Online fast fashion retailer giant Shein is buying the Missguided brand name from Frasers Group. Missguided’s trademarks and intellectual property will be sold to Shein, the Frasers Group.
However, it is keeping the Missguided staff members and the real estate, since they “have now been integrated into Frasers’ fashion division”. Shein promised to “reignite” the brand by utilizing its experience in e-commerce.
Catherine Shuttleworth, a retail expert, stated that Shein intended to “increase its foothold in the West and drive sales in the UK” with Missguided. Shein would be trying to reach the younger consumer base that Missguided catered to, she claimed.
Last June, Frasers paid £20 million to acquire Missguided out of administration. Frasers Group’s CEO, Michael Murray, who is also the son-in-law of the company’s founder, Mike Ashley, stated that the company aims to streamline its operations in order to concentrate on a smaller number of brands. The brand’s sale price was not disclosed by the corporation.
Many different and many stores, including Sports Direct, Flannels, Jack Wills, Evans Cycles, and sofa.com, are owned by Frasers. It has also increased its ownership in companies like Asos and Boohoo, where Frasers Group is the main stakeholder.
Other fast-fashion internet companies owned by Frasers include Missy Empire and I Saw It First. According to Mr. Murray, the business and Shein have been in talks on possible cross-company cooperation.
