He's back! Nitin Passi returns to run Missguided
In surprise news on Tuesday it emerged that Nitin Passi, the founder and former CEO of Missguided who stepped down from running the company in April, has returned to the firm to run it for its new owner Frasers Group.
Frasers acquired the business recently after it collapsed into administration following a prolonged period of weakness and an inability to sell it as a going concern.
Passi said of his new role: “Frasers Group has an unrivalled platform and fantastic operational know-how, giving Missguided a solid foundation on which we can build a successful future. I am acutely aware of the impact Missguided’s administration has had on our stakeholders and I am committed to rebuilding their trust.”
That final comment presumably relates to many of the company's suppliers who said they haven't been paid for months.
Michael Murray, CEO of Frasers, added: “Missguided is a fantastic brand which, with the strength and scale of Frasers’ platform and our operational excellence, is well-positioned for the future. Under Frasers' ownership, and with Nitin’s partnership, Missguided has an exciting future ahead.”
The terms of the deal that the returning CEO has with Frasers haven't been revealed.
Passi founded the company in 2009, and built it into a huge operation, although he also oversaw its decline, running it until shortly before its demise. In its later stages, the company was part-owned by turnaround specialist Alteri Investors.
Administrators from Teneo were appointed in late May and they announced the sale to Frasers earlier this month. At the time they said that following completion of the sale, the business would be operated by them under a transitional agreement for around eight weeks.
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