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April 20, 2022

Missguided chief Passi steps down as advisory firm brought in

Online fashion retailer Missguided is understood to be cutting 63 jobs as founder Nitin Passi steps down as chief executive and investor Teneo is appointed to "explore strategic options" for the company.

By Beth Wright

Missguided is said to have confirmed the 63 job cuts as part of a restructure, according to a report published by news publication The Mirror today, which also claims Passi will step down as chief executive.

The article adds London-based investor Teneo has been hired by Missguided to explore strategic options and cites a statement from the retailer as saying: “Having made good operational progress in recent months, Missguided today (20 April) confirms it has appointed Teneo to explore strategic options for this business.

“Significant progress in addressing stock issues, streamlining warehouse operations and reducing head office costs means that Missguided is now in a position to accelerate its plans to find a strategic partner with the infrastructure and platform to deliver the next stage in its turnaround and maximise its potential.

“Having navigated Missguided through its recent fundraising and strategic review, founder Nitin Passi will step down as CEO but remain on the retailer’s holding company board to represent his family’s ongoing stake in the business.”

Sports retail giant JD Sports Fashion Plc was among a number of parties said to be in discussions about potentially investing in the company last September, but refused to be drawn into speculation that it was weighing a bid for the online fashion giant when contacted by Just Style.

Three months later, specialist European retail sector investor Alteri Investors made a significant investment in Missguided Limited, owner of the Missguided global fashion brand and digital retailer.

While at the start of March, Missguided was said to have launched a 45-day consultation, where it originally said 140 roles were at risk, according to The Mirror.

Missguided and Teneo had not responded to Just Style’s request for comment at the time of going to press.

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