Only 7% Indian heirs want to join family businesses: HSBC report
This is despite the optimism displayed by their predecessors, most of whom plan to pass on their businesses to family members, claims a recent report by the
HSBC
Global Private
Banking
. The study also explores the
succession
preparedness of family-owned businesses across India and Asia.
Most want to pass the baton to kin
Business
owners all over the world have different succession plans. While some prefer to sell their businesses, most entrepreneurs intend to pass it on to a family member.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Semua yang Perlu Anda Ketahui Tentang Limfoma
Limfoma
Pelajari
Undo
Inter-generational wealth transfer in India
Family-owned businesses in the country are taking a proactive approach towards transition of wealth and succession planning.
Financial advice, risk mitigation, wealth management are being integrated into this process.
Many businesses, established in the 1990s following economic liberalisation, have second-generation entrepreneurs educated abroad and raised in cosmopolitan settings.
Multi-generational family businesses accord a high value to extended family and kinship, with some thriving for over a century.
Entrepreneurs who are hesitant to seek support from older generations
7%
Indian heirs feel obligated to join the
family business
.
Live Events
83%
Next-gen Indians who felt confident about pursuing other interests when they first took over the family business.
$5.8tn
Inter-generational wealth transfer expected within Asia Pacific from 2023 to 2030, according to McKinsey, with ultra-high networth individuals (UNHIs) accounting for 60%.
Among Indian entrepreneurs...
~79%
is the contribution of familyowned businesses to India's GDP, one of the highest ratios globally.
334
Billionaires (US $) in India in 2024, up 29% year-on-year, as per Hurun data, of whom...
~70%
set to receive $1.5 trillion intergenerational wealth, which is more than one-third of India's GDP.
Source:
HSBC Global Private Banking 'Family-owned businesses in Asia: Harmony through succession planning 2025' report. The research was conducted by Ipsos UK on behalf of HSBC among 1,798 high net-worth business owners with at least $2 million investible assets. It was conducted online in mainland China, France, Hong Kong, India, Singapore, Switzerland, Taiwan, UAE, UK and the US.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
25 minutes ago
- Time of India
Akasa Air expands fleet with 29th aircraft
Akasa Air on Monday announced the addition of 29th aircraft to its fleet with the Boeing 737 MAX 8-200 aircraft, with registration Bearing registration number VT-YBG, arriving at the Kempegowda International Airport in Bengaluru. The induction of this aircraft comes within 33 months of Akasa Air's operations. The first leg of the delivery flight commenced from Seattle, USA, to Keflavik, Iceland, and concluded with the final leg from Kuwait to Bengaluru, India. "The latest addition to the fleet aligns with the airline's growth strategy and long-term commitment to serve the Indian skies," the low-cost airline said in a statement. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo Akasa Air has 197 more aircraft scheduled for delivery over the next eight years. In April, ET reported that the airline is aiming to grow its fleet to 30 aircraft by July, underlining the budget carrier's expansion plans after facing a setback due to a protracted delay in delivery of these planes. Live Events Akasa's aircraft deliveries have been delayed due to increased regulatory scrutiny of Boeing's 737 programme after a mid-air cabin panel blowout on an Alaska Airlines Boeing 737 MAX aircraft in the US early last year. Of the 446 jets MAX ordered by Indian carriers, only about 65 have been delivered so far. Boeing now plans to supply two aircraft per month. The delays have led to grounding of some Akasa pilots.
