Missguided founder exits as it hires Teneo to explore strategic options

Missguided's retail stores closed less than three years after opening
// Missguided brings in Teneo to explore strategic options for the business
// Founder Nitin Passi reveals plans to step down as chief executive

Missguided has appointed Teneo to explore strategic options for the business as founder Nitin Passi reveals he will step down as chief executive.

The fast fashion retailer said it is in a position to accelerate its plans to find a strategic partner with the infrastructure and platform to deliver the next stage in its turnaround.

Passi will step down as CEO but remain on the retailer’s holding company board after  navigating Missguided through its recent fundraising and strategic review.

READ MORE: Missguided warns 140 jobs at risk after “supply chain disruption”

The retailer also reported progress in addressing stock issues, streamlining warehouse operations and reducing head office costs in recent months.

Missguided chair Ian Gray said: “Missguided has made substantial operational progress since receiving new investment at the end of 2021, placing us on a sounder footing in a very short space of time and I want to thank everyone for their hard work.

“That work means we’re now in a position to accelerate plans to explore strategic options for the business.

“Missguided is one of the most vibrant brands in young women’s fashion and that’s down to more than a decade of hard work by Nitin.”

Passi added: “When I set up Missguided back in 2009 with a small loan from my family, I had no idea about the impact the brand would make, and I have great pride in what we’ve built.

“But this is now the right moment to step away from day-to-day leadership as the business explores strategic partnership options for Missguided.

“I look forward to making a continued contribution on Missguided’s holding company board.”

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