Current:Home > StocksForever 21 stores could offer Shein clothing after fast-fashion retailers strike a deal -Excel Wealth Summit
Forever 21 stores could offer Shein clothing after fast-fashion retailers strike a deal
View
Date:2025-04-17 16:24:03
Shein, the e-commerce behemoth known for its $5 tees and $47 wedding dresses, may be coming to a mall near you.
Shein and Sparc Group Holdings, Forever 21's operator, on Thursday announced a partnership between the fast-fashion rivals to expand the brands' reach.
The collaboration is expected to make Forever 21 merchandise available on Shein’s website and app, which serves about 150 million online users. In turn, Shein will have the opportunity to test selling products and managing returns in shops located inside physical Forever 21 stores. The brand has more than 400 stores across the country.
"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," Marc Miller, CEO of Sparc, said in a statement. "By working together, we will provide even more innovative and trendsetting products to fashion enthusiasts around the world."
What the deal means
Under the agreement, Shein will acquire one-third interest in Sparc, a joint venture that includes brand management company Authentic Brands Group and shopping mall owner Simon Property Group, while Sparc will become a minority shareholder in Shein.
The e-commerce company was valued at $66 billion earlier this year. The announcement did not disclose financial details of the deal.
“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,” Shein Executive Chairman Donald Tang said in the release.
Shein controversy
The agreement, first reported by The Wall Street Journal, comes as Shein faces pushback for its manufacturing practices. The company has been criticized for its environmental impact and copyright infringement, and some are concerned that the company relies on forced labor.
A group of bipartisan lawmakers earlier this year sent a letter asking the Securities and Exchange Commission to hold off a potential initial public offering until Shein could verify that it does not use forced labor from China’s Uyghur population, which is predominantly Muslim.
Shein has said that it has zero tolerance for items made with forced labor. The company has also worked to distance itself from China, and in 2021 moved its headquarters to Singapore.
veryGood! (89)
Related
- Grammy nominee Teddy Swims on love, growth and embracing change
- Passenger arrested on Delta flight after cutting himself and a flight attendant, authorities say
- Woman escapes from cinderblock cell in Oregon, prompting FBI search for more possible victims
- Woman escapes from cinderblock cell in Oregon, prompting FBI search for more possible victims
- North Carolina justices rule for restaurants in COVID
- Body seen along floating barrier Texas installed in the Rio Grande, Mexico says
- Assault trial for actor Jonathan Majors postponed until September
- Library chief explains challenge to Arkansas law opening librarians to prosecution
- Residents worried after ceiling cracks appear following reroofing works at Jalan Tenaga HDB blocks
- 'ESPN8: The Ocho' bringing back 'seldom seen sports': How to watch cornhole, corgi races
Ranking
- Arkansas State Police probe death of woman found after officer
- Grieving families confront Pittsburgh synagogue shooter at death penalty sentencing
- Taylor Swift gives Eras Tour truck drivers $100,000 bonuses, handwritten letters of appreciation
- Trump back in DC after 3rd indictment, a look at possible co-conspirators: 5 Things podcast
- Appeals court scraps Nasdaq boardroom diversity rules in latest DEI setback
- Woman, toddler son among 4 people shot standing on sidewalk on Chicago’s South Side
- The US wants Kenya to lead a force in Haiti with 1,000 police. Watchdogs say they’ll export abuse
- Two lots of Tydemy birth control pills are under recall. The FDA warns of ‘reduced effectiveness’
Recommendation
Will the 'Yellowstone' finale be the last episode? What we know about Season 6, spinoffs
An end in sight for Hollywood's writers strike? Sides to meet for the first time in 3 months
Willy the Texas rodeo goat, on the lam for weeks, has been found safe
Montrezl Harrell, 76ers big man and former NBA Sixth Man of the Year, has torn ACL
California DMV apologizes for license plate that some say mocks Oct. 7 attack on Israel
Former Maryland college town mayor pleads guilty to child sex abuse material charges
Judge restricts WNBA’s Riquna Williams to Vegas area following felony domestic violence arrest
Trump's latest indictment splits his rivals for the 2024 GOP nomination