Beleaguered fast fashion seller Missguided is on the brink of collapse and has appointed advisers to explore options.
The Manchester-based firm said its founder Nitin Passi will quit as chief executive and appointed consultancy Teneo to find a buyer or shut the business down.
Passi, who set up Missguided in 2009, will remain on the board. Passi’s family owns half the business, which had global sales of £287million in the year to last March, mostly in the UK and US.
On the brink: Fast fashion seller Missguided said its founder Nitin Passi will quit as chief executive and appointed consultancy Teneo to find a buyer or shut the business down
Missguided said it will cut 63 jobs.
The online-only women’s fashion outlet, famed for selling a bikini online for just £1 in 2019, was saved from bankruptcy in December by retail investment firm Alteri, which took a 50 per cent stake.
Missguided struggled through the pandemic as demand fell for party dresses and new outfits.
The business said yesterday it has made ‘significant progress’ addressing stock issues and cutting costs.
Passi said: ‘I look forward to making a continued contribution on Missguided’s holding company board.’
