The fashion label Balr. Has a new owner: the Dubaier company Sumwon Studios. Behind this company is Nitin Passi, the founder of the British brand Missguided. You should know the following about him.
MissGuided
Nitin Passi is primarily known for Missguideded by his fashion brand. He founded the 2009 brand. It quickly developed into a well -known name in Great Britain and beyond.
In 2021 there were rumors that Passi wanted to sell a share of Missguided to accelerate the ‘global growth’. “We held out twelve years without capital recording,” the entrepreneur told the newspaper ‘The Mail on Sunday’ at the time. He admitted some problems with Missguided, but said that the magic was back. Therefore, the growth plans are being sought for additional capital.
There were no reports about such a takeover. Instead, Passi put his ‘daily tasks’ at Missguideded in April 2022. A month later, the brand registered bankruptcy. Two months after the bankruptcy application, the British Frasers Group offered its help. Then Passi returned to Missguided as CEO.
For a long time, Missguideded did not stay among the fittings of the Frasers Group. The British group sold the intellectual property of Missguided 2023 to the Chinese giant Shein. At that time it was already reported that Nitin Passi would bring in the license for Missguided in Sumwon Studios, a joint venture between Passi and Shein.
Sumwon Studios
Sumwon Studios was created in 2023 as part of the takeover deal for Missguided. Sumwon Studios developed from a simple licensee for Missguideded to a fashion group. The company acquired licenses for KIZN, Airz and Playboy.
From the press release to take over Balr. it can be seen that Sumwon Studios follows a ‘Buy-and-Build’ strategy. The company has its sights on brands “that are in the center of pop culture, pursue a direct-to-consumer business model and use digital storytelling”.
Thanks to the connection to Shein, Sumwon Studios claims to have access to the “most advanced on-demand chain”. This can make the company digital first Scaling brands faster and more efficiently.
This article was used with digital tools translated.
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