×
2 361
Fashion Jobs
JOHN LEWIS
Loss Prevention Partner
Permanent · OXFORD
MULBERRY
Warehouse Supervisor
Permanent · HAMBURG
VIVIENNE WESTWOOD
E-Commerce Studio Operations Manager
Permanent ·
BOOHOOMAN
Buying Admin Assistant - Menswear
Permanent · MANCHESTER
BOOHOO GROUP
Grc Analyst
Permanent · LONDON
BOOHOO
Buying Admin Assistant
Permanent · MANCHESTER
BOOHOO
Buyer
Permanent · MANCHESTER
VF INTERNATIONAL
dc Training Specialist
Permanent · COALVILLE
VF INTERNATIONAL
dc Team Leader
Permanent · COALVILLE
ESTÉE LAUDER
Clinique - Consultant - Boots-Liverpool Street, London - 37.5 Hours / Week - Full Time, Permanent
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - Boots-Handforth Dean, Wilmslow - 15 Hours / Week - Part Time, Permanent
Permanent · Wilmslow
ESTÉE LAUDER
Clinique - Consultant - Bentalls, Kingston- 21.5 Hours / 3 Days / Week - Part Time, Permanent
Permanent · Kingston upon Thames
ESTÉE LAUDER
la Mer - Business Manager - Flannels, Meadowhall - 37.5 Hours / 5 Days - Full Time, Permanent
Permanent · Sheffield
ESTÉE LAUDER
Clinique - Consultant - Boots - Cribbs Causeway, Bristol - 17.5 Hours / 3 Days - Part Time, Permanent
Permanent · Bristol
ESTÉE LAUDER
la Mer - Business Manager - Harvey Nichols, London - 37.5 Hours / Week - Full Time, Permanent
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - Boots, Warrington - 17 Hours - Part Time, Permanent
Permanent · Warrington
ESTÉE LAUDER
The Estée Lauder Companies - IT Service Desk Manager UK
Permanent · Fareham
ESTÉE LAUDER
Clinique - Consultant - Boots, Bishops Stortford - 7.5 Hours - Part Time, Permanent
Permanent · Bishop's Stortford
JOHN LEWIS
Contract Sales Manager
Permanent · DARWEN
PUMA
Cobra Puma Golf - Sales Support Coordinator
Permanent · Castleford
JOHN LEWIS
Loss Prevention Partner
Permanent · LEICESTER
HEAD OFFICE
Team Manager/Chef Victoria Head Office
Permanent · LONDON
Ads
Published
Dec 20, 2021
Reading time
3 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Missguided confirms Alteri rescue, investment firm takes 50% stake

Published
Dec 20, 2021

Missguided on Monday announced that Alteri Investors, the turnaround specialist that focuses on the European retail sector, has made “a significant investment” in the firm. The price of this investment wasn’t disclosed.


Missguided



The deal includes both debt and the acquisition of 50% of the group’s equity, and “will provide [it] with the liquidity and support it needs to overcome short-term supply chain challenges, as well as a platform to return the business to sustainable profitability”.

The news will come as a relief to Missguided staff and suppliers as the company has faced plenty of challenges in recent years, but the latest supply chain crisis had heaped huge pressures onto it.

It has been looking for new partners for some time and reports earlier this year suggested JD Sports was interested.

Missguided was founded in 2009 as an online-only digital retailer and fashion brand by CEO Nitin Passi. Today, it serves “over four million active, 18–30-year-old customers in over 180 countries globally”. Although its ambitious opening of flagships in key malls such as Westfield and Bluetwater proved a failure, as well as its webstore it now also has physical locations in a large number of Asda stores.

In the year to March 2021 it achieved sales of £287 million, with the UK and US being its two largest markets. But profitability has been a problem of late.

London-based Alteri is backed by US private equity giant Apollo.

Now, with Alteri’s support, the retailer said it will “be able to drive improvement in Missguided’s performance. After addressing short-term priorities including restocking following recent supply chain challenges, Alteri Investors will work with management to develop the strategy to transform the group’s profitability. In the medium term, the focus will shift to initiatives aimed at delivering sustainable growth”.

The agreement will come with the addition of an executive chairman “with strong retail and turnaround experience, and discussions with a favoured candidate are well progressed”, we’re told. The board will be further reinforced with the addition of two directors from Alteri.

Nitin Passi said: “Earlier this year we launched a process to identify a partner to help us navigate short-term challenges but more importantly deliver on the great opportunity that exists for this brand. Alteri’s deep sector expertise, proven track record and focus on driving operational efficiency make it the right partner. We look forward to working closely with the Alteri team as we return Missguided to profitability.”

And Alteri Investors founder and CEO Gavin George added: “Missguided is a much-loved brand with an entrepreneurial spirit, which has seen it stay exciting and relevant over more than a decade and build a meaningful share of competitive markets in the UK, the US and beyond. Alteri’s success in this process is testament to the breadth of our operational transformation capabilities and our retail sector expertise. 

“As a digital pureplay retailer, Missguided is exposed to core markets enjoying strong double-digit growth, and the brand is very well-placed to capture the opportunity that these positive market dynamics present. We are looking forward to working with Nitin and the management team to help the business achieve its considerable potential.”

Copyright © 2022 FashionNetwork.com All rights reserved.