Nitin Passi, the CEO of Missguided has a net worth of more than £250 million. He has, however, sold the fashion company to Frasers Group for £20 million in cash.
Nitin Passi is the founder and owner of Missguided, a fashion company. He is presently in the headlines after being chastised by the public for taking orders and failing to deliver them since Misguided was purchased by Frasers Group.
Frasers Group, headed by Sports Direct founder Mike Ashley, purchased Missguided out of insolvency for £20 million in cash.
Missguided will be run by the administrator under a transitional agreement for around eight weeks. After that, it will become an independent firm inside the Frasers Group, according to the agreement.
Missguided CEO: Nitin Passi’s 2022 Net Worth Is More Than £250 Million
Missguided CEO, Nitin Passi has a net worth of more than £250 million, according to Sunday Times Rich List in 2019.
Missguided turned over £202 million in the fiscal year ending March 2020, £107.7 million of which came from the UK, and £48.5 million from the EU. And the rest from young fashionistas in more than 170 other countries where the firm distributed its items.
The firm has collaborated with a variety of celebrities, including Nicole Scherzinger, Sofia Richie, and, most recently, Sean John, and Passi attributes the brand’s success to its usage of celebrities as well as its ability to reach customers through social media networks.
The brand launched actual retail locations in Bluewater and Westfield Stratford City in 2016 and 2017, respectively. He drove a £300,000 pink Lamborghini, while enticing millions of young women to buy his products by advertising them on popular TV shows such as Love Island.
Passi grew raised in Hong Kong, temporarily in New York, then in Surrey, where he attended the £41,000-a-year Cranleigh School. After the sixth class, he went to Newcastle University to study business management before going to work for his father’s clothes distributor after graduation.
His grandparents came to the UK from India in the 1960s to set up a knitwear firm, so fashion was in his blood. Passi established Missguided in 2008 from a factory in Prestwich, Greater Manchester, with a £50,000 loan from his father.
Missguided, however, reported a loss after tax of £46.7 million in 2017/2018. “The year has been an exceptionally hard one from which the brand emerges stronger,” Missguided stated in its strategy report.
However, Misguided is experiencing some difficulties as a result of the pandemic reducing its sales and businesses such as Shein, a Chinese store, dominating the market by undercutting costs.
Missguided initiated a review of its business model at the end of 2021 and said today that it will slash 63 positions following its consultation process.
Furthermore, Passi step down as the CEO in April 2022 but remained on the board of the retailer’s parent company to symbolize his family’s continuous ownership in the firm.
Last year, he sold a 50% ownership in Missguided to Alteri Investors, which is financed by US private equity firm Apollo.
The apparel brand has recruited Teneo, a London-based investor, to “explore strategic options for the business.” Teneo recently guided the sale of Studio Retail Group, which had gone into administration, to Mike Ashley’s Frasers Group.
“Having achieved strong operational success in recent months, Missguided today (20 April) announced it has retained Teneo to investigate strategic possibilities for its business,” the company stated in a statement.
“Missguided has achieved tremendous operational progress since acquiring fresh financing at the end of 2021, placing us on a sounder foundation in a very short period of time,” stated Chair Ian Gray.
According to Daily Mail, Missguided outperformed Covid in terms of sales, earning £287 million in the fiscal year ending March 31.
Does Nitin Passi Have A Wife?
Little is known about Nitin Passi’s personal life. However, the Business Telegraph claimed in 2018 that he was engaged to Naina.
Passi works in Salford during the week but lives in Knightsbridge, west London, on weekends. He describes himself as a “fitness freak” and has a Missguided logo tattoo on his arm.
He does not appear to have a wife at the time, but he does post images with several girls on his Instagram account, the identities of whom are kept confidential.
Similarly, his schedule must be extremely strict for him to commit to a relationship.
Nitin Passi Wedding And Married Life
Nitin Passi Wedding would have made headlines if he had ever married. But there is no evidence to back up his married life.
He is already 39 years old and hence of marriageable age. However, it is his decision and option to make.
Furthermore, due to the current news about Misguided being collapsed and fraud, he has made his Instagram handle private.
We will update you with further information about the entrepreneur as soon as possible.