Whatever Ambanis turn to gold and this is why the industrialist enjoys a billionaire status. The Ambanis' influence in India is known, and the billionaire family often remains in the limelight for their lavish lifestyle. However, it seems like the Ambanis have been under the scanner of social media over one of their business deals. As per reports, Mukesh Ambani's Reliance Retail Ventures will launch Chinese fast fashion label Shein in the coming weeks. Reliance Industries has reportedly teamed up with the IPO-bound fashion brand last year and is expected to hire former Meta director Manish Chopra to head Shein's operations in India.
For the unversed, Shein was among the many apps banned in India following border tensions between India & China. Notably, Reliance has already brought international brands such as American jewellery maker Tiffany & Co and British online retailer ASOS to India. The India operations will be run by a company entirely owned by Reliance Retail and Shein is expected to be paid a license fee as a share of the firm's profit.
It is pertinent to mention here that all the necessary and sensitive data will be hosted and stored in India, and Shein will have no access or rights over them.
However, netizens have slammed the development of Mukesh Ambani's Shein deal.
A user wrote, "What happened to the ’Boycott China’ campaign?"
Another user wrote, "They have found the best gateway to the heart of the regime. There is no stopping them now. All border issues with China vanished in thin air."
"Few years ara back Confederation of All India Traders (CAIT) has written to Mukesh Ambani and other prominent Indian industrialists, urging them to join a campaign to boycott Chinese goods.. Meanwhile Mukesh Ambani," wrote another user.