Missguided CEO plans exit as business hires advisory firm to explore strategic options
Manchester-headquartered fast fashion brand Missguided has hired advisory firm Teneo to consult on strategic options for the business as its founder Nitin Passi plans to steps down from his role as Chief Executive.
Passi founded Missguided in 2009 and has now announced that it was time for him to step down from his "day-to-day leadership" as the business "explores strategic partnership options." He added that he would remain on the retailer's holding company board to represent his family's ongoing stake in the business.
Missguided said that it had made "significant progress" in addressing stock issues, streamlining warehouse operations and reducing head office costs. This follows its announcement in early March that around 140 jobs were at risk as it launched a "comprehensive restructure of the business". The company said that it had been facing increasing costs from supply chain disruption, inflation and a drop in customer demand over the past 18 months.
The retailer added that it was now looking to implement the next stage of the business by finding a strategic partner with the infrastructure and platform to maximise its potential.
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."
