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Missguided enters administration: What customers need to know
Fast fashion brand Missguided has entered administration as it looks to find a buyer for the business.
The online fashion brand has appointed Teneo Financial Advisory as joint administrators to Missguided Limited.
It comes as it has suffered from increased supply chain costs, general cost inflation and softening consumer confidence in an increasingly competitive market.
However, Missguided will continue to trade while the administrators seek to complete a sale of the business and assets.
Gavin Maher, of Teneo, said: “As we continue to see, the retail trading environment in the UK remains extremely challenging. The administrators will now seek to conclude a sale of the business and assets, for which there continues to be a high level of interest from a number of strategic buyers. We thank all employees and other key stakeholders for their support at this difficult time.”
Missguided was founded by Nitin Passi in 2009 and it has three million active customers in 180 countries worldwide.
Its target audience is women aged 18-34, and it produces around 400 new lines each week which are all own label.
YourMoney.com has contacted Teneo to ask whether all orders going forward will be fulfilled and if there is any change to the unlimited UK next day delivery pass (£9.99 a year). We’ll update this article once we hear back.
