Nitin Passi Explained

Nitin Passi
Nationality:British
Occupation:Businessperson
Known For:Founder 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.

Early life

Born in Cheshire, Passi grew up in Surrey and Hong Kong and briefly lived in New York.[1] [2] His grandfather moved to the UK from India in the 1960s and set up a knitwear factory.[3] [4]

Passi went to Cranleigh School and Newcastle University, where he studied business management.[5] [6]

After graduation, he worked for his father's fashion wholesaler.[7]

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.[8] He repaid the loan within 6 months.[9] [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]

Notes and References

  1. Web site: How Missguided Founder Nitin Passi Created an $80 Million Business in Five Years. McCall. Tyler. Fashionista. en. 12 February 2019.
  2. Web site: North West Business Insider August 2015 Insider Media Ltd. www.insidermedia.com. 13 February 2019.
  3. Web site: Bounds . Andrew . 12 August 2014 . Rapid fashion: Nitin Passi’s Manchester style destination . 12 February 2019 . Financial Times . en-GB.
  4. Web site: Connecting People Through News. Heat. 13 February 2019.
  5. Web site: The Drapers Interview: Missguided's Nitin Passi is taking it to the street. Drapers. en. 12 February 2019.
  6. News: Someone told me I was on the Rich List and I was like, what?. Shah. Oliver. 5 July 2015. The Sunday Times. 13 February 2019. en. 0956-1382.
  7. Web site: How Nicole Scherzinger helped boost Missguided. The Sunday Telegraph. 13 February 2019.
  8. Web site: Wiggins . Kaye . 26 July 2017 . How to make a job move to the UK’s north . 13 February 2019 . Financial Times . en-GB.
  9. Web site: Login. login.thesundaytimes.co.uk. 12 February 2019.
  10. News: The bosses to watch in 2015. Davidson. Lauren. 3 January 2015. 13 February 2019. en-GB. 0307-1235.
  11. Web site: Sales at online millennial fashion retailer Missguided jumped 75% last year. UK. Oscar Williams-Grut, Business Insider. Business Insider. 13 February 2019.
  12. News: Faster fashion: ‘If a trend comes, we need to have it on our site in under a week’. Cocozza. Paula. 7 April 2015. The Guardian. 13 February 2019. en-GB. 0261-3077.
  13. Web site: Eley . Jonathan . 5 January 2019 . Fast fashion online retailer admits errors as losses balloon . 12 February 2019 . Financial Times . en-GB.
  14. Web site: Dozens of jobs at risk as Missguided suffers from "tough market". Stevens. Ben. 26 February 2018. Retail Gazette. en-GB. 12 February 2019.
  15. Web site: Missguided to close Westfield store. Geoghegan. Jill. Drapers. en. 12 February 2019.
  16. Web site: MPs reprimand Missguided CEO over sustainability inquiry. Stevens. Ben. 26 November 2018. Retail Gazette. en-GB. 12 February 2019.
  17. Web site: Missguided boss under fire for parliamentary no-show. Sutherl. 23 November 2018By Emily. Drapers. en. 13 February 2019.
  18. Web site: Fashion retailers questioned about sustainability – News from Parliament. UK Parliament. English. 13 February 2019.
  19. Web site: Missguided boss slammed by MPs for Parliamentary no-show Post. Tuahene. Shekina. 26 November 2018. Retail Sector. en-GB. 13 February 2019.
  20. Web site: Robinson . Jon . 2022-04-20 . Missguided cuts 63 jobs as founder steps down as chief executive . 2022-06-01 . Business Live . en.
  21. Web site: Missguided HQ could rival Google with floating meeting rooms, DJ booth & 'copter. Bell. Alex. 21 May 2015. mirror. 13 February 2019.

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