Missguided owner Nitin Passi eyes stake sale

Missguided founder and owner Nitin Passi is reportedly looking to sell a stake in the company for the first time to accelerate its global growth.

The fast-fashion retailer has appointed Rothschild to find potential investors, with market sources saying the initiative could raise as much as 100 million pounds, The Mail on Sunday reports.

Passi, who founded the company back in 2009 with a loan of 50 thousand pounds, told the newspaper: “I’ve done this for 12 years without raising money.

“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.”

He added that the fundraising may be a “stepping stone” to a bigger stake sale or a stock market flotation.

Missguided has been among the fashion success stories during the pandemic thanks to its online strategy. Sales for the year to March soared 40 percent to around 290 million pounds.