Missguided seeks suitors as fast fashion house nears collapse
Missguided has put the retail giants on high alert over a takeover as the fast-paced fashion house battles to stay afloat.
The Manchester firm, founded 12 years ago by millionaire Nitin Passi, has recruited consultants to help it secure a deal which could be done this month.
Asos, China’s Shein, JD Sports, Mike Ashley’s Frasers Group and the billionaire Issa brothers – the owners of Asda – are said to be interested.
Manchester-based fast fashion company Missguided, founded 12 years ago by millionaire Nitin Passi (centre), has recruited consultants to help secure a deal which could close this month
Private equity giants are circling and sales documents have been sent to companies like CVC and Carlyle.
Last year, Missguided was rescued from a devastating supply chain disruption by investor Alteri, who gave it £53m and took a 50% stake. Alteri could deliver more this month.
Passi resigned last month as chief executive of the online-only company, which was among retailers accused in a 2017 TV documentary of paying staff between £3 and £3.50 an hour.
Alteri told The Daily Telegraph: ‘Missguided has appointed Teneo to manage a sales process, which has already attracted the interest of several potential buyers.
“Alteri continues to support the company financially and operationally.”