Forever 21’sparent company Sparc Group announced on Thursday that it will partner with the online shopping giant in a deal that would see Sparc become a minority shareholder in Shein. In turn, Shein would get a one-third stake in Sparc.
The move is expected to broaden the reach of both players. Shein’s e-commerce base extends beyond 150 countries, and it has more than 250 million followers on social media platforms. The deal will “provide Sparc Group a platform to further grow its brands,” Sparc said in a news release.
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