Frasers Group has announced divestment of the IP of Missguided to Chinese clothing giant Shein.
Under the terms of the transaction, Frasers said in a statement, Shein will acquire the IP and trademarks of Missguided, while the group will retain Missguided's real estate and employees which have now been integrated into Frasers' fashion division.
Commenting on the development, 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," Murray added.
Missguided was founded in 2009 by Cheshire-born Nitin Passi. Shein announced that it has entered into an agreement to licence the Missguided brand IP to Sumwon Studios, a joint venture between Shein and Passi. The brand, Missguided, will be managed through the joint venture, and its products and collections will be sold on Shein sites.
“The joint venture we have entered ushers in a new format of partnerships for Shein, as part of our unwavering commitment to meet customer demand,” said Donald Tang, Shein’s executive chairman.
“Shein aims to reignite the Missguided brand, capitalising on its unique brand personality, and fuelling its global growth through Shein’s on-demand production model, unparalleled e-commerce expertise and global reach,” Tang added.