Missguided has called upon Teneo to help it explore options for the business, with the online fashion business’ founder Nitin Passi planning to step down from his role as CEO, yet retain a position on the holding company’s board to represent his family’s ongoing stake in the business. The Misguided management team has been addressing stock issues, reducing its costs and improving its warehouse operations in recent months. It had made less than a hundred redundancies having redeployed some staff.
Missguided chair Ian Gray said: “Missguided has made substantial operational progress since receiving new investment at the end of 2021, placing us on a sounder footing in a very short space of time and I want to thank everyone for their hard work. That work means we’re now in a position to accelerate plans to explore strategic options for the business. Missguided is one of the most vibrant brands in young women’s fashion and that’s down to more than a decade of hard work by Nitin.”
Passi added: “When I set up Misguided in 2009 with a small loan from my family, I had no idea about the impact the brand would make, and I have great pride in what we’ve built. But this is the right moment to step away from day-to-day leadership as the business explores strategic partnership options for Missguided.”
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