// JD Sports has reportedly entered the race to snap up the fast fashion online retailer Missguided
// Industry sources have reported that the sportswear giant’s interest is still at a very early stage
Missguided has been hit by soaring costs and difficult trading post-Covid, which sources said had hit sales at the business, while days ago founder Nitin Passi revealed plans to step down as chief executive.
Financial consultancy Teneo has been appointed to look at options, while seeking strategic partners as well as possible buyers. The firm’s restructuring arm is understood to have been examining ways to reduce costs at the business.
- Missguided founder exits as it hires Teneo to explore strategic options
- Missguided warns 140 jobs at risk after “supply chain disruption”
- JD Sports creates over 100 jobs with new 12,000sq ft Leicester store
Bosses at JD Sports are understood to be mulling a possible swoop with industry sources reporting that the sportswear giant’s interest is still at a very early stage.
While Missguided founder Nitin Passi has stepped down as chief executive, he will remain on the retailer’s holding company board after navigating Missguided through its recent fundraising and strategic review.
Online retailers performed well during the height of the pandemic as physical retailers were forced to close their doors as shoppers stayed home.
But sources said the reopening of stores including Primark, H&M and New Look had hit sales and made it “difficult to work out where the new normal for brands like Missguided” will end up.
Fast fashion rival Boohoo and Mike Ashley’s Frasers Group are also said to be possible contenders.