Shein inks deal with Forever 21-owner as fast-fashion majors look to boost reach
SHEIN said on Thursday (Aug 24) it has partnered with SPARC Group, a joint venture between Forever 21-owner Authentic Brands and mall operator Simon Property, as the fashion retailers look to tap into new lodes of customers.
The deal would expand Forever 21‘s reach by bringing the label to Shein’s online platform, which serves about 150 million users. The partnership also presents an opportunity for China-based Shein to step into Forever 21‘s retail locations across the United States.
Under the agreement, SPARC Group would become a minority shareholder in Shein, while Shein would acquire a roughly one-third interest in SPARC Group.
The company did not disclose terms of the deal.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Hot stock: DBS hits all-time high on record Q1 net profit
Japanese companies struggle with yen’s continued weakness
Singapore stocks open stronger on Thursday; STI up 0.5%
Gold prices drift higher as Fed stands pat on key interest rate
US to probe GoPro claims Chinese firm violated its patents
Asia’s retail investors hunt for fabled crypto riches