Missguided Renamed After Being Bought By Sports Direct Owner

After the fast-fashion retailer fell into insolvency earlier this year, Missguided has been purchased by the owner of Sports Direct and undergone a name change.

The clothing store had first been established in 2009 by Nitin Passi, competing among the likes of PrettyLittleThing, Boohoo, and Nasty Gal in the online fast fashion sphere.

However, after failing to secure a last minute buyer in spring 2022, the company went into administration, cutting over 60 jobs and seeing founder Mr Passi leave the company.

Alamy

Not long after, though, the firm was bought by Frasers Group - a company that also owns brands like House of Fraser, Jack Wills and Sports Direct - for £20 million, Sky News reported.

Following the purchase, official documents were submitted to Companies House, confirming that Missguided will now be known as MGL Realisations (2022) Limited.

Despite the name change, Missguided will continue to trade under its original name, so fans of the fashion brand won't face confusion.

Frasers' purchase of the company was followed by the rehiring of Missguided's founder Nitin Passi, to become the firm's chief executive.

Getty Images.

Customers were left feeling hard done by during the company's administration process, when they were recently told by administrator Teneo that Missguided would be unable to honour refunds during insolvency.

While some customers were able to get help from buy-now-pay-later brands like Klarna and Clearpay, others tried to get their money back through chargeback - a scheme supported by Visa, Mastercard, and Amex.

After he was reinstated as the chief executive of Missguided, Mr Nitin Passi said in a statement: "I am acutely aware of the impact Missguided's administration has had on our stakeholders and I am committed to rebuilding their trust".

According to BBC reports, other online retailers such as Boohoo, Asos, and JD Sports could be among the next to express interest in a rescue deal similar to that of Missguided's.

Particularly during the Covid-19 pandemic, online shopping sales went through the roof, leaving businesses like Missguided in a favourable position.

Alamy.

However, more recently, business costs have shot up, leading to supply chain problems, and customers are cutting back on their spending thanks to the cost of living crisis.

Missguided had previously partnered with ITV show Love Island, styling the stars of the UK's most popular reality series.

However, this year, bosses took a different approach, partnering with eBay to promote sustainable fashion and second-hand clothing.