Missguided founder Nitin Passi has returned to the business as chief executive, eight weeks after he stepped down from the role.
Passi left the business in April, Retail Week revealed, at the same time that it appointed Teneo to “explore strategic options”.
Missguided was subsequently acquired by Frasers Group, which owns brands including Sports Direct, Jack Wills and House of Fraser, after collapsing into administration.
Frasers Group purchased Missguided out of administration for £20m and has now entered an eight-week transition period to integrate the fast fashion label into the group.
Passi will rejoin the business with immediate effect.
Passi said: “Frasers Group has an unrivalled platform and fantastic operational know-how, giving Missguided a solid foundation on which we can build a successful future. I am acutely aware of the impact Missguided’s administration has had on our stakeholders and I am committed to rebuilding their trust.”
Frasers Group chief executive Michael Murray added: “Missguided is a fantastic brand, which, with the strength and scale of Frasers’ platform and our operational excellence, is well-positioned for the future. Under Frasers’ ownership, and with Nitin’s partnership, Missguided has an exciting future ahead.”
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