Photo credit: Melissa Goh / Tech in Asia
Shein has announced its purchase of Missguided, a women’s fashion brand, from UK-based retail company Frasers Group. Financial details of the deal were not disclosed.
The acquisition is part of Shein’s strategy to offer a wide line of products and improve customer satisfaction.
Shein also announced that it has agreed to license the Missguided brand to Sumwon Studios. The Dubai-based firm is a joint venture between Missguided founder Nitin Passi and Shein that focuses on creating direct-to-consumer brands.
Missguided’s products and collections will be made through Shein’s on-demand production model and sold on the latter’s platforms. According to Shein, its on-demand model allows the company to reduce waste and excess inventory by adjusting production according to market demand.
Frasers Group bought Missguided in June 2022 for over US$24 million. The deal was part of the group’s plan to grow its online business and diversify its portfolio of brands.
Shein recently announced that it will invest a total of US$155 million over the next five years to support manufacturers, designers, and underprivileged individuals.
See also: Why SEA should watch out for Shein’s top rival Temu
Editing by Lorenzo Kyle Subido
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