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Frasers Group PLC - Shirebrook, England-based owner of House of Fraser, Sports Direct and Flannels retail chains - Sells the intellectual property of Missguided Ltd to Shein Group UK Ltd, a fashion and lifestyle e-retailer. Shein will acquire both the intellectual property and trademarks of Missguided, though Frasers doesn’t specify at what cost. However, Frasers retains Missguided’s real estate and employees, which have now been integrated into its fashion division.
Chief Executive Officer Michael Murray says: ‘With I Saw it First and Missy Empire, we now have a foothold in women’s digital-first fashion. Retaining the combined Frasers fashion teams whilst rationalising our portfolio in this space to focus on fewer brands makes a lot of sense in the current climate. We are also excited about the ongoing discussions around further collaboration between Frasers Group and Shein.’
Current stock price: 806.50 pence, up 1.5% each in London on Monday morning
12-month change: up 25%
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