Missguided

During a turbulent period in which the company was hit hard by surging supply costs, Missguided called in administrators Teneo after suppliers it owed millions ...

Gavin Maher, of Teneo, said: "As we continue to see, the retail trading environment in the UK remains extremely challenging. Missguided was founded in 2009 by Nitin Passi and grew rapidly amid rising demand for online fashion. Renowned fashion retailer Missguided has fallen into administration and now faces an uncertain future after it failed to secure a last-minute buyer.

Gavin Maher, a managing director of Teneo, said: “The retail trading environment in the UK remains extremely challenging,” but he added that Missguided had ...

It is just shocking.” Founded in 2009 by Nitin Passi, Missguided was among a small number of internet fashion brands to have enjoyed success at a time when shoppers increasingly turned their backs on the traditional high street. Another Leicester supplier said he was owed about £600,000 and he was not sure if the business could survive without orders from Missguided, who made up the vast majority of his work. One Leicester-based factory owner said he was owed more than £2m and had been forced to send his 90-plus workers home as he could not pay them.

UK-headquartered online fast-fashion retailer Missguided has collapsed after a last-minute rescue deal fell through.

When founder Nitin Passi resigned as CEO, Alteri called in Teneo to advise on long-term rescue options. After closing a flagship store in Westfield London with two years of its lease left in February 2019, the company began to pursue an overseas expansion program, opening stores in markets as diverse as the UAE, Vietnam and Egypt under distribution partnerships. Teneo says the business will continue to trade while its future is determined, but The Guardian reported more than 80 staff were immediately made redundant with another 260 jobs at risk if the company cannot be salvaged.

Missguided called in administrators from Teneo Financial Advisory after it was issued with a winding-up petition from its suppliers.

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Following the news that Missguided has fallen into administration; Darcey Jupp, Apparel Analyst at GlobalData, a leading data and analytics company, ...

Sean Moran, partner and restructuring specialist at law firm, Shakespeare Martineau, said: “Missguided has been struggling for a while and it seems that one of the company’s suppliers has finally pushed the nuclear button and presented a winding up petition. While many UK pureplays have struggled to continue their pandemic momentum in 2021 as in person shopping returned, Missguided has slipped further than most, with its lack of high-profile celebrity collaborations and uncompetitive pricing contributing to the brand losing the lucrative attention of young shoppers in the UK fast fashion market. The boohoo group has a reputation of rescuing struggling apparel players, and its similar proposition means it is best-placed to take on the Missguided brand than the other interested players, including JD Sports and ASOS.”

O. nline retailer Boohoo will still plough ahead with its approach to acquire fast fashion brand Missguided despite the company falling into the hands of the ...

The company has an estimated 330 employees and outsources garment manufacturing to several businesses. The administrator confirmed that Missguided would continue to trade during any sale process. nline retailer Boohoo will still plough ahead with its approach to acquire fast fashion brand Missguided despite the company falling into the hands of the administrators.

Administrators from Teneo were appointed on Monday after the company was issued with a winding-up petition by clothing suppliers who are owed millions of ...

“Missguided won’t be the last fast fashion retailer to collapse. Another Leicester supplier said he was owed about £600,000 and he was not sure if the business could survive without orders from Missguided, who made up the vast majority of his work. No clearer is the changing landscape of fast fashion reflected than in Love Island’s new sponsorship deal with eBay, where contestants will be wearing second-hand clothing. It’s hard to pick up other work because of the economy at the moment – customers are not taking on new suppliers,” he said. We are not sure if we can trade as we have to pay our suppliers. One Leicester-based factory owner said he was owed more than £2m and had been forced to send his 90-plus workers home as he could not pay them.

The company called in administrators from Teneo after it was issued with a winding-up petition by suppliers owed millions of pounds.

“The joint administrators will now seek to conclude a sale of the business and assets, for which there continues to be a high level of interest from a number of strategic buyers. Administrators said the business will continue to trade while they seek to sell off assets and stressed that there has been a “high level of interest”. The insolvency specialists are now seeking to sell the business and assets of the retailer, which employs around 330 staff from its Manchester base.

