Two weeks after taking over the insolvent clothing supplier Missguided, the British trading group Frasers Group Plc has made a trend-setting personnel decision. On Tuesday, the company announced the return of Nitin Passi to the helm of the fast fashion label. Passi, who founded Missguided in 2009, is now back as CEO of the brand, the Frasers Group said.
Passi had resigned from the post just under two months ago and has since withdrawn from Missguided’s operational business. At the time, the financially troubled company still hoped to be able to restructure itself with new consultants and investors through comprehensive reforms. Ultimately, however, the efforts failed – Missguided had to file for bankruptcy, immediately afterwards the Frasers Group, which includes the retail chains Sports Direct and House of Fraser, acquired the label’s most important intellectual property rights for 20 million British pounds (24 million euros).
With the new owner behind him, Passi now sees good opportunities for the brand: “The Frasers Group has a unique platform and fantastic operational know-how. This gives Missguided a solid foundation on which to build a prosperous future,” he said in a statement. Passi admitted that he was “extremely aware” of the impact the bankruptcy had on the company’s stakeholders. He will now try to “win back her trust”.