On Aug. 24, 2023, Shein revealed it acquired nearly a third of Forever 21’s distributor Sparc Group, CNBC reports. On the other hand, the group acquired a minority stake in Shein.

Forever 21, once a popular destination among teens and early adults, saw a decline in 2019, leading to 178 United States stores closing, per The New York Times. Within that same year, it filed for bankruptcy and operated under new ownership, according to NPR.