The CEO and founder of British fast fashion retailer Missguided has resigned after the company turned to consultancy Teneo to explore strategic options.
Passi, who founded Missguided in 2009, is stepping down from his “day-to-day leadership role” but will remain at the retailer’s holding company to “assess strategic partnership options,” reports TheIndustry.Fashion.
The news comes after Alteri Investors acquired a 50% stake in the Manchester-headquartered company in December 2021 to help it overcome short-term supply chain challenges and return the company to sustainable profitability.
Last month, Missguided embarked on a “major corporate restructuring” after the company had been impacted by supply chain disruptions, inflation and a slump in consumer demand over the past 18 months. Around 140 jobs were reportedly at risk as a result.
“Missguided has made significant operational progress since receiving new investment in late 2021 which has put us on a stronger footing in a very short time and I would like to thank everyone for their hard work,” said Missguided Chairman Ian Gray. “Missguided is one of the most dynamic brands in the young women’s fashion industry and this is the result of more than a decade of hard work by Nitin.
Missguided was founded 13 years ago as a digital-only online retailer targeting 18-30 year old customers. Today, the company has over four million active users in more than 180 countries worldwide, with the UK and US being two of the largest markets.
This translated post previously appeared on FashionUnited.nl.