India Today
26 minutes ago
- India Today
Shein, Reliance aim to sell India-made clothes globally within a year: Report
The companies are now racing to expand their network of Indian garment manufacturers from 150 to 1,000 by mid-2026. (Photo: Reuters) Shein and Reliance Retail plan to make India a global fast fashion manufacturing hub Aim to export Shein clothes from India to US and UK within 6-12 months Target to increase Indian garment makers from 150 to 1,000 by mid-2026 Shein and Reliance Retail are working on an ambitious plan to transform India into a global manufacturing base for fast fashion, reported news agency Reuters. The aim is to make Shein-branded clothes in India not just for local sales but also for international markets, starting with the US and UK, within the next 6 to 12 months, added the report, citing two people familiar with the discussions. The China-founded, Singapore-headquartered fashion giant has partnered with Mukesh Ambani's Reliance Retail to scale up operations in India, in a strategic pivot driven partly by US tariffs on Chinese goods. The companies are now racing to expand their network of Indian garment manufacturers from 150 to 1,000 by mid-2026, the sources said. The Shein-Reliance collaboration is part of a broader global shift in supply chains, as fashion retailers look to diversify beyond China. 'Shein has licensed its brand for domestic use to Reliance which is responsible for manufacturing, supply chain, sales and operations in the Indian market,' the company told Reuters in a statement. Reliance did not comment on the matter. Shein first entered India in 2018, but its app was banned in 2020 during a broader crackdown on Chinese-linked apps amid border tensions. The brand re-entered in February 2025 through a licensing deal with Reliance Retail, which now operates Unlike Shein's global sites, which rely heavily on Chinese suppliers, the Indian portal sells clothes made locally. Since relaunch, the Shein India app has been downloaded 2.7 million times across iOS and Android platforms, with monthly growth averaging 120%, according to Sensor Tower. However, the offerings are still modest. Around 12,000 designs are available compared to over 600,000 on Shein's US site. Prices remain ultra-competitive, with the cheapest women's dresses listed at Rs 349 ($4), only slightly higher than US prices due to local production costs. The push to export Indian-made fashion is part of a larger goal to adopt Shein's rapid, on-demand manufacturing model. Reliance executives have been working closely with suppliers to trial small production runsâ€'sometimes as few as 100 pieces per designâ€'and scale up only for styles that perform well, added the news agency's report. To achieve this, Reliance is also looking to build capabilities in areas where India currently lacks edge, particularly synthetic fabric manufacturing. 'The firm will invest in suppliers and help them grow which in turn will help the Shein-Reliance partnership go global,' the sources told Reuters. The plan is to begin offering India-made Shein garments on its US and UK platformsâ€'two of its largest marketsâ€'marking a sharp break from the company's traditional China-first sourcing strategy. The timeline is still fluid, the sources said, and hinges on how quickly Reliance can ramp up its supplier network. Union Minister of Commerce and Industry, Piyush Goyal, had hinted at this pivot in Parliament late last year, saying the Shein-Reliance deal was designed to 'create a network of Indian suppliers of Shein-branded clothes for sale domestically and globally.' Shein, which generated over $30 billion in annual revenue through aggressive pricing and marketing, currently works with more than 7,000 suppliers in China. With this new venture, India is being positioned as a manufacturing alternativeâ€'potentially turning the country into a key node in global fast fashion supply chains. For Reliance, the Shein partnership is one among several in fashion retail. The conglomerate already runs Ajio and has deals with international brands including Brooks Brothers and Marks & Spencer. It competes aggressively with Amazon, Flipkart and value retailers like Tata's Zudio Shein and Reliance Retail are working on an ambitious plan to transform India into a global manufacturing base for fast fashion, reported news agency Reuters. The aim is to make Shein-branded clothes in India not just for local sales but also for international markets, starting with the US and UK, within the next 6 to 12 months, added the report, citing two people familiar with the discussions. The China-founded, Singapore-headquartered fashion giant has partnered with Mukesh Ambani's Reliance Retail to scale up operations in India, in a strategic pivot driven partly by US tariffs on Chinese goods. The companies are now racing to expand their network of Indian garment manufacturers from 150 to 1,000 by mid-2026, the sources said. The Shein-Reliance collaboration is part of a broader global shift in supply chains, as fashion retailers look to diversify beyond China. 'Shein has licensed its brand for domestic use to Reliance which is responsible for manufacturing, supply chain, sales and operations in the Indian market,' the company told Reuters in a statement. Reliance did not comment on the matter. Shein first entered India in 2018, but its app was banned in 2020 during a broader crackdown on Chinese-linked apps amid border tensions. The brand re-entered in February 2025 through a licensing deal with Reliance Retail, which now operates Unlike Shein's global sites, which rely heavily on Chinese suppliers, the Indian portal sells clothes made locally. Since relaunch, the Shein India app has been downloaded 2.7 million times across iOS and Android platforms, with monthly growth averaging 120%, according to Sensor Tower. However, the offerings are still modest. Around 12,000 designs are available compared to over 600,000 on Shein's US site. Prices remain ultra-competitive, with the cheapest women's dresses listed at Rs 349 ($4), only slightly higher than US prices due to local production costs. The push to export Indian-made fashion is part of a larger goal to adopt Shein's rapid, on-demand manufacturing model. Reliance executives have been working closely with suppliers to trial small production runsâ€'sometimes as few as 100 pieces per designâ€'and scale up only for styles that perform well, added the news agency's report. To achieve this, Reliance is also looking to build capabilities in areas where India currently lacks edge, particularly synthetic fabric manufacturing. 