(Yicai) Oct.31 -- Online budget fashion retailer Shein has bought Missguided, a women's fashion brand, from the UK’s Frasers Group so as to offer more brands to its 150 million global shoppers.

The acquisition will help Shein meet customer demand for product variety, the Singapore-based company said yesterday, without disclosing the cost of the deal.

Missguided will be managed through Sumwon Studios, a joint venture between its founder Nitin Passi and Shein, according to the company. Products and collections will be manufactured through Shein's on-demand production model and sold through its sites.

Shein is also partnering with Authentic Brands Group, which own Forever 21, to design, make, and distribute a collection of Forever 21 clothing and accessories, including sportswear, activewear, and swimwear, it said on Oct. 27.

Co-branded as Forever 21 x Shein, the line will leverage Shein's on-demand production model, with items for sale exclusively on Shein.com and its other retail and digital channels in the United States, parts of Europe, and Australia, the firm said.

On Aug. 24, Shein also linked up with Sparc Group, a JV that of Authentic Brands and Simon Property Group, acquiring about a one-third interest in Sparc, while the New York-based firm became a minority shareholder in its new partner.

Sparc, whose brands also include Brooks Brothers and Reebok, has more than 4,200 retail stores and shop-in-shops globally.

Founded in 2008, Shein has gained huge popularity in recent years for its fast-fashion business model, affordable prices, and a wide range of trendy clothing and accessories.

“Shein has reimagined the fashion industry's traditional production model, by building an agile and responsive ecosystem that leverages real-time insights for on-demand production,” the firm said in the press release announcing its acquisition of Missguided.

“This enables the reduction of production waste at the source and a much lower level of excess inventory, by responding with increased production only when there is actual market demand,” it added.

Editor: Martin Kadiev