Missguided Founder Nitin Passi Steps Down as Company Explores Strategic Options

The UK fast fashion retailer also announced 63 job cuts as part of its restructuring efforts, tapping London-based advisory firm Teneo to “find a strategic partner with the infrastructure and platform” to aid the company’s turnaround, it said.

Passi, who founded the brand in 2009, will step down as chief executive but remain on its board to represent his family’s stake in the business.

Missguided initially announced a restructuring review in February and identified 140 roles at risk. That number was minimised to 63 through redeployment and a “voluntary redundancy programme,” according to a company spokesperson.

At the time of the review, Missguided said its business was disrupted by rising costs, slower customer demand and supply chain issues. Fast fashion retailers like Missguided, Boohoo Group and Fashion Nova have been challenged in recent years by Chinese e-commerce behemoth Shein.

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