'The firm will invest in suppliers and help them grow which in turn will help the Shein-Reliance partnership go global,' the sources told Reuters. The plan is to begin offering India-made Shein garments on its US and UK platformsâ€'two of its largest marketsâ€'marking a sharp break from the company's traditional China-first sourcing strategy. The timeline is still fluid, the sources said, and hinges on how quickly Reliance can ramp up its supplier network. Union Minister of Commerce and Industry, Piyush Goyal, had hinted at this pivot in Parliament late last year, saying the Shein-Reliance deal was designed to 'create a network of Indian suppliers of Shein-branded clothes for sale domestically and globally.' Shein, which generated over $30 billion in annual revenue through aggressive pricing and marketing, currently works with more than 7,000 suppliers in China. With this new venture, India is being positioned as a manufacturing alternativeâ€'potentially turning the country into a key node in global fast fashion supply chains. For Reliance, the Shein partnership is one among several in fashion retail. The conglomerate already runs Ajio and has deals with international brands including Brooks Brothers and Marks & Spencer. It competes aggressively with Amazon, Flipkart and value retailers like Tata's Zudio Join our WhatsApp Channel
Time of India
28 minutes ago
- Time of India
Shein and Reliance aim to sell India-made clothes abroad within a year, sources say
Fashion retailer Shein and partner Reliance Retail plan to rapidly expand their Indian supplier base and start overseas sales of India-made Shein-branded clothes within six to 12 months, said two people with knowledge of the matter. The China-founded, Singapore-headquartered e-commerce firm has been discussing plans with the Indian retailer since before the U.S. imposed tariffs on Chinese imports that intensified the need to diversify sourcing, the people said. The aim is to raise Indian suppliers to 1,000 from 150 within a year, they said. In a statement to Reuters, Shein said it licensed its brand for use in India. Reliance did not respond to queries. Shein sells low-priced apparel such as USD 5 dresses and USD 10 jeans shipped directly from 7,000 suppliers in China to customers in around 150 countries. Its biggest market is the U.S. where it is adjusting to tariffs on low-value e-commerce packages from China which were previously imported duty free. The retailer launched in India in 2018 but its app was banned in 2020 as part of government action against China-linked firms amid border tension with its northeastern neighbour. It returned in February under a licensing deal with the Reliance Industries unit which launched selling Shein-branded clothes produced in local factories. In contrast, Shein's other websites mainly list goods from China. Reliance, controlled by Asia's richest person, Mukesh Ambani, has contracted 150 garment manufacturers and is in discussion with 400 more, said the two people, declining to be identified due to confidentiality concerns. The goal is 1,000 Indian factories making Shein-branded clothes within a year for both the Indian market and to service some of Shein's global websites, the people said. Shein initially wants to list India-made clothes on its U.S. and British websites, one of the people said. Discussions have been ongoing for months and the launch time of six to 12 months could change depending on supplier numbers, the person said. The scale of supplier expansion and export time frame is reported here for the first time. Shein has licensed its brand for domestic use to Reliance which "is responsible for manufacturing, supply chain, sales and operations in the Indian market," Shein said in a statement. In December, Minister of Commerce and Industry Piyush Goyal told parliament that the Shein-Reliance partnership aimed to create a network of Indian suppliers of Shein-branded clothes for sale "domestically and globally". ON-DEMAND MANUFACTURING Shein is a fast-fashion behemoth earning annual revenue of over USD 30 billion through low prices and aggressive marketing. Most of its products are from China with some made in countries such as Turkey and Brazil. Its expansion in India mirrors interest in the country from the likes of Walmart and others throughout the global fashion and retail industries, particularly those looking for suppliers outside China due to the Sino-U.S. trade war. The Shein India app has been downloaded 2.7 million times across Apple and Google Play stores, averaging 120% on-month growth, showed data from market intelligence firm Sensor Tower. Offerings during its first four months have reached 12,000 designs, a fraction of the 600,000 products on its U.S. site. In the women's dresses category, its cheapest item is priced 349 Indian rupees (USD 4) versus USD 3.39 on the U.S. site as of June 9. Shein's Indian partner Reliance, which operates the app, is working with suppliers to assess whether they can replicate Shein's global best-sellers at lower cost, the two people said. Reliance aims to emulate Shein's on-demand manufacturing model, asking suppliers to make as few as 100 pieces per design before increasing production of those that sell well, they said. Executives from Reliance recently visited China to understand Shein's "innovative" supply chain operations, "data driven" design processes and "disruptive" digital marketing, Manish Aziz, assistant vice president Shein India at Reliance Retail, said in a LinkedIn post in which he called Shein's scale and speed "truly incredible". The partnership is one of dozens Reliance has with fashion brands, such as Brooks Brothers and Marks and Spencer. The firm also runs e-commerce site Ajio and its retail network competes with Amazon and Walmart's Flipkart as well as value retailers such as Tata's Zudio. Reliance plans to work with new suppliers to source fabric - especially fabric made using synthetic fibres where India lacks expertise - and import required machinery, the people said. The firm will invest in suppliers and help them grow which in turn will help the Shein-Reliance partnership go global, they said.
