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JD Sports has reportedly been tipped as a potential suitor to acquire online retailer Missguided after it appointed advisors to seek a buyer last week.
According to This is Money, while muted to be at “a very early stage”, bosses at the sportswear retailer are said to be discussing a potential move.
The news comes after Missguided’s founder, Nitin Passi, stepped down from his role as chief executive officer (CEO) after the womenswear retailer appointed Teneo, an advisory firm, to explore “strategic options” for its future.
However, Passi will remain on Missguided’s holding company board to represent his family’s ongoing stake in the business.
Meanwhile, with Teneo’s assistance, it said the business was looking for a partner that can “bring infrastructure Missguided needs to deliver the next stage of its progress”.
The outlet also reported the decision comes after the retailer was hit by increased costs and “difficult trading” as the return of high street retailers such as Primark, H&M and New Look has led to increased competition.
It is thought that interest from JD Sports could also be met by Mike Ashley’s Frasers Group and online rival Boohoo.
