“Everything we touched turned to gold,” Nitin Passi, the founder of Missguided, once said about his booming fast-fashion brand. Infamous for selling a bikini that cost only £1, the online clothing site boasted the latest trends at the cheapest prices. The company, set up by the entrepreneur in 2009 when he was 26, experienced a spectacular rise to success, making him a multi-millionaire in a matter of years. But, as of last week, its decline was just as fast as its ascent — and its fashion.
Missguided — which described its aesthetic as “Kardashianesque” — called in administrators last Monday as furious suppliers claimed they were out of pocket by millions of pounds and on the brink of going under as well. Potential buyers like Asos and rival Boohoo were rumoured, but on Wednesday it was announced that Mike Ashley’s Frasers Group, formerly Sports Direct, has acquired it for £20 million. The controversial businessman, who once owned Newcastle United, also rescued House of Fraser from administration but has been criticised in the past for poor working conditions in his warehouses.
