommerce retail platform, and stated that the platform would create a network of local manufacturers and suppliers to manufacture and sell products under the brand name Shein.
A report by consulting firm Redseer Strategy Consultants said that the Indian fast fashion market is expected to cross $50 billion in sales by FY31. The report added that the Indian fast fashion would make up for 25-30% of overall fashion retail by FY31 in the Indian market.
Shein has a presence in over 150 countries and over 250 million followers on social media, according to information on its website. The retailer reported more than $2 billion in profits for 2023 and close to $45 billion in gross merchandise value.
