Fast fashion giant Shein is expected to announce on Friday the appointment of a new executive to oversee the company's global growth plans as it seeks to diversify its supply chain outside of China.
Marcelo Claure, a former executive at SoftBank Group, will serve as vice chairman, based in New York, with responsibilities that include expanding production outside of China to be closer to customers.
"We're not trying to replace China." "What we want to do is look for countries where we can gain a competitive advantage by being more local," Claure said.
Claure joined the company in January to oversee the company's operations and strategy in Latin America and to lead the expansion of contacts with suppliers and partners in the region. Prior to joining Xiyin, Claure personally invested about $100 million in Xiyin's e-commerce platform.