Chinese clothing giant Shein is buying the Missguided brand name from Frasers Group little more than a year after the British firm rescued the business.
Frasers announced that it was selling Missguided's intellectual property and trademarks to Shein.
But it is retaining the real estate as well as Missguided's employees which "have now been integrated into Frasers' fashion division".
Frasers bought Missguided out of administration last June for £20m.
Michael Murray, CEO of Frasers Group, welcomed the deal - and also hinted at further collaboration with Shein in the future, saying the transaction has "enabled exciting discussions".
"With I Saw it First and Missy Empire, we now have a foothold in women's digital-first fashion," he said.
"Retaining the combined Frasers fashion teams whilst rationalising our portfolio in this space to focus on fewer brands makes a lot of sense in the current climate.
"We are also excited about the ongoing discussions around further collaboration between Frasers Group and Shein."
FTSE100
The UK's flagship share index, the FTSE100, opened 54-points higher at 7,346 this morning, following Friday's 63-point drop.
Meanwhile, Brent crude futures were down -1.40% at $87.95 a barrel this morning.
Companies reporting today
- Airtel Africa - Half-year results
- Computacenter - Q3 trading statement
- Glencore - Q3 production report
- HSBC - Q3 results
- McDonalds - Q3 results
- Pearson - Q3 trading statement
Energy giant bp will report its Q3 results tomorrow, with rivals Shell scheduled to report its Q3 financials on Wednesday.