The Frasers Group has reportedly appointed a chief executive who will take the helm of two Manchester-based fast fashion companies that the group bought in quick succession in recent months.
Greg Pateras is the new joint CEO of Missguided and I Saw It First, according to a memo obtained by the Retail Gazette.
FashionUnited has reached out to the Frasers Group for comment.
Pateras has been at the helm of I Saw It First since November 2021, having joined the company as Managing Director in July of that year.
Before joining I Saw It First, he spent three and a half years at Matalan, most recently as Deputy CEO, and before that ten years at Shop Direct, most recently as Chief Financial Officer.
Missguided founder steps down as CEO
The Retail Gazette reports that Missguided founder Nitin Passi, who resigned from his post as CEO earlier this year but was restored to the helm of the company following its acquisition by Frasers Group in June, will continue to serve Missguided in an advisory capacity be.
The Frasers Group, whose portfolio includes Flannels, Sports Direct, House of Fraser and Jack Wills, has made a number of acquisitions in recent months.
Just this week, the group made a cash offer to buy Australian fashion marketplace MySale, after becoming the company’s largest shareholder with a 28.7 percent stake in June.
Also this year, the Frasers Group bought British retailer Studio Retail out of bankruptcy for £26.8m (almost €32m) and increased its stake in luxury German brand Hugo Boss.
This translated article originally appeared on FashionUnited.uk.