Fast Fashion Brand Missguided Collapses

Fashion Brand Missguided has appointed administrators after suppliers filed for bankruptcy due to unpaid debts. The retailer, which employs approximately 330 people, has asked Teneo Financial Advisory to sell it's business and assets. According to Teneo, Missguided has been impacted by rising supply chain costs, rising inflation, and "softening" consumer confidence in an increasingly competitive market. According to one marketing expert, competitors' brands were better, cheaper, and faster, and shoppers now care about sustainability.

Catherine Shuttleworth, chief executive of getting Savvy marketing agency added: "The fast fashion shopper is growing up, spending elsewhere and in new categories." Teneo said Missguided would continue to trade while it looked for a buyer. Gavin Maher from Teneo said there was "a high level of interest from a number of strategic buyers". Boohoo, a competitor fast fashion brand is rumored to be among potential suitors.

Mr. Maher expressed gratitude to Missguided employees and other key stakeholders for their "support during this difficult time." Nitin Passi founded the Manchester-based company in 2009. It grew to become one of the largest online fashion players in the UK. However, it has struggled to make a profit in recent years and was rescued last autumn by the finance firm Alteri Investors.