The Singapore-based retailer, which already generates a large portion of its sales in the US, is trying to shift to an Amazon-style marketplace where sellers can list their own products alongside those manufactured by Shein. Forever 21 products will be available to Shein’s 150 million online customers, according to a statement.
In the deal, Shein acquired about one-third of Sparc Group, which owns Forever 21 through a joint venture that includes Authentic Brands Group Inc. and Simon Property Group Inc. In return, Sparc Group became a minority shareholder in Shein. Specific financial figures weren’t disclosed.
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