Frasers Group has decided to ‘check out’ and sell Missguided’s intellectual property (IP) to Shein.
According to a statement from Frasers, Shein will own the IP rights and trademarks of Missguided, with the group retaining Missguided’s physical properties and its workforce, which have since become part of Frasers’ fashion division.
“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 rationalizing our portfolio in this space to focus on fewer brands makes a lot of sense in the current climate,” said Michael Murray, CEO of Frasers Group. “We are also excited about the ongoing discussions around further collaboration between Frasers Group and Shein.”
As the new owner of the Missguided brand, Shein has agreed to license the brand’s IP to Sumwon Studios, a joint venture between Shein and Nitin Passi, who founded Misguided in 2009. While Missguided will be managed through the joint venture, its products, and collections will be sold on Shein sites.
“The joint venture we have entered ushers in a new format of partnerships for Shein as part of our unwavering commitment to meet customer demand,” said Donald Tang, Shein’s executive chairman. “Shein aims to reignite the Missguided brand, capitalizing on its unique brand personality and fuelling its global growth through Shein’s on-demand production model, unparalleled e-commerce expertise, and global reach.”