Mukesh Ambani (File Photo)
Mukesh Ambani, the head of Reliance Industries, has always been known for doing something big and new. In this episode, Mukesh Ambani is continuously increasing the scope of his retail segment. Now Reliance Retail is eyeing China’s top fashion chain. Mukesh Ambani’s Reliance Retail is preparing to bring China’s fashion giant Shein to India.
The Government of India had banned many Chinese apps two years ago. China’s fashion app Shein was also a part of this. The government had banned the app of the legendary fashion retail chain. After the Indian government’s ban, this Chinese fashion retailer cannot sell goods in India through its app.
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India can return like this
According to a report in Economics Time, Reliance Retail can bring this Chinese fashion retail back to India under a strategic partnership. China’s Shein is known for affordable and trendy clothing. At one time it had become quite famous in India as well. But after the Chinese apps were banned by the Government of India, it had to withdraw its business from India. Now if Reliance includes it in its portfolio, then it has to be seen under which strategy Reliance Retail expands it in India.
Reliance Retail’s hold strong
Mukesh Ambani’s retail segment has progressed very fast in the last few years. Reliance Retail currently sells clothes in the clothing segment through Reliance Trends in the fashion clothing segment. Sheen of China had made a strong identity in India by providing new style clothes at cheap prices, now Reliance wants to capitalize on the opportunity by bringing it in its retail segment.
16000 crore funding
According to a report published in Wall Street, Sheen had raised funding of $ 2 billion (about 16000 crores). Whereas last year the valuation of the company was estimated at around $100 billion. Now if there is a partnership of this brand with Reliance, then the Chinese company will also get the benefit of Reliance’s big brand. In fact, many big names are already associated with Reliance’s cheap and luxury fashion brand. These include names like Giorgio Armani, Gas, Hugo Boss, Armani Exchange and Jimmy Choo. On the other hand, when it comes to dress designers, big names like Manish Malhotra, Abu Jani, Sandeep Khosla, Satya Paul are included in them.
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