Following the acquisition of Missguided by Frasers Group earlier this month, its founder has been reappointed as its CEO. Frasers Group announced Wednesday that it was pleased to announce that Nitin Pasi will be joining Frasers Group as CEO for Missguided immediately. Passi stated that “Frasers Group’s unrivalled platform and phenomenal operational know-how gives Missguided a solid foundation upon which to build a prosperous future.”
He said that he was “acutely conscious of the impact Missguided’s administration had on stakeholders” and is “committed rebuilding their trust”. The acquisition-hungry Frasers Group, which also owns Flannels and Sports Direct, House of Fraser and Jack Wills, bought Missguided on June 1 for 20 million pounds, just one day after the retailer went into administration.
Misguided chief returns
Missguided was founded by Nitin Pasi in 2009. It is an online-only digital “pure play” retailer that targets 18-30-year old shoppers. However, the company’s popularity has declined in recent years due to increasing online competition and increased consumer demand for sustainable fashion options. After the company’s “comprehensive restructuring of the business”, Passi announced that he would be leaving his role as “day-today leader” in April.
Missguided called Teneo administrators at the beginning of June after JSK Fashions issued it a winding up order. The supplier stated that the retailer owed them millions of pounds. Sky News reported the incident at the time. Michael Murray, Frasers Group CEO, commented on Passi’s return as chief executive: “Missguided, with the strength of Frasers platform and our operational excellence is well-positioned to the future.
“Misguided is in a great place under Frasers ownership and Nitin’s partnership.”