Nitin Passi returns as Missguided CEO after Frasers Group acquisition
Nitin Passi, the founder of Missguided, has returned as its CEO following the recent acquisition by Frasers Group.
Last month, the group acquired the intellectual property of Missguided and other related firms Mennace Ltd and Missguided (IP) Ltd. This news came after Missguided appointed Teneo to lead it through administration, after the brand was issued with a winding-up petition by suppliers who are still owed millions of pounds.
Passi founded Missguided in 2009 and originally announced in April 2022 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.
Passi will return to the position of CEO with immediate effect.
Michael Murray, Chief Executive at Frasers Group commented: “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."
Nitin Passi added: “Frasers Group has an unrivalled platform and fantastic operational know-how, giving Missguided a solid foundation on which we can build a successful future. I am acutely aware of the impact Missguided’s administration has had on our stakeholders and I am committed to rebuilding their trust.”
