Shein has snapped up UK fashion brand Missguided from Frasers, just over a year after the group bought the business.
Shein bought the IP for the fashion brand and is set to manage and license Missguided via Sumwon Studios, and will make the items to be sold on both Missguided.com and its own website.
Frasers will keep the fashion brand’s real estate and staff, which have already been integrated to its fashion division.
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Frasers Group CEO Michael Murray said: “Retaining the combined Frasers fashion teams while rationalising our portfolio in this space to focus on fewer brands makes a lot of sense in the current climate.
“We are also excited about the discussions around further collaboration between Frasers Group and Shein”.
Shein executive chairman Donald Tang said it sought to “reignite the Missguided brand, capitalising on its unique brand personality”.
The purchase, which was made for an undisclosed sum, is the Chinese ecommerce giant’s first British brand acquisition.
The news comes after Shein hit £1bn UK sales last year, as GlobalData forecast it would become one of the top 10 apparel firm’s in the country by market share in 2023.
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