Fashion brand Missguided has been sold to SHEIN by Mike Ashley's Frasers Group.
The IP and trademarks of the Manchester-based company have been acquired by Chinese giant while Frasers Group will retain Missguided's real estate and employees which have now been integrated into its fashion division. The value of the deal has not been disclosed.
Frasers Group added that the transaction "has enabled exciting discussions with SHEIN around opportunities for potential collaboration across our brand portfolio". The announcement comes after reports a deal was in the works emerged in September.
READ MORE: Click here to sign up to the BusinessLive North West newsletter
READ MORE: Britannia named worst UK hotel chain for 11th consecutive year
Michael Murray, CEO of Frasers Group, said: "With I Saw it First and Missy Empire, we now have a foothold in women's digital-first fashion. Retaining the combined Frasers fashion teams whilst rationalising our portfolio in this space to focus on fewer brands makes a lot of sense in the current climate. We are also excited about the ongoing discussions around further collaboration between Frasers Group and SHEIN."
Missguided was rescued out of administration by Frasers Group last year. It was bought for £20m in June 2022 after it racked up debts of over £80m.
The brand was founded by Nitin Passi in 2009 and grew rapidly amid rising demand for online fashion. However, the company was hit hard by surging supply costs, wider inflationary pressures and waning consumer confidence in the increasingly competitive market.
