Nitin Passi, the founder of fast fashion company Missguided which was recently acquired by Frasers Group after collapsing into administration, has returned as its chief executive.
Mr Passi stepped down from the role in April as the Manchester business announced it was to cut 63 jobs. At the same time, Missguided announced it had appointed Teneo "to explore strategic options for the business".
That move led to the company entering administration and then being bought by Frasers Group, which also owns the likes of Sports Direct and House of Fraser. Missguided was founded by Mr Passi in 2009 and sold a 50% stake to Alteri Investors towards the end of 2021.
READ MORE: Missguided: The fascinating rise and fall of the online fast fashion brand
Mr Passi said: "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."
Frasers Group chief executive Michael Murray added: "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."
In a statement issued when he first stepped down as CEO, Mr Passi described his "pride" in building the fashion retailer from nothing as he revealed his "great sadness" at departing the role.
Writing on LinkedIn, Mr Passi said: "When I set up Missguided back in 2009 with a small loan from my family, I had no idea about how impactful the brand would become. In a little over 13 years, working alongside some of the most talented people in fashion, we’ve created a business that has had real traction.
"We serve almost 4 million customers in over 120 countries worldwide. We’ve been a social media pioneer, creating a loyal following of over 10 million fans worldwide, and our marketing at times has been nothing short of legendary.
"And while the numbers are remarkable, more importantly, we’ve used the platform we’ve created to champion women, inspiring them through the fashion we provide, to be themselves and achieve whatever they want.
"That said, it won’t take me to tell you that the last year has been tough – sadly, it’s been difficult for many good fashion retailers.
"But, stepping back from those short-term challenges, I have great pride in what we’ve built. Despite that pride, this is however a difficult message for me to share.
"Having navigated a recent investment process, it is with great sadness, that I’ve decided that now is the right time for me to step down as the CEO of Missguided, and to create space in my life for new challenges. As you all know, Missguided has been my life and my passion for more than a decade.
"And while I still have a significant stake in the business and I intend to remain on the holding company board, you’ll understand the wrench I feel at leaving the day-to-day leadership of the business I founded.
"Endings are hard - but they’re necessary to create new beginnings. Building Missguided to be the brand it is today has been the joy of my life, but I also know I haven’t done it alone.
"I want to say thank you to all of you all the team members, past and present, all our suppliers, and all the customers who have been part of this amazing entrepreneurial journey."
