Nitin Passi

Nitin Passi
BornNovember 1982 (age 42)
NationalityBritish
OccupationBusinessperson
Known forFounder of Missguided

Nitin Passi (born November 1982) is founder and owner of fashion retailer Missguided. According to The Sunday Times Rich List in 2019, he had a net worth of £250 million.[1]

Early life

Born in Cheshire, Passi grew up in Surrey and Hong Kong and briefly lived in New York.[2][3] His grandfather moved to the UK from India in the 1960s and set up a knitwear factory.[4][5]

Passi went to Cranleigh School and Newcastle University, where he studied business management.[6][7]

After graduation, he worked for his father's fashion wholesaler.[6][8]

Career

In 2008, Passi founded Missguided from a factory in Prestwich, Greater Manchester, with a £50,000 loan from his dad, using £3,000 to set up the website and £5,000 to buy stock.[6][9] He repaid the loan within 6 months.[1][10]

Passi has said that the launch of the company was originally motivated by recognising the growth of online retail and the fewer fashion options available for younger women.[11]

The company has partnered with a number of celebrities, including Nicole Scherzinger, Sofia Richie & most recently Sean John, and Passi credits the success of the brand to its use of celebrities and its ability to reach consumers via social media networks.[12]

In 2016 and 2017, the brand opened physical retail outlets in Bluewater and Westfield Stratford City.[13]

By 2018, the company revealed it has fallen into the red and was planning to make redundancies.[14] In 2019, it was announced that Missguided would close its Westfield store.[15]

In 2018, Passi was reprimanded for failing to appear at a Parliamentary Select Committee inquiry into sustainability and sending a colleague in his stead.[16][17][18][19]

In April 2022, Passi stood down as CEO of Missguided.[20]

Personal life

Passi once owned a pink Lamborghini and calls himself a "fitness fanatic".[21]

References

  1. ^ a b "Login". login.thesundaytimes.co.uk. Retrieved 12 February 2019.[dead link‍]
  2. ^ McCall, Tyler (22 September 2014). "How Missguided Founder Nitin Passi Created an $80 Million Business in Five Years". Fashionista. Retrieved 12 February 2019.
  3. ^ "North West Business Insider August 2015 | Insider Media Ltd". www.insidermedia.com. Retrieved 13 February 2019.
  4. ^ Bounds, Andrew (12 August 2014). "Rapid fashion: Nitin Passi's Manchester style destination". Financial Times. Retrieved 12 February 2019.
  5. ^ "Connecting People Through News". Heat. Retrieved 13 February 2019.
  6. ^ a b c "The Drapers Interview: Missguided's Nitin Passi is taking it to the street". Drapers. 17 June 2015. Retrieved 12 February 2019.
  7. ^ Shah, Oliver (5 July 2015). "Someone told me I was on the Rich List and I was like, what?". The Sunday Times. ISSN 0956-1382. Retrieved 13 February 2019.
  8. ^ "How Nicole Scherzinger helped boost Missguided". The Sunday Telegraph. Retrieved 13 February 2019.
  9. ^ Wiggins, Kaye (26 July 2017). "How to make a job move to the UK's north". Financial Times. Retrieved 13 February 2019.
  10. ^ Davidson, Lauren (3 January 2015). "The bosses to watch in 2015". ISSN 0307-1235. Retrieved 13 February 2019.
  11. ^ UK, Oscar Williams-Grut, Business Insider. "Sales at online millennial fashion retailer Missguided jumped 75% last year". Business Insider. Retrieved 13 February 2019. {{cite web}}: |first= has generic name (help)CS1 maint: multiple names: authors list (link)
  12. ^ Cocozza, Paula (7 April 2015). "Faster fashion: 'If a trend comes, we need to have it on our site in under a week'". The Guardian. ISSN 0261-3077. Retrieved 13 February 2019.
  13. ^ Eley, Jonathan (5 January 2019). "Fast fashion online retailer admits errors as losses balloon". Financial Times. Retrieved 12 February 2019.
  14. ^ Stevens, Ben (26 February 2018). "Dozens of jobs at risk as Missguided suffers from "tough market"". Retail Gazette. Retrieved 12 February 2019.
  15. ^ Geoghegan, Jill (24 January 2019). "Missguided to close Westfield store". Drapers. Retrieved 12 February 2019.
  16. ^ Stevens, Ben (26 November 2018). "MPs reprimand Missguided CEO over sustainability inquiry". Retail Gazette. Retrieved 12 February 2019.
  17. ^ Sutherl, 23 November 2018By Emily (23 November 2018). "Missguided boss under fire for parliamentary no-show". Drapers. Retrieved 13 February 2019.{{cite web}}: CS1 maint: numeric names: authors list (link)
  18. ^ "Fashion retailers questioned about sustainability – News from Parliament". UK Parliament. Retrieved 13 February 2019.
  19. ^ Tuahene, Shekina (26 November 2018). "Missguided boss slammed by MPs for Parliamentary no-show | Post". Retail Sector. Retrieved 13 February 2019.
  20. ^ Robinson, Jon (20 April 2022). "Missguided cuts 63 jobs as founder steps down as chief executive". Business Live. Retrieved 1 June 2022.
  21. ^ Bell, Alex (21 May 2015). "Missguided HQ could rival Google with floating meeting rooms, DJ booth & 'copter". mirror. Retrieved 13 February 2019.