Shein has bought the UK-based fast fashion brand Missguided from Frasers Group, the company announced on Monday, as the China-tied fashion giant stepped up efforts to expand its global market share. The exact purchase price was not disclosed by either party. In this deal, Shein will license Missguided’s intellectual property to Sumwon Studios, a joint venture formed by Shein and Missguided founder Nitin Passi. Concurrently, Shein will manufacture and sell Missguided’s products as independent brands on its website. This acquisition follows Shein’s recent announcement of plans to launch a co-branded clothing line with Forever 21, aiming to enhance its global presence through the brand’s offline stores. [Shein]