Frasers Group has bought collapsed online fashion operator Missguided out of administration for £20m.
Mike Ashley’s retail group, which has also saved the likes of Studio, House of Fraser, Jack Wills and Evans Cycles from the scrapheap in recent years, has now added the etailer to its growing stable of brands.
Missguided will continue to operate as a standalone business following the acquisition.
Frasers boss Michael Murray said: “We are delighted to secure a long-term future for Missguided, which will benefit from the strength and scale of FG’s platform and our operational excellence. Missguided’s digital-first approach to the latest trends in women’s fashion will bring additional expertise to the wider Frasers Group.”
News of the deal emerged just hours after new boss Murray unveiled details of an executive team reshuffle designed to “accelerate the group’s strategy”.
Frasers has drafted in long-standing Nike executive Ger Wright as its new managing director of sports. Wright had spent 16 years at Nike in a host of roles – most recently as vice president general manager of merchandising marketplace for the EMEA region.
Sharing news of her appointment on LinkedIn, Murray said Wright would bring “a wealth of incredible experience that will be invaluable to our future.”
He added: “Nike is a strategic partner for us and Ger’s appointment is a real testament to our elevation strategy.”
Murray has also promoted the managing director of House of Fraser, David Epstein, to director of premium and luxury.
Epstein joined the group in 2015 as head of business development at Sports Direct, and was named as the boss of its House of Fraser business in 2019.
Frasers has also named Beckie Stanion as its new chief marketing officer. Stanion was previously the marketing boss of its Sports Direct business.
Murray said of the two promotions: “David has worked in the group for seven years and wl be a key player in driving us forward as we continue to maximise growth within our luxury and premium divisions.
“Beckie has played a crucial role in delivering our industry applauded campaigns and will continue to transform and deliver our visions across the group.”
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