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Sparc Group Holdings has announced a strategic partnership with Shein, the global integrated online marketplace for fashion, beauty and lifestyle products.
Under the agreement, Shein has acquired an approximately one-third interest in Sparc Group, a joint venture that includes Authentic Brands Group and Simon Property Group, with Sparc becoming a minority shareholder in Shein.
Sparc said the deal will see Shein bring its “unparalleled” e-commerce expertise and global reach to provide its platform to further grow its brands. The partnership is expected to expand Sparc Group’s distribution of Forever 21, adding value and variety for Shein’s extensive customer base.
Shein’s global e-commerce platform currently serves 150 million online users. The partnership also offers the opportunity to test Shein customer-focused experiences in Forever 21 locations across the US including shop-in-shops, enabling return to store and other initiatives.
Marc Miller, CEO of Sparc Group, 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.”
Donald Tang, Shein executive chairman, added: “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.”
