Retail in Asia

Shein inks USD 100 million investment from new LATAM head

Chinese fast-fashion giant Shein announced on January 31 the appointment of Marcelo Laure to the role of Latin America (LATAM) chief, coinciding with the news that the new head of the region plans to invest financially into the company.

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In this new role, Claure will oversee the company’s LATAM strategy and stakeholder affairs in LATAM, working closely with Shein’s management team, according to a press release.

Claure will also lead the formation of an advisory board for Shein Latin America to help provide local expertise and serve as the chairman, as well as invest USD 100 million in Shein.

A corporate veteran, ​Claure is the founder and CEO of Claure Group, a multi-billion-dollar global investment firm focused on multiple high growth sectors in LATAM including tech, telecom, media, real estate and sports.

In 1997, he started his first business, Brightstar, growing it to become the world’s largest global wireless distribution and services company and the largest Hispanic business in U.S. history with revenues exceeding USD 10 billion, being selling Brightstar to SoftBank in 2014.

Next, he became the CEO of Sprint, where he led the USD 195 billion merger between Sprint and T-Mobile, which closed in 2020. Following the merger, Claure was promoted to CEO of SoftBank Group International, where he had direct oversight of over 40 companies in SoftBank’s portfolio, including ARM, SB Energy and WeWork. He also launched the USD 8 billion SoftBank Latin America fund in 2019, the largest VC fund in the region.

“We are thrilled to welcome Marcelo to Shein during an exciting time of growth for our company in Latin America,” said Sky Xu, CEO of Shein. “His excellent track record as an entrepreneur and operational executive, combined with his deep experience growing global brands and building trusted relationships, will be instrumental as we expand in this important market.”

Shein’s push into LATAM forms part of its newly revealed strategy for the region. Claure’s appointment will see the company make meaningful investments into a select group of companies and founders that are based in LATAM, as well as global companies that are looking to grow and expand into LATAM, the company added.