2023-08-24 16:48:00
A Shein announced this Thursday (24) the purchase of approximately one third of the group Sparc Holdingswho owns the brand Forever 21. Thus, these products will be sold on the Chinese platform, which currently has 150 million users worldwide.
Not only that, but the Asian store will be able to open its points of sale within the brand’s spaces in the United States. Donald Tang, executive chairman of the company, spoke in a statement regarding the situation:
The powerful combination of Simon’s Retail leadership, 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.
The Sparc group is a joint venture between Authentic Brands e Simon Propertyin addition to owning the brands Nautical e reeboks. According to the company itself, its global sales figure is around $12.7 billion (R$ 60 billion in direct conversion).
Shein, in turn, sums sales of the order of $22 billion (R$ 107 billion) in the world. In Brazil, for example, the company is already able to produce numbers higher than that of several retailers in the national fashion category. Faced with the scenario involving taxation of imported products, the platform was the first to join the Conforming Remittance program.
According to the statement, companies plan to use the platforms to “accelerate product innovation, explore new business strategies, improve user experience and enhance the presence of brands in the market”.
Also check out: Shein’s official WhatsApp account and what it offers its users.
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