Shein confirms appointment of ex-SoftBank exec for LatAm push (Updated)

Updated (February 1, 5:00 p.m. SGT): This article was updated to include additional information from Shein’s announcement.

Marcelo Claure / Photo credit: SoftBank

Shein has appointed ex-SoftBank Group COO Marcelo Claure as chair of its Latin American operations. He has also made a US$100 million personal investment in the ultra-fast fashion firm.

In his new role, Claure will manage Shein’s strategy and stakeholder affairs in Latin America, collaborating with the firm’s management.

The company said Claure will also lead the formation of an advisory board for Shein Latin America to help provide local expertise.

“I am incredibly inspired by Shein’s vision of making fashion accessible to everyone through its unique on-demand business model,” Claure said in a statement.

Currently acting as head of his own investment firm, Claure was previously president and CEO at Sprint, which has now merged with T-Mobile. He was also executive chair at WeWork and president at device lifecycle management firm Brightstar.

The Bolivia-born executive has also amassed over US$2 billion to deploy at his family office.

Shein is also reportedly raising up to US$3 billion at a valuation of US$64 billion, down from US$100 billion. This comes after rumors that the firm had raised US$1 billion in April 2022.

The Chinese fashion retailer reportedly made US$30 billion in revenue last year.

See also: Shein’s rapid rise in Southeast Asia could topple ecommerce giants