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Missguided founder Nitin Passi has returned to the business as CEO just two weeks after the company was acquired out of administration by Frasers Group.
Passi founded Missguided in 2009 with Frasers describing him as the “driving force behind what became one of the most popular online fashion destinations”.
However, following a period of difficult trading brought on by Covid-19 and the rising cost of living crisis Missguided fell into administration on Monday (30 May) after failing to secure a rescue bid for the company.
Frasers Group then purchased the online women’s fashion retailer out of administration in a £20m deal on 31 May.
The group acquired certain intellectual property of Missguided Limited (in administration), Mennace Limited (in administration) and Missguided (IP).
Michael Murray, chief executive 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.”
