Fast fashion retailers Shein and Forever 21 team up in bid to expand their reach

Sparc will become a minority shareholder in Shein (AP Photo/Richard Drew)

Fast fashion retailers Shein and Forever 21 are going into business together.

Under a partnership agreement announced on Thursday, the Chinese-founded Shein will acquire about one-third interest in Sparc Group, Forever 21’s operator. Sparc will also become a minority shareholder in Shein.