A Shein App is shown in the iOS App Store in Bargteheide, Germany, May 3, 2021.
Defodi Images | Defodi Images | Getty Images
Fast-fashion competitors Shein and Forever 21 have joined forces.
On Thursday, the retailers announced a deal that will bring together two brands that have a strong following of young shoppers and a reputation for trendy clothing and accessories at a low price. Yet both have catered to those customers in different ways. Shein sells its merchandise online, while Forever 21 is mostly known for its mall stores.
As part of the joint venture, Shein will acquire about a third of Forever 21’s operator, Sparc Group. Sparc will also take a minority stake in Shein.
Financial details and terms of the deal were not disclosed. The agreement was first reported by the Wall Street Journal.
This story is developing. Please check back for updates.
