Shein said on Thursday it has partnered with SPARC Group, a joint venture between Forever 21-owner Authentic Brands and mall operator Simon Property, as the fashion retailers look to tap into new customers.
The deal would expand Forever 21's reach by bringing the label to Shein's online platform, which serves about 150 million users. The partnership also presents an opportunity for China-based Shein to step into Forever 21's retail locations across the United States.
Under the agreement, SPARC Group would become a minority shareholder in Shein, while Shein would acquire a roughly one-third interest in SPARC Group.
The company did not disclose terms of the deal.
(Reporting by Savyata Mishra and Deborah Sophia in Bengaluru; Editing by Shilpi Majumdar)
