China’s Xi’an to re-enter India through Reliance Retail Update 5

Here Are 5 Updates About Sheen-Reliance Retail Deal

• sheen can use Reliance Retailer’s sourcing capabilities, warehousing and logistics infrastructure with a vast portfolio of online and offline stores.
• Founded in China in 2008, Shein has quickly claimed a top spot in the global fast-fashion market, providing customers with low-priced collections that change at a steady clip.
• Shein’s sales are set to rise 60% to $16 billion worldwide in 2021, Bloomberg reported – just behind Swedish high-street name H&M.
• Shein was banned in India along with 59 apps in June 2020 after tensions escalated with China over the Himalayan borders. However, Sheen’s products were available in the online market through e-commerce platforms such as Amazon. These issues were also placed before the Delhi High Court.
• Sheen has also faced opposition in the US because of his Chinese connections. Earlier this month, a bipartisan group of two dozen US representatives demanded that the Securities and Exchange Commission halt Chien’s initial public offering until it could verify that it did not use forced labor. does.

The cheap fashion firm’s rapid growth is attracting political scrutiny in several countries, where leaders say the retailer is threatening domestic businesses.

Now headquartered in Singapore, Sheen plans to launch an IPO in the second half of this year.

Separately, Reliance Retail registered a growth of 12.9% in its Net benefit to 2,415 crores. Besides this, Reliance Retail also added 966 new stores in the March quarter, taking the total count to 18,040 and registering a growth of 41.29%. Year-on-year footfall at its stores has increased to 219 million. German retailer Metro AG also completed 2,850 crore in the sale of its Indian Cash & Carry business to Reliance Retail Ventures Ltd (RRVL) this month.