// Missguided is preparing to sell a stake in the company for the first time
// Company founder Nitin Passi appointed Rothschild to find potential investors
// Passi is eyeing global growth for Missguided
Missguided founder and owner Nitin Passi is reportedly preparing to sell a stake in the company for the first time.
Passi has appointed Rothschild to find potential investors as he seeks to expand the business.
The initiative could raise as much as £100 million, This is Money reported.
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“I’ve done this for 12 years without raising money,” Passi said.
“We’ve had some issues but they are now behind us and we’ve got our magic back.
“We can still grow this business as we are but we want to grow the business more aggressively.
“This is not for me to take money off the table, we want to put money into the business.”
Sales at Missguided rose 40 per cent to around £290 million in the year to March.
It was profitable before including costs arising from the pandemic.
Passi expects turnover to be “closer to £400million” this year with a focus on UK and US growth.
“Our customer has been starved of her normal life. But people are getting ready to go out, go to the pub, to festivals,” he said.
“If people can go on holiday as well, I think we are in for a really good time this summer.”