admin Shein has entered a strategic partnership with Sparc Group in a bid to expand the duo’s reach across the US and explore new business strategies.
While Shein will acquire an around one-third interest in Sparc Group, the firm that oversees Authentic Brands Group and Simon Property Group, Sparc is to become a minority shareholder in the Chinese e-tailer.
In a release, Marc Miller, CEO of Sparc, said: “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.”
As part of the deal, Shein will work closely with Sparc on building up its brand platform, with a particular focus on expanding its distribution of Forever 21.
The partnership will also include the opportunity to test Shein “customer-focused experiences” in Forever 21 locations across the US, such as in the form of shop-in-shops.
Together, the duo stated that they planned to utilise their platforms and expertise to accelerate product innovation, explore new business opportunities and enhance customer experience.
Donald Tang, Shein’s executive chairman, 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 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.”
