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Sunday, July 14, 2024

Viral fashion app Shein announces huge acquisition of struggling retailer

Shein has acquired with Missguided.

The online fast fashion retailer – which was founded in China in 2008 – has attracted more than 70 million people worldwide to use its viral app-based store and it has now been announced that they have acquired the UK-based store Missguided from credits group Frasers, which collapsed into administration after owing more than £80-million in 2022.

Donald Tang, SHEIN’s Executive Chairman, said in a statement: “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.

“SHEIN aims to reignite the Missguided brand, capitalising on its unique brand personality, and fuelling its global growth through SHEIN’s on-demand production model, unparalleled e-commerce expertise and global reach.”

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The monetary amount of the deal remains unknown, but as part of the new deal, Shein will take over the manufacturing and distribution of products from the joint venture.

Earlier this year, bosses at Missguided appeared to be hopeful despite the financial

The company said in a statement: “Missguided is aware of the action being taken by certain creditors of the company in recent days, and is working urgently to address this.

“A process to identify a buyer with the required resources and platform for the business commenced in April and we expect to provide an update on progress of that process in the near future.”

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