Reliance has now started selling Shein on an independent app on App Store and Google Play Store
Nearly five years after it was banned in India following diplomatic tensions between India and China, the Chinese fast fashion label Shein has been reintroduced by Reliance Retail. Reliance has now started selling Shein on an independent app on App Store and Google Play Store, after a test launch on Ajio for two months, as per reports.
Now based in Singapore, Shein is engaged in selling affordable fast fashion in India. As per the reports, Reliance Retail Ventures (RRVL) had signed a partnership with Shein two years back. The reports added that Piyush Goyal, the commerce and industry minister had said in a written reply to 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.
The reports added that Shein has built its presence in over 150 countries and enjoys over 250 million on social media. As far as the financial performance is concerned, the reports added that it reported more than USD two billion in profits for 2023 and around USD 45 billion in gross merchandise value (GMV).
The Indian fast fashion market is projected to surpass USD 50 billion in sales by financial year 2031, as per the reports which credited the date to Redseer Strategy Consultants. The reports highlighted that the Indian fast fashion would be making up for around 30 per cent of overall fashion retail in the country’s market by FY31.
