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Shein announced it has signed a deal with Forever 21 to combine their brands and sell their products to a wider audience. The Singapore-based fast fashion retailer said they are aiming to strengthen their respective businesses by expanding their reach and securing wider market share.
Forever 21, a Los Angeles, California-headquartered fashion brand, agreed to team up with Shein after years of being rivals in the fashion industry. On Thursday, Aug. 24, the two companies confirmed their partnership and said they will bring their brands together to make their following stronger.
Forever 21 and Shein already have an army of young customers, and both are known to offer trendy clothing pieces. Now that they are set to combine their brands, the partners are now banking on their loyal shoppers to further boost their sales.
As per CNBC, Shein and Forever 21 agreed that the former will buy a third of Sparc Group LLC, the parent company of Authentic Brands Group, which operates Forever 21. Likewise, Sparc will also acquire a minority stake in the Singapore-based fashion company.
The firms did not reveal the financial details of their joint venture deal. It was noted that the partnership comes amid the criticisms being thrown against Shein. The backlash stemmed from an allegation that it had violated the import tariff law in the United States where it was rumored to be preparing for initial public offering.
In any case, Shein and Forever 21 offer similar apparel lines that young shoppers like. Thus, there are high expectations for their joint venture.
"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," Sparc Group’s chief executive officer, Marc Miller, said in a press release. "By working together, we will provide even more innovative and trendsetting products to fashion enthusiasts around the world."
Shein’s executive chairman, Donald Tang, further 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.”
He added, "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."
Photo by: Authentic Brands Newsroom
