Asia's richest man, Mukesh Ambani, although putting massive investments in its Reliance Retail business is reportedly facing tough competition in its fashion space from the growing rivalry Trent Ltd.’s Zudio owned by Tata Group. As per reports, the fashion space of Ambani's business sector is finding it arduous to set the same momentum.
According to reports, Reliance Retail has invested over USD 2 billion into its retail business, including its latest developments in the electronics and groceries apart from the fashion space.
Ambani is keen on transforming his retail division into a major fashion player, but the competition from Tata's Zudio is intense.
As per various reports, there is the possibility that Ambani is reportedly bringing back Shein, the Chinese fast-fashion giant, in a partnership that could shake up the market.
Reports suggest that Shein, once banned from India due to border tensions, is making a return under Reliance’s control. This partnership comes at a crucial time, as there are various reports suggesting Shein preparing for its IPO, with Reliance playing a pivotal role in its Indian operations.
The Rise of Yousta: A Missed Target?
Moreover, in response to the rising market for Zudio, Ambani has also launched 'Yousta', a new fashion brand with everything priced under Rs 999 (USD 12).
As of the early results, the brand has not hit the mark in the market as expected.
Reliance’s fashion and lifestyle segment saw sluggish growth, with year-on-year sales increasing just 8 per cent, driven primarily by non-fashion categories like electronics and groceries, added multiple reports.
Trent Ltd.’s Zudio
Trent Limited is an Indian retail company and is a part of the Tata Group.
Zudio has quietly become a force to reckon with in the Indian fashion scene expanding itself across 164 cities, with nearly 560 stores.
