Shein rides on Reliance to re-enter India

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Reliance Retail is set to bring Chinese fashion giant Shein to India through a strategic partnership, over two years after the latter’s app was banned by the Indian government, as per a Wall Street Journal report . The Centre had banned Shein, one of the world’s largest fashion retailers, from selling its products in India through its own app over two years back as part of a larger crackdown on Chinese apps following escalated border conflicts. Indian government has now approved the partnership between Shein and the retail unit of Mukesh Ambani’s Reliance Industries. The partnership will see Reliance Retail set up offline stores as well as mark its presence online, possibly on the latter’s Ajio platform. Shein is also likely to source its fabrics for its global as well as local manufacturing operations from India, as part of a wider partnership arrangement with Reliance Retail. The partnership will include sourcing, manufacturing and retailing, sources said. This comes at a time US lawmakers, a market where Shein has a big presence, are urging the nation’s markets regulator to get Shein to disclose its labour practices ahead of an IPO.

Rs 550 cr bid for Future against Rs 19,200 cr debt

Space Mantra, a company promoted by former NBCC chairman Anoop Kumar Mittal, emerged the only bidder seeking to take over the whole of Future Retail as the bids for the defunct retailer were opened on Thursday. Space Mantra’s offer of ₹550 crore, however, is less than 3% of the total outstanding dues of ₹19,200 crore of financial creditors and is also conditional on it being able to realise value from the sale of remaining assets in the company. And if the assets are not sold, Space Mantra will also have the right to return these assets to the lenders. Apart from this, the lenders have also received 5 more bids to buy Future Retail’s business in pieces