Frasers Group has reportedly appointed a chief executive officer to take the helm of two Manchester-based fast fashion companies it bought in quick succession in recent months.
Greg Pateras is the new joint CEO of Missguided and I Saw It First, according to a memo seen by Retail Gazette.
FashionUnited has reached out to Frasers Group for comment.
Pateras has been at the helm of I Saw It First since November 2021 after joining the business in July of the same year as an executive director.
Prior to joining I Saw It First, he spent three and a half years at Matalan, most recently as deputy CEO, and before that spent 10 years at Shop Direct, most recently as chief financial officer.
Missguided founder steps down as CEO
According to Retail Gazette, Nitin Passi, the founder of Missguided who stepped down from his CEO role earlier this year but was reappointed to its helm following its acquisition by Frasers Group in June, will continue working with Missguided in a consultancy role.
Frasers Group, whose portfolio includes Flannels, Sports Direct, House of Fraser, and Jack Wills, has been on an acquisition spree in recent months.
Just this week, the group made a cash offer to buy Australian-based fashion marketplace MySale after becoming the biggest shareholder in the company when it bought a 28.7 percent stake in June.
Also this year, Frasers Group bought British value retailer Studio Retail out of administration for 26.8 million pounds, and upped its stake in upmarket German label Hugo Boss.