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Shein in Talks to Buy Missguided from Mike Ashley’s Frasers Group: E-Commerce Success on the Horizon for £20m

Shein in Talks to Buy Missguided from Mike Ashley's Frasers Group: E-Commerce Success on the Horizon for £20m

Shein in Talks to Buy Missguided from Mike Ashley's Frasers Group: E-Commerce Success on the Horizon for £20m

The BBC has learned that Mike Ashley’s Frasers Group is in discussions to sell Shein, a major online retailer of clothing, its Missguided line.

Only one year after Frasers acquired the brand, talks of a merger were first made public by Sky News.

After Missguided entered insolvency last year, Frasers Group purchased the online clothes company for £20 million.

Shein, a global leader in the fast fashion industry, was established in 2008 in China.

We have gotten in touch with Shein and Frasers Group for comments.

According to Sky, a deal is likely to see Shein acquire the brand and other intellectual property of Missguided, with Frasers keeping control of the head office.

Nitin Passi established Manchester-based Missguided in 2009, and it has since developed into one of the UK’s largest online fashion retailers.

However, due to issues with the supply chain, rising freight prices, and increased rivalry, it entered administration in May 2022 before being taken over by Frasers Group.

By acquiring struggling businesses, Frasers, which owns the Mike Ashley-founded Sports Direct chain, has rapidly grown. featuring Jack Wills, Game, Evans Cycles, and Sofa.com.

Despite no longer serving as Frasers’ CEO, Mike Ashley still holds the bulk of the company’s stock.

Shein observed a rise in sales during the Covid epidemic when lockdowns caused an increase in online purchases. Shein now has its headquarters in Singapore.

Although lower than a prior assessment of over $100 billion, it was valued at about $66 billion earlier this year.

According to rumors, Shein will look to float its shares in the US.

However, a group of US congressmen demanded an investigation into Shein in May following allegations that some of the clothes the company sells were produced using forced labor from China’s predominately Muslim Uyghur community.

Chinese government officials have been charged with crimes against humanity against the Uyghurs by human rights organizations and Western nations, including the US and UK.

Shein replied to the BBC by saying, “We have zero tolerance for forced labor.

“Our suppliers are required to abide by a strict code of conduct that is in line with the fundamental principles of the International Labor Organization.”

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