Nitin Passi

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Nitin Passi
Born Template:Birth year and age
Residence Manchester and London
Nationality British
Occupation Businessman
Known for Founder of Missguided
Net worth £250 million

Nitin Passi (November 1982)[1] is founder and owner of fashion retailer Missguided.

According to The Sunday Times Rich List, he has a net worth of £250 million.[2]

Early life

Born in Cheshire, Passi grew up in Surrey, Hong Kong and New York.[3][4][5] His grandfather moved to the UK from India in the 1960s and set up a knitwear factory.[6][7]

Passi went to Cranleigh School and Newcastle University, where he studied business management.[8][3][9]

After graduation, he worked for his father's fashion wholesaler.[8][10]

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][11] He repaid the loan within 6 months.[2][12]

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.[13][14]

The company has partnered with a number of celebrities, including Nicole Scherzinger, and Passi credits the success of the brand to its use of celebrities and its ability to reach consumers via social media networks.[15][16]

In 2015, sales were £86 million.[15] In 2016 and 2017, the brand opened physical retail outlets in Bluewater and Westfield Stratford City.[17]

By 2018, the firm revealed it has fallen into the red and was planning to make redundancies.[18] In 2019, it was announced that Missguided would close its Westfield store, leading to a consultation on further redundancies.[19]

In 2018, Passi was reprimanded for failing to appear at a Parliamentary Select Committee inquiry into sustainability and sending a colleague in his stead.[20][21][22][23]

Personal life

Passi once owned a pink Lamborghini and calls himself a "fitness fanatic".[3][24]

He lives in Manchester in the week and London on the weekend.[25]

References

  1. "Nitin PASSI - Personal Appointments (free information from Companies House)" (in en). https://beta.companieshouse.gov.uk/officers/eQNmLLcqUcRg-Za7MvJA_JPeWdA/appointments. 
  2. 2.0 2.1 "Login". https://login.thesundaytimes.co.uk/?gotoUrl=https%3A%2F%2Ffeatures.thesundaytimes.co.uk%2Frichlist%2Fview%2Fgroup6%2F1%2Frank%2F-%2F-%2Ffashion. 
  3. 3.0 3.1 3.2 "How Missguided's boss airfreights clothes to keep up with orders". 2018-11-17. https://www.thisismoney.co.uk/