The CEO and founder of British fast fashion retailer Missguided has stepped down after the business called in advisory firm Teneo to explore strategic options.
Nitin Passi, who founded Missguided in 2009, is stepping away from his “day-to-day leadership” but will remain on the retailer’s holding company as it “explores strategic partnership options”, TheIndustry.Fashion reports.
The news comes after Alteri Investors snapped up a 50 percent stake in the Manchester-headquartered company back in December 2021 to help it overcome short-term supply chain challenges and return the business to sustainable profitability.
Last month, Missguided launched a “comprehensive restructure of the business” after being hit by supply chain disruptions, inflation and a drop in consumer demand over the previous 18 months. The move reportedly put around 140 jobs at risk.
‘Substantial operational progress’
Missguided chair Ian Gray said: “Missguided has made substantial operational progress since receiving new investment at the end of 2021, placing us on a sounder footing in a very short space of time and I want to thank everyone for their hard work.
“Missguided is one of the most vibrant brands in young women’s fashion and that’s down to more than a decade of hard work by Nitin.
“That work means we're now in a position to accelerate plans to explore strategic options for the business.”
Missguided was founded 13 years ago as an online-only digital ‘pure play’ retailer targeting 18-30-year-old customers.
Today, the company counts over four million active users across more than 180 countries worldwide, with the UK and US being two of its largest markets.