Chinese fast-fashion brand app Shein has been launched in the Indian market once again after 5 years. According to BBC, Shein got this permission after an agreement with Indian company Reliance Retail. Some time ago, Shein started testing and cataloging its collection on Reliance Retail’s online platform Ajio. According to the report, the company has entered into a long-term licensing deal to sell products manufactured and sourced in India on Reliance’s platform. However, no official announcement has been made about it yet. In December last year, Commerce and Industry Minister Piyush Goyal told the Lok Sabha that Shein’s operation would be on an indigenous retail platform of the country. Shein will not have access to the data of the platform. In 2020, India banned dozens of Chinese apps including Shein and TikTok. Currently available only in Delhi, Mumbai and Bengaluru, this app was launched in India on Saturday and so far it has been downloaded by more than 10,000 people. It is providing fashion wear for Rs 199. According to the information given on the app, this app is currently providing service only in Delhi, Mumbai and Bangalore. However, it will soon provide service across the country. E-commerce company Shein has a presence in more than 170 countries. There are 5.3 crore users. Its growth in America is increasing surprisingly. By November 2022, Shein’s share in US fast-fashion sales had reached 50%, which was 12% in January 2020. After shifting its headquarters from China to Singapore, Shein made a profit of 17 thousand crores in 2023. It sold products worth a total of Rs 3.83 lakh crore. What does the Reliance-Shein deal mean? Chinese brand Shein will get access to 19 thousand stores of e-commerce platform Ajio and Reliance Retail. Reliance Industries is the world’s largest polyester fiber producer. Its annual capacity is 25 lakh tonnes. Shein’s products contain polyester in large quantities. This will support its manufacturing. Reliance aims to double its retail business in 4 years. The affordable range of clothes will help it expand its customer base. In FY 2024, Reliance’s revenue from retail business grew by 18% to Rs 3.06 lakh crore. Why can Shein change the market? Shein is popular among Gen Z (12 to 27 years). The company brings 1.5 lakh new items every year. An average of 10 thousand every month. Its dress is 50% cheaper than other fast fashion brands. Currently, Tata Trent’s Judio is the fastest growing in this segment in the country. One-third of Trent’s total revenue comes from Judio. There are 559 stores in 48 cities across the country. —————————————– Read this news too… Impact of US threat to take back Panama Canal: Panama said – will not renew BRI agreement with China Panama’s President Raul Mulino said on Sunday that Panama will not renew the Belt and Road Initiative (BRI) agreement with China. Panama signed this agreement with China in 2017. Now there are chances of it ending before time. Read the full news here…
