Wed, 04 May 2022 | BUSINESS SALE
Several high-profile parties are reported to be considering bidding for fast fashion company Missguided, with the possibility that a sale could be confirmed as early as this month. Potential buyers include several UK and international retailers, as well as private equity firms.
Manchester-based Missguided was founded 12 years ago by Nitin Passi, who stepped down as its chief executive last month. With Passi’s resignation, Missguided hired advisers from Teneo to explore strategic options for the company, including a potential sale.
Announcing the process last month, the retailer said that it was in a position to accelerate plans to locate a strategic partner that could provide the infrastructure to help it continue its turnaround following a difficult trading period. Among the firm’s key aims were streamlining its warehouse operations and reducing costs at its head office.
With a strong e-commerce platform as part of its multi-channel offering, Missguided performed strongly with high street stores shut during the pandemic. However, the reopening of similar stores such as H&M and Primark is thought to have hit its sales during 2021 and 2022.
Last year, the company was also heavily impacted by supply chain issues. This, along with the trading problems the brand experienced in the wake of COVID-19, led to investor Alteri rescuing the firm with a £53 million investment in a 50 per cent stake of the company.
Missguided now looks set to be sold, with interested retailers reported to include JD Sports, Asos, Frasers Group, Asda owners the Issa brothers and Chinese firm Shein. Reports have also indicated that private equity giants including CVC and Carlyle have been sent sales documents relating to the company.
Alteri continues to provide Missguided with financial and operational support while the sales process is ongoing.
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LEASEHOLD
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