Shein Purchases British Fast Fashion Brand Missguided

Shein has bought British fast fashion brand Missguided from the Frasers Group as the company looks to expand its market share and global reach ahead of a rumored U.S. initial public offering, the companies announced Monday.

The acquisition will see Shein manufacture Missguided’s products and sell them on both companies’ websites as an independent brand, while Frasers will retain Missguided’s real estate and employees, according to news releases.

As part of the deal, Shein will license Missguided’s intellectual property to Sumwon Studios, a joint venture between Shein and Missguided founder Nitin Passi. Sumwon will manage and operate the Missguided brand.

Read the source article at CNBC