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]
Nitin Passi | |
|---|---|
| Born | November 1982 (age 41–42) |
| Nationality | British |
| Occupation | Businessperson |
| Known for | Founder of Missguided |
Early life
editBorn 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
editIn 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
editPassi once owned a pink Lamborghini and calls himself a "fitness fanatic".[21]
References
edit- ^ a b "Login". login.thesundaytimes.co.uk. Retrieved 12 February 2019.[dead link]
- ^ McCall, Tyler. "How Missguided Founder Nitin Passi Created an $80 Million Business in Five Years". Fashionista. Retrieved 12 February 2019.
- ^ "North West Business Insider August 2015 | Insider Media Ltd". www.insidermedia.com. Retrieved 13 February 2019.
- ^ Bounds, Andrew (12 August 2014). "Rapid fashion: Nitin Passi's Manchester style destination". Financial Times. Retrieved 12 February 2019.
- ^ "Connecting People Through News". Heat. Retrieved 13 February 2019.
- ^ a b c "The Drapers Interview: Missguided's Nitin Passi is taking it to the street". Drapers. Retrieved 12 February 2019.
- ^ 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.
- ^ "How Nicole Scherzinger helped boost Missguided". The Sunday Telegraph. Retrieved 13 February 2019.
- ^ Wiggins, Kaye (26 July 2017). "How to make a job move to the UK's north". Financial Times. Retrieved 13 February 2019.
- ^ Davidson, Lauren (3 January 2015). "The bosses to watch in 2015". ISSN 0307-1235. Retrieved 13 February 2019.
- ^ 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) - ^ 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.
- ^ Eley, Jonathan (5 January 2019). "Fast fashion online retailer admits errors as losses balloon". Financial Times. Retrieved 12 February 2019.
- ^ Stevens, Ben (26 February 2018). "Dozens of jobs at risk as Missguided suffers from "tough market"". Retail Gazette. Retrieved 12 February 2019.
- ^ Geoghegan, Jill. "Missguided to close Westfield store". Drapers. Retrieved 12 February 2019.
- ^ Stevens, Ben (26 November 2018). "MPs reprimand Missguided CEO over sustainability inquiry". Retail Gazette. Retrieved 12 February 2019.
- ^ Sutherl, 23 November 2018By Emily. "Missguided boss under fire for parliamentary no-show". Drapers. Retrieved 13 February 2019.
{{cite web}}: CS1 maint: numeric names: authors list (link) - ^ "Fashion retailers questioned about sustainability – News from Parliament". UK Parliament. Retrieved 13 February 2019.
- ^ Tuahene, Shekina (26 November 2018). "Missguided boss slammed by MPs for Parliamentary no-show | Post". Retail Sector. Retrieved 13 February 2019.
- ^ Robinson, Jon (20 April 2022). "Missguided cuts 63 jobs as founder steps down as chief executive". Business Live. Retrieved 1 June 2022.
- ^ Bell, Alex (21 May 2015). "Missguided HQ could rival Google with floating meeting rooms, DJ booth & 'copter". mirror. Retrieved 13 February 2019.