Missguided founder back in the top seat after administration
Nitin Passi, the founder of Missguided, is back in the top seat just two weeks after it went into administration.
Frasers Group, which operates Sports Direct, House of Fraser, Flannels, USC, Jack Wills, 18Montrose, Evans Cycles, Sofa.com and Game, bought collapsed online womenswear retailer Missguided out of administration for £20m.
It has now reinstalled Nitin Passi as CEO with immediate effect.
Michael Murray, CEO at Frasers Group said: “Missguided is a fantastic brand which, with the strength and scale of Frasers’ platform and our operational excellence, is well-positioned for the future. Under Frasers’ ownership, and with Nitin’s partnership, Missguided has an exciting future ahead.”
Passi added: “Frasers Group has an unrivalled platform and fantastic operational know-how, giving Missguided a solid foundation on which we can build a successful future.
“I am acutely aware of the impact Missguided’s administration has had on our stakeholders and I am committed to rebuilding their trust.”
The fast fashion company, founded in 2009, got into financial difficulties last autumn.
It was saved from collapse when private equity firm Alteri stepped in, buying a 50% controlling stake to “explore strategic options.”
Nitin subsequently left the company on 20 April.
However, Teneo’s efforts fell flat and it plunged into administration late last month, at which point it was acquired by Frasers Group for £20m.