Reliance Retail and Shein Form Strategic Partnership in India
New Delhi : In a landmark move set to revolutionize India’s $10 billion fast fashion market, global fashion giant Shein has partnered with Mukesh Ambani’s Reliance Retail Ventures Ltd (RRVL). This strategic alliance aims to challenge domestic competitors like Myntra and Zudio, as well as international heavyweights such as H&M and Zara, infusing new levels of competition and innovation into the sector.
Reliance Retail has been aggressively expanding both online and offline, attracting significant global investments. In late 2023, major investments from Qatar’s sovereign wealth fund, the Abu Dhabi Investment Authority, and KKR, totaling over $2 billion, valued Reliance Retail at an impressive $100 billion. Additionally, Reliance Industries invested $518 million (Rs 4,330 crore) in cash in FY24, highlighting a shift from debt funding to equity and underscoring their commitment to financial growth and stability.
Shein, operated by Roadget Business Pte Ltd, relocated its headquarters from China to Singapore in 2022 to navigate regulatory challenges. The company reported over $2 billion in profits and nearly $45 billion in gross merchandise value in 2023. Shein’s much-anticipated public listing is pending regulatory approval from China, with potential listings in New York or London. RRVL is preparing for an aggressive rollout of Shein in India, encompassing online platforms and physical stores. This plan includes building a core leadership team, setting up boutique fashion studios overseas, and targeting the rapidly growing yet fragmented market. This approach aims to integrate Shein’s fast fashion prowess with Reliance’s market knowledge and infrastructure.
According to Redseer Strategy Consultants, fast fashion in India grew by 30%-40% in the last fiscal year, outpacing the overall retail sector’s 6% growth. The report projects fast fashion will account for 25%-30% of the overall fashion retail market in India, potentially exceeding $50 billion in sales by FY31.
The Reliance-Shein partnership will compete with value labels like Tata Group’s Zudio and premium labels like Zara. Utilizing India as a supply source for Shein’s global operations, the partnership aims to boost local garment manufacturing and textile exports. This collaboration aligns with government initiatives to promote domestic production and export growth.
Overall, the Shein-Reliance partnership represents a significant opportunity to disrupt the Indian fast fashion market, promising innovative, high-quality fashion to Indian consumers and driving substantial economic growth.
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