Wed, 28 Apr 2021 | BUSINESS NEWS
Nitin Passi, the owner and founder of online fashion retailer Missguided, has announced that he is looking to sell a stake in the company for the first time.
According to Passi, whose family still owns the whole of the business, the search for potential investors has been launched to help accelerate its global growth.
The fashion retailer has appointed Rothschild to find potential investors, who are expected to contribute as much as £100 million as part of the brand's latest initiative. He added that the move could act as a "stepping stone" to a larger stake sale or stock market flotation.
Missguided was founded by Passi in 2009 with a loan of £50,000. Since launching the company, he has avoided raising money from external sources but is now looking to boost the firm's funds as he takes the label global.
"I’ve done this for 12 years without raising money," he said. "We’ve had some issues but they are now behind us and we’ve got our magic back."
"We can still grow this business as we are but we want to grow the business more aggressively. This is not for me to take money off the table, we want to put money into the business."
Sales at Missguided increased by 40 per cent in the year to March thanks to its online strategy, reaching around £290 million. Passi revealed that he expects turnover for 2021 to be even higher, reaching "closer to £400 million" as the firm focuses on boosting its presence across the UK and the US.
He added: "Our customer has been starved of her normal life. But people are getting ready to go out, go to the pub, to festivals. If people can go on holiday as well, I think we are in for a really good time this summer."
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