Fast fashion firm Missguided saved from supply chain chaos by private equity-backed investor Alteri
Fast fashion firm Missguided has been saved from devastating supply chain disruption by investor Alteri.
The London company, which invests in the retail sector, took a 50 per cent stake this week, giving Missguided, which has been looking for a partner since October to help it through the crisis, access to much-needed cash.
The online-only women’s fashion outlet has been the subject of a Channel 4 documentary and won attention in 2019 when it advertised a bikini costing just £1 during Love Island, only for critics to label it a symbol of throwaway fashion culture.
Sales slump: London-based Alteri has amassed a 50% stake in online-only women’s fashion retailer, which was founded by chief executive Nitin Passi (pictured)
It has struggled in the pandemic because customers have not bought party dresses or as many new outfits.
Missguided had global sales of £287million in the year to March, mostly in the UK and US. The Manchester business founded by chief executive Nitin Passi in 2009, has 330 staff.
Alteri, backed by private equity giant Apollo Global Management, buys into distressed retailers with the intention of turning them around and profiting from recovery.
It plans to hire an executive chairman with strong turnaround experience, and will put two directors on the board.