Oct. 30 (UPI) — Singapore global online fashion and lifestyle retailer Shein said on Monday it was purchasing women’s fashion brand Missguided for an undisclosed amount.
Shein, which started in 2012 and has customers in 150 countries, makes “sustainable” fashions with the business model of minimizing waste and conserving resources.
Missguided, the British fashion brand founded in 2009, was part of Frasers Group, championing street style, popular culture and accessible forward-thinking clothing, according to its website.
Shesin also said that it has agreed to license the Missguided brand IP to Sumwon Studios, a joint venture between Shein and Missguided’s founder, Nitin Passi. The brand will be managed through the joint venture, a statement by Shein added.
“The joint venture we have entered ushers in a new format of partnerships for Shein, as part of our unwavering commitment to meet customer demand,” said Donald Tang, Shein’s executive chairman.
“Shein aims to reignite the Missguided brand, capitalizing on its unique brand personality, and fueling its global growth through Shein’s on-demand production model, unparalleled-commerce expertise and global reach.”
Shein said by reducing product waste and lowering levels of excess inventory, it has been able to build an “agile and responsive ecosystem” that leans on on-demand production.