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Before the administration was formally announced on Tuesday (31 May), fellow fast fashion brand Boohoo had been in talks to buy Missguided in a pre-pack administration deal - a form of administration intended to protect the value of the Missguided brand. “The joint administrators will now seek to conclude a sale of the business and assets, for which there continues to be a high level of interest from a number of strategic buyers. “A process to identify a buyer with the required resources and platform for the business commenced in April and we expect to provide an update on progress of that process in the near future.” It said the business will continue to trade while they seek to sell off assets and told PA news agency that there has been a “high level of interest” in Missguided. It was founded in 2009 by Nitin Passi and was able to capitalise on the boom in online fashion seen in the early 2010s. Then, in autumn 2021, the company was saved by investment firm Alteri, which then announced a review of its business model in December as it tried to turnaround the business.

Teneo Financial Advisory was appointed yesterday to run the company, which is continuing to trade as administrators look for a buyer. Teneo says there is a high ...

The Federation of Small Businesses warned on Monday that almost half a million businesses could fail within weeks without government support. Gavin Maher, senior managing director of Teneo, says: “As we continue to see, the retail trading environment in the UK remains extremely challenging. Teneo Financial Advisory was appointed yesterday to run the company, which is continuing to trade as administrators look for a buyer.

Insolvency specialists Teneo are now seeking to sell the business and assets of the retailer, which employs around 330 staff. Missguided will still continue to ...

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UK-based fashion brand and digital retailer Missguided has confirmed it has appointed administrators from Teneo Financial Advisory.

Online fashion group Boohoo was recently reported to be in discussions to take charge of Missguided in a prepack administration deal. Missguided is reported to owe ‘millions of pounds’ to clothing suppliers, who have issued a winding-up petition, while some of its creditors have also applied for compulsory liquidation. The Guardian reported that the appointment comes after Missguided failed to secure a rescue bid.

Dan Smith, Daniel Butters and Benjo Dymant of Teneo were appointed as joint administrators for fast-fashion brand Missguided on Monday after it was ...

The Boohoo group has a reputation of rescuing struggling apparel players, and its similar proposition means it is best-placed to take on the Missguided brand than the other interested players, including JD Sports and ASOS.” “Missguided’s failed venture into physical retail would have certainly put another nail in the coffin, as the brand opened expensive and uninspiring stores that were unable to maintain footfall, leading to their subsequent closures. We thank all employees and other key stakeholders for their support at this difficult time.”

Passi, a fitness fanatic, revolutionised online fashion retailing with his focus on social media endorsements by celebrities including Sofia Richie and ...

The online retailer had been in talks with Boohoo, JD Sports and Asos but none of them finalised a takeover. Today it fell into administration after a winding up petition from its suppliers - to which it still owed millions. Creagh wrote: 'Given the seriousness of these issues we would expect them to warrant your personal attention as the ultimate decision maker in your organisation. One of Missguided's many controversies came in 2019 when it lost a major lawsuit against Kim Kardashian after she accused the brand of copying her trendsetting looks without permission. In 2018, Passi said the company had reduced its supply base in Leicester from around 80 suppliers to 12. Pic: A still from the C4 documentary

Firms claiming to be owed millions of pounds said retailer ordered goods despite insolvency looming.

Suppliers, and supply chain workers are at the bottom of the pile as unsecured creditors in bankruptcy proceedings. “UK law remains silent on the financial and legal responsibilities of companies to their supply chain workers. Campaigners said some Leicester factories are entirely reliant on business from Missguided, which was founded in 2009 by Nitin Passi. He left in April, a few months after private equity group Alteri bought a controlling stake and took seats on the board. It accused Missguided of a “reckless approach” towards managing its suppliers. Another insolvency expert, Brian Burke at advisory firm Quantuma, said there was unlikely to be a “short-term fix” for suppliers owed money and any legal action would take time. Britain’s fast fashion retailers have come under huge pressure from supply chain costs and delivery delays, while battling new entrants such as China’s Shein.