Nitin Passi returns as chief executive of Missguided
Nitin Passi has returned to the post of chief executive of Missguided following the company’s acquisition by Frasers Group.
The fast fashion company called in administrators last month after it struggled against increased supply chain costs, general cost inflation, a weakened consumer market and increased competition. It was subsequently rescued by the Sports Direct owner in a £20 million deal.
Passi stepped down from the position in April as the company announced that it was cutting 63 jobs as part of a restructuring exercise. He started the online business in a factory in Manchester in 2009 with a £50,000 loan from his father.
Frasers Group chief executive Michael Murray said: “Missguided is a fantastic brand which, with the strength and scale of Frasers’ platform, and our operational experience, is well positioned for the future. Under Frasers ownership, and through Nitin’s partnership, Missguided has an exciting future ahead.”
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