Nitin Passi returns as Missguided CEO after Frasers Group deal

Nitin Passi has returned as the CEO of fast fashion company Missguided, following its recent acquisition by Frasers Group after collapsing into administration.

Passi stepped down from the role in April 2022 as the company announced it had appointed administrators from Teneo to “explore strategic options” after struggling against supply chain costs, general cost inflation, a weakened consumer market and increased competition.

However, Teneo’s efforts were not successful and Missguided fell into administration late last month, before being acquired by Sports Direct owner Frasers Group for £20 million.

READ MORE: Ex-Missguided employee slams company for not informing workers of redundancy

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.”

Frasers group chief executive Michael Murray 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 Passi’s return deal have not been disclosed but it is understood he will be starting immediately.

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