British online fashion retailer Missguided has seen spectacular growth in sales over the twelve months to March, 2015.
“We are thrilled yet again to be celebrating record revenue for the year end. Our huge growth over the past six years indicates that our strategy, rooted in speed, agility and value for consumers, is working,” commented the results the company’s founder.
In the year to the end of March, sales at Missguided improved by 70 percent to 86 million pounds, with pre-tax profits rising from 900,000 pounds to 5.5 million pounds, reports the ‘Telegraph’.
FY14 results come short from 100 million pounds revenues target
However, the robust full-year sales performance comes still short of the 100 million pounds target revenues that the retailer’s founder Nitin Passi has set for 2015.
As highlighted by many in the trade, the youth fashion brand is still growing rapidly, boosted by a collaboration with pop star Nicole Scherzinger, who designed a range of clothing with Missguided, and a just unveiled venture with US department store chain Nordstrom.
Launched in 2009, Missguided is based in Manchester and has more than 3 million registered users. The e-tailer has rolled over the US, Australia and France and will now offer its own-brand clothing in Nordstrom.
“Our strategy to date has proven a huge success and we will look to continue to implement and evolve this going forward. We have been able to expand the brand appeal this year through new product collections, and we want to continue to innovate and offer more choice for consumers,” sums up Passi.
It is noteworthy that Passi still owns all of Missguided, which has no debts, and has no intention – by the time being – of going public.