Shein strikes deal with parent company of Forever 21
Chinese fast fashion retailer Shein has embarked on a strategic partnership with Forever 21 owner SPARC Group.
Under the agreement, Shein will acquire around a one-third interest in SPARC Group, a joint venture that includes Authentic Brands Group and Simon Property Group.
Meanwhile, SPARC Group will become a minority shareholder in Shein.
SPARC Group said Shein’s ecommerce expertise and global reach will provide it with a platform to further grow its brands, which also include Eddie Bauer, Nautica, and Lucky Brand.
The partnership will also offer Shein the opportunity to test customer-focused experiences in Forever 21 locations across the US, including shop-in-shops, to enable return-to-store and other initiatives.
Marc Miller, chief executive of SPARC Group, said: “We are excited for the partnership with Shein as it reflects our shared vision of providing customers with unparalleled access to fashion at affordable prices. By working together, we will provide even more innovative and trendsetting products to fashion enthusiasts around the world.”
Donald Tang, Shein’s executive chairman, added: “Shein is thrilled to have SPARC Group as a partner and minority shareholder and we look forward to finding new ways to delight our customers through the potential of this partnership. The powerful combination of Simon’s leadership in physical retail, Authentic’s brand development expertise, and Shein’s on-demand model will help us drive scalable growth and together make fashion more accessible to all.”
