Mike Ashley in talks to sell Missguided to Shein

Chinese fashion giant Shein has reportedly been in talks with Mike Ashley’s Frasers Group to acquire the UK-based fashion platform Missguided.

Sky News said the two companies have been negotiating for several weeks. The move came about a year after Missguided was brought out of administration by Frasers Group for £20 million. The deal, if it happens, will mark Shein’s first acquisition of a UK label.

The source said the acquisition will likely include Missguided’s brand and its intellectual property, while Frasers Group will retain its head office.

Missguided was founded in 2009 by Nitin Passi, the daughter of an Indian immigrant who set up the high street supplier By Design in the 1960s. The company grew its presence in the UK and overseas markets, including the Middle East and Asia. Investment company Alteri acquired a 50 percent stake in Missguided in 2021 before the fashion company went into administration last year as it failed to pay its debts.

Shein has recently announced it will bring the company’s ESG roadmap pledge to $155 million, following the $70 million committed last April.