Connect with us

Hi, what are you looking for?

Right Decision NowRight Decision Now

Business

Mike Ashley’s Frasers Group in talks with Shein to buy Missguided

Mike Ashley’s Frasers Group is in talks to sell its Missguided clothing brand to online fashion giant Shein.

Talks about a deal, which were first reported by Sky News, come only a year after Frasers took over the brand.

Frasers Group bought Missguided for £20m last year after the online fashion retailer collapsed into administration.

Shein, which was founded in China in 2008, is a global giant in the world of fast fashion.

According to Sky, a deal is likely to see Shein buy Missguided’s brand and other intellectual property, while the head office is retained by Frasers.

Manchester-based Missguided was founded by Nitin Passi in 2009 and grew to become one of the UK’s biggest online fashion players.

But after suffering from supply chain problems, rising freight costs and increasing competition from rivals, it fell into administration in May 2022, before being picked up by Frasers Group.

Frasers – which owns the Mike Ashley-founded Sports Direct chain – has expanded rapidly by buying brands that have fallen into trouble. including Game, Evans Cycles, Jack Wills and Sofa.com.

While Mike Ashley is no longer Frasers’ chief executive, with son-in-law Michael Murray taking over the role, he owns a majority stake in the firm.

Shein – which now has its headquarters in Singapore – saw sales surge during the Covid pandemic when lockdowns led to a jump in online shopping.

It was valued at about $66bn earlier this year, although that was lower than a previous valuation of around $100bn.

There has been speculation that Shein will seek to list its shares in the US.

However, in May a group of US lawmakers called for Shein to be investigated over claims that people from China’s mostly Muslim Uyghur population were use as forced labour to make some of the clothes it sells.

Human rights groups and Western governments, including the US and UK, have accused China of committing crimes against humanity against the Uyghurs.

In response, a spokeswoman for Shein said : “We have zero tolerance for forced labour.

“Our suppliers must adhere to a strict code of conduct that is aligned to the International Labour Organization’s core conventions.”

Read more:
Mike Ashley’s Frasers Group in talks with Shein to buy Missguided

    You May Also Like

    Business

    The head of the International Monetary Fund has warned of increased risks to the stability of the financial system after weeks of banking sector...

    World News

    BEIJING — China landed an uncrewed spacecraft on the far side of the moon on Sunday, overcoming a key hurdle in its landmark mission...

    World News

    LONDON — Talks aimed at reaching a global agreement on how to better fight pandemics will be concluded by 2025 or earlier if possible,...

    World News

    SINGAPORE — Ukrainian President Volodmyr Zelensky’s unscheduled appearance at Asia’s biggest security conference dominated proceedings on Sunday after China’s defense chief slammed “separatists” in...

    Disclaimer: rightdecisionnow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 rightdecisionnow.com | All Rights Reserved