Shein acquired British online brand Missguided from Frasers Group Plc, as the Singapore-based fashion giant accelerates efforts to diversify offerings on its popular online marketplace.
Under the deal, Shein and Missguided’s founder Nitin Passi have formed a joint venture to manage the brand and access its intellectual property under a licensing agreement. Shein will also manufacture Missguided’s products through its on-demand production model, and sell on both companies’ websites, Shein said in a statement, without disclosing the transaction value.
Frasers, owned by British sporting goods billionaire Mike Ashley, snapped up Missguided for £20 million ($21 million) last year after it entered UK insolvency proceedings. The retailer ran into difficulties as costs soared amid rising inflation and global supply chain snarls.
Shein’s executive chairman Donald Tang said in the statement that the company aims to “reignite the Missguided brand” and fuel its global growth.
The acquisition adds to third-party offerings Shein has launched earlier this year in a bid to diversify product ranges beyond its self-branded clothes and accessories.
In August, it also acquired a stake in the operator of fast-fashion retailer Forever 21 in August to expand its online offerings and establish a brick-and-mortar presence in the US. An agreement was signed last week between Shein and Authentic Brands Group that allows Shein to design, manufacture and distribute a line of Forever 21 apparel and accessories.