Mike Ashley in talks to sell Missguided to Shein
Retail tycoon Mike Ashley is in talks to sell online clothing brand Missguided to Chinese-founded fashion giant Shein.
The deal would mark the first time Shein has acquired a British fashion brand.
City sources told Sky News that the two parties have been in discussions for several weeks, and it remains to be seen how soon a deal could be announced or whether it may collapse.
One source suggested that the deal could see Shein take ownership of Missguided’s brand and intellectual property, whilst Mike Ashley’s Frasers Group would retain control of its head office.
Shein, which is now headquartered in Singapore, is estimated to worth around $66bn (£53bn). The group is reportedly considering going public in the United States within the next year, and is said to be lining up investment banks to kick off an initial public offering.
Missguided, which was founded in 2009, fell into insolvency in spring 2022 amid increasing losses. It was swooped up by Frasers Group for £20m, beating out a bid from online fashion retailer Boohoo.