Forever 21 owner SPARC Group Holdings have announced a strategic partnership with SHEIN.
Under the agreement, SHEIN acquires an approximately one-third interest in SPARC Group, a joint venture that includes Authentic Brands Group and Simon Property Group, and SPARC Group becomes a minority shareholder in SHEIN. SHEIN brings its e-commerce expertise and global reach to provide SPARC Group a platform to further grow its brands.
The partnership is expected to expand SPARC Group’s distribution of Forever 21, adding value and variety for SHEIN’s extensive customer base. SHEIN’s global e-commerce platform currently serves 150 million online users. The partnership also offers the opportunity to test SHEIN customer-focused experiences in Forever 21 locations across the U.S including shop-in-shops, enabling return to store and other initiatives.
SHEIN and SPARC Group plan to utilize their complementary platforms and expertise to accelerate product innovation, explore new business strategies, enhance customer experiences, and grow their presence in the marketplace.
“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,” said Marc Miller, CEO of SPARC Group. “By working together, we will provide even more innovative and trendsetting products to fashion enthusiasts around the world.”
“SHEIN is thrilled to have SPARC Group as a partner and minority shareholder and we look forward to finding new ways to delight our customers through the potential of this partnership,” said Donald Tang, SHEIN’s Executive Chairman. “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.”
“We are very pleased to welcome SHEIN as a strategic partner and shareholder in SPARC Group. SHEIN is the world’s leading online fashion platform delivering style and value around the globe. We are looking forward to working together,” stated Jamie Salter and David Simon, Directors of SPARC Group.
