Today’s news in brief-30/10/23

Shein has acquired the Missguided brand from Frasers Group. This move will make Missguided products and collections available to Shein’s 150 million global users through both Shein and Missguided’s websites. Additionally, Shein has entered into an agreement to licence the Missguided brand’s intellectual property to SUMWON Studios, a joint venture between Shein and Missguided’s founder, Nitin Passi. This partnership aims to reignite the Missguided brand and fuel its global growth using Shein’s on-demand production model and extensive e-commerce expertise.

Aurelius Group reportedly is in exclusive talks to acquire The Body Shop from Natura and Co. The deal, expected to be completed next month, is likely to value The Body Shop at a substantially lower price than previously suggested. Aurelius has reportedly outbid other contenders, including Alteri Investors, Epiris, and Elliott Advisors. The Body Shop, with around 10,000 employees and operations in approximately 70 countries, operates about 3,000 stores globally. Both Aurelius and Natura declined to comment on the reports.

Asos is reportedly contemplating the sale of the Topshop brand, which it acquired less than three years ago. Asos initially purchased the Topshop brand, along with Topman, Miss Selfridge, and HIIT, from the administrators of collapsed Arcadia Group for £265m. Asos has seen its shares decline by 40% over the last year, prompting the examination of potential options, including a sale. The potential buyers and the expected proceeds from the sale remain unclear.

Frasers Group is reportedly considering a bid to rescue online bike retailer WiggleCRC, which recently entered administration due to the loss of financial support from its parent company, Signa Sports United. Frasers is among a few groups exploring the possibility of rescuing WiggleCRC, which encompasses Wiggle, Chain Reaction Cycles, and cycling brands Vitus and Nukeproof. The company continues to trade during the administration process.

Cake Box has announced the appointment of Martin Blair as its new chairman. Blair, who currently serves as a non-executive director, will succeed Nilesh Sachdev in this role. Blair’s extensive knowledge of Cake Box and its strategies, along with his experience as a non-executive director of listed companies, position him well for this new role. The board is also in the process of recruiting a new independent non-executive director to chair the Audit Committee.