The founder of fast fashion retailer Missguided has been reappointed to its helm following its acquisition earlier this month by Frasers Group.
Frasers Group said Wednesday it was “pleased to announce that Nitin Passi will join Frasers Group as CEO of Missguided with immediate effect”.
Passi said: “Frasers Group has an unrivalled platform and fantastic operational know-how, giving Missguided a solid foundation on which we can build a successful future.”
He added that he is “acutely aware of the impact” Missguided’s administration has had on stakeholders and is “committed to rebuilding their trust”.
Acquisition hungry Frasers Group, whose portfolio also includes Flannels, Sports Direct, House of Fraser, and Jack Wills, snapped up Missguided for 20 million pounds on June 1, just a day after the retailer fell into administration.
Missguided chief returns
Founded by Nitin Passi in 2009, Missguided shot to popularity as an online-only digital ‘pure play’ retailer targeting 18-30-year-old shoppers.
But the company’s popularity waned in recent years against a backdrop of mounting online competition and increasing consumer demand for more sustainable fashion options.
In April, Passi announced he would be stepping down from his “day-to-day leadership” role after the company launched a “comprehensive restructure of the business”.
At the beginning of June, Missguided called in administrators from Teneo after it was issued a winding-up order by supplier JSK Fashions, which said the retailer owed it millions of pounds, Sky News reported at the time.
Commenting on the return of Passi as chief executive, Frasers Group CEO Michael Murray 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.”