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Shein has bought the Missguided brand from Mike Ashley's Frasers Group, the e-commerce giant's first purchase of a British brand.

The deal was officially announced by both companies on a Monday, signifying the start of a new chapter for Missguided.

Mike Ashley’s Frasers Group has sold the Missguided brand and intellectual property rights to Shein for an undisclosed sum, just over a year after it bought the online fashion retailer. Shein, a fast-fashion company founded in China, will manage and license Missguided through Sumwon Studios, a joint

The fast-fashion company said it will ‘reignite’ the Missguided brand.

Shein has acquired brand IP while Frasers will keep Missguided’s real estate and staff.

Frasers has offloaded Missguided and its intellectual property to Chinese fast fashion giant Shein a year after it bought the online retailer

The Singapore-based business said it plans to reignite the brand, which was bought out of administration just a year and a half ago by Mike Ashleys Frasers Group.

Shein has purchased Missguided from Frasers, and will license the IP to a new joint venture company part-owned by Missguided’s founder, Nitin Passi.

Shein has acquired British fast fashion brand Missguided as the e-commerce giant looks to expand its marketplace model and deepen its global reach.