Frasers in talks to sell Missguided to Shein

FRASERS Group is in advanced talks to sell the online clothing label Missguided to Asian fast fashion giant Shein, according to reports.

The companies have been in detailed discussions for several weeks about a possible deal, Sky News reported. Nothing has yet been agreed and the negotiations could still fall apart.

Frasers Group, which was set up by billionaire businessman Mike Ashley, rescued Missguided after it crashed into insolvency last year.

Frasers also owns a slew of brands including Sports Direct, Jack Wills, Evans Cycles and House of Fraser.

A deal to buy Missguided would be the first time Shein has snapped up a British fashion group.

Shein, which was launched in China in 2012 and operates in more than 150 countries, has previously been valued as high as £81billion.

Founder Chris Xu moved its headquarters to Singapore from China more than a year ago. It is reportedly considering floating in New York later this year.

Missguided was set up in 2008 and became known for controversial bargain-price stunts such as selling bikinis for £1.

Frasers Group declined to comment. Shein was contacted for comment.