Missguided cuts 63 jobs as founder steps down as CEO
Online fashion retailer Missguided has said its founder Nitin Passi will step down as CEO as it mulls options for its future.
Passi, 38, started the online store in a factory in Manchester in 2009 with a £50,000 loan from his father. He sold a 50% stake in Missguided to Alteri Investors, backed by US private equity giant Apollo, last year.
With this news, Missguided has also confirmed 63 job cuts as part of a huge restructure of its business.
London-based investor Teneo has been hired by the fashion company “to explore strategic options for the business”.
Teneo recently led the sale of Studio Retail Group to Mike Ashley’s Frasers Group after it had fallen into administration.
A spokesperson for the etailer said there had been “significant progress in addressing stock issues, streamlining warehouse operations and reducing head office costs.”
In its most recently available accounts, for the 12 months to the end of March 2020, the company achieved a turnover of £201.9m and pre-tax losses of £8.2m.
Missguided is due to file its next set of accounts by the end of June.