SINGAPORE — Shein, one of the world’s largest online fashion retailers, will appoint former SoftBank Group exec Marcelo Claure Ltd.
As president of Latin America, according to a person familiar with the matter.
Claure also made a personal investment of about $100 million in Shane, according to people familiar with the matter.
Claure who used to be Softbank 9984 -0.32%
was the chief operating officer and aide to founder Masayoshi Son, known for his role in resolving investment-related issues for Japanese conglomerates, including WeWork. Ltd.
and sprint. He left SoftBank in January 2022 after a disagreement over his multi-billion dollar compensation. He also served as CEO of Sprint from 2014 until he was in 2018.
Mr. Claure is the founder and CEO of the investment firm Claure Group.
Spokespeople for Shayne and Claure did not immediately respond to requests for comment.
With operations in over 150 countries and a wide range of affordable apparel, Shein has quickly grown to become one of the world’s top online retailers, rivaling Inditex. SA’s
Zara and H&M Hennes & Mauritz AB.
The appointment of Claure, who will help Shayne oversee the company’s operations and strategy in Latin America, is also part of an effort to expand its reach to regional suppliers and partners, with Brazil and Mexico as its primary focus. said the official. .
Part of Claure’s focus will be on building supply chains in Brazil and across the region by partnering with local businesses and manufacturers, the sources said.
Founded in 2012 in Nanjing, China’s Jiangsu province, Shein will move its global headquarters to Singapore in 2021, increasing its workforce in Singapore from five to about 100 at the end of last year, according to The Wall Street Journal. is reporting.
Shein has diversified its supply chain and built a local presence in markets around the world to reduce its over-reliance on Chinese suppliers. The company started manufacturing in Turkey last year and operates a warehouse in Poland to serve customers in Western Europe, the WSJ reports. A Shein executive said last year that he plans to build three large distribution centers in the United States.
Shein has a large network of over 3,000 suppliers in Guangdong, China.
During his time at SoftBank, Claure worked to turn around companies the company invested in, such as WeWork. SoftBank had a controlling stake in shared office company WeWork, which nearly collapsed after his failed IPO attempt in 2019. Claure then led WeWork to his IPO in October 2021 as chairman.
Shein faces questions in the U.S. over allegations it uses cotton from China’s Xinjiang Uighur Autonomous Region. The WSJ reports that it is following the US policy of not cooperating with entities on the Prevention Act’s Entity List.
Shein operates on an on-demand manufacturing model, using proprietary software to monitor production in real time. The company measures customer preferences and demand using algorithms that incorporate sales, app browsing behavior and other data.
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