Shein, the e-commerce retailer founded in China, is teaming up with the parent of Forever 21 to expand its reach into Americans’ closets.
via: Rueters
Shein said on Thursday it has partnered with SPARC Group, a joint venture between Forever 21 owner Authentic Brands and mall operator Simon Property, as the online fashion retailer and its rivals look to expand their market reach.
The deal, which would give Shein a roughly one-third interest in SPARC Group, expands Forever 21’s reach by bringing the label to Shein’s online platform, which serves about 150 million users. The partnership also presents an opportunity for Singapore-based and China-founded Shein to step into Forever 21’s retail locations across the United States.
Under the agreement, SPARC Group would also become a minority shareholder in Shein. The company did not disclose the terms of the deal.
Forever 21’s partnership with Shein follows a June move by shoe brand Skechers to join its marketplace, which allows shoppers to buy merchandise from third-party sellers on Shein’s platform. Shein launched its U.S. marketplace in May, a month after offering an identical service in Brazil.
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