Missguided was rescued out of administration by Frasers Group last year for £20m after it racked up debts of over £80m
Chinese giant SHEIN has bought Manchester-based fashion brand Missguided from Mike Ashley's Frasers Group. It is the first time the company has acquired a UK brand.
The value of the deal has not been disclosed. Frasers boss Michael Murray said the company's I Saw It First and Missy Empire brands already give it a foothold in the online women's fashion world.READ MORE: Britannia named worst UK hotel chain for 11th consecutive year Mr Murray 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.
The brand was founded by Nitin Passi in 2009 and grew rapidly amid rising demand for online fashion. However, the company was hit hard by surging supply costs, wider inflationary pressures and waning consumer confidence in the increasingly competitive market.
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