Fast fashion retailers Shein and Forever 21 are going into business together.
Under a partnership agreement announced Thursday, Aug. 24, 2023 the Chinese-owned Shein will acquire about one-third interest in Sparc Group, Forever 21s operator. Under a partnership agreement announced Thursday, the Chinese-founded Shein will acquire about one-third interest in Sparc Group, Forever 21's operator. Sparc will also become a minority shareholder in Shein.
The deal is expected to expand Forever 21's distribution on Shein's global e-commerce platform, which has attracted 150 million online users. In turn, the partnership “also offers the opportunity to test” Shein product sales and returns in physical Forever 21 stores across the U.S., the companies said in a joint release.
Forever 21 has more than 540 locations worldwide and online. The announcement did not disclose financial details of the deal.Sparc is a joint venture that includes brand development company Authentic Brands Group and mall operator Simon Property Group. Beyond the U.S.-based Forever 21 — which wasjust three years ago — Sparc also manufactures and distributes apparel for brands like Aéropostale, Eddie Bauer and Reebook.
Shein and Forever 21 have both faced strong criticism around the environmental impact of their fast fashion production and allegations of unethical labor practices. Earlier this year, Shein was notably accused of. There’s also been ongoing concerns among some lawmakers and advocacy groups about its supply chains.
In May, a bipartisan group of two dozen lawmakers asked the Securities and Exchange Commission to put the brakes on an initial public offering by Shein until it verified that it does not use
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