Shein joins forces with Forever 21’s parent company SPARC Group
Chinese online fast fashion and beauty retailer Shein has partnered with Forever 21’s parent company SPARC Group in a joint venture that includes Authentic Brands Group (ABG) and Simon Property Group.
The “strategic partnership” sees Shein acquire approximately one-third interest in SPARC Group, which also designs, manufactures and distributes brands including Brooks Brothers, Eddie Bauer, Lucky Brand, Nautica and Reebok. Under the new agreement, SPARC Group also becomes a minority shareholder in Shein.
Shein brings its unparalleled e-commerce expertise and global reach to provide SPARC Group a platform to further grow its brands, expanding distribution of Forever 21 and “adding value and variety” to Shein’s extensive customer base. Shein’s global e-commerce platform currently serves 150 million online users.
The partnership also offers the opportunity to test Shein’s customer-focused experiences in Forever 21’s extensive retail locations across the US, including shop-in-shops which will enable in-store returns.
Together, Shein and SPARC Group plan to utilise their complementary platforms and expertise to accelerate product innovation, explore new business strategies, enhance customer experiences, and grow their presence in the marketplace.
Shein Executive Chairman, Donald Tang, said: “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 (Simon Property Group’s) leadership in physical retail, Authentic’s (Authentic Brand Group’s) brand development expertise, and Shein’s on-demand model will help us drive scalable growth and together make fashion more accessible to all.”
Marc Miller, CEO of SPARC Group, commented: “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.”
Main image: Shein
