High street billionaire Mike Ashley is said to be in talks to sell online clothing brand Missguided to Chinese fashion firm Shein, 18 months after saving the firm from administration
Mike Ashley is set to sell online clothing label Missguided to Shein, the giant Chinese online fashion firm, months after saving the brand.
Reports have suggested the retail tycoon’s Fraser Group is engaged in negotiations about a deal for the firm, which the former Newcastle United owner bought out of administration for £20million in June 2022. It is said to have been discussed over the last few weeks.
Missguided was founded in 2009 by Nitin Passi 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.
Shein was founded in China in 2012 and was recently valued between £53 billion and £80 billion. Talks are ongoing between the two organisations, according to Sky News.