Shein and Forever 21 Become Frenemies With Investment Deal

(Bloomberg) — Shein acquired a stake in rival fast-fashion retailer Forever 21 to expand its online offerings and establish a brick-and-mortar presence in the U.S.

The Singapore-based retailer, which already generates a large portion of its sales in the U.S., is trying to shift to an Amazon-style marketplace where sellers can list their own products alongside those manufactured by Shein. Forever 21 products will be available to Shein’s 150 million online customers, according to a statement.