British Frasers Group has purchased Missguided, after the net trend retailer collapsed into administration final Monday. The retail group has acquired Missguided for 23.5 million euros. The style retailer is deliberate to proceed working as a standalone enterprise.
Missguided was based in 2009 within the UK and was a profitable trend retailer, with a web-based platform that was internationally energetic. Nevertheless, the corporate had been struggling to maintain up with robust opponents equivalent to Boohoo and Shein.
In late 2021, the style platform bought a 50 p.c stake of its enterprise to Alteri, an investor that makes a speciality of distressed companies. This funding gave the platform liquidity in the course of the provide chain disruption.
Collapse of Missguided
Final month, the retailer employed Teneo to assist safe a brand new purchaser. Opponents Boohoo and Shein confirmed curiosity, however Missguided was not capable of shut the deal. As an alternative, the platform was served with a winding up petition from suppliers who accused the model of not paying them the tens of millions they had been owed.
‘Missguided collapsed into administration.’
It then collapsed into administration final Monday. The corporate’s staff consequently introduced that they had been looking for to sue the corporate, as they had been affected by the collapse and mentioned that their redundancy processes weren’t dealt with correctly.
Acquisition value €23.5 million
Now, Sports activities Direct-owner Frasers Group has acquired the style platform, together with its menswear web site Mennace, for 23.5 million euros (20 million kilos). Missguided will proceed working as a standalone enterprise throughout the group.
‘Missguided will profit from the size of our platform.’
“We’re delighted to safe a long-term future for Missguided, which is able to profit from the energy and scale of our platform and operational excellence. Missguided’s digital-first method to the most recent traits in ladies’s trend will convey further experience to the broader Frasers Group”, mentioned Michael Murray, Chief Government at Frasers Group.