Missguided founder and chief executive Nitin Passi will exit the business as it enters its next stage of growth.

Nitin Passi

Nitin Passi established Missguided in 2009

The fast-fashion retailer has also appointed advisory firm Teneo to explore its “strategic options”.

It said it had made “significant progress” in its turnaround plans tackling stock issues, simplifying warehouse operations and reducing head office costs.

Missguided is looking to find a new “strategic partner” with the infrastructure and operational know-how to take it forward.

Passi will step down as chief executive but will remain on the holding company’s board and continue to have a stake in the business.

Missguided chair Ian Gray said: “Missguided has made substantial operational progress since receiving new investment at the end of 2021, placing us on a sounder footing in a very short space of time and I want to thank everyone for their hard work.

“That work means we’re now in a position to accelerate plans to explore strategic options for the business.

“Missguided is one of the most vibrant brands in young women’s fashion and that’s down to more than a decade of hard work by Nitin.

“I recognise that it’s never easy for founders to decide to step away from day-to-day leadership of the businesses they create but I respect Nitin’s decision and look forward to his continued guidance as a member of the holding company board.”

Passi added: “When I set up Missguided back in 2009 with a small loan from my family, I had no idea about the impact the brand would make and I have great pride in what we’ve built.

“But this is now the right moment to step away from day-to-day leadership as the business explores strategic partnership options for Missguided.

“I look forward to making a continued contribution on Missguided’s holding company board.”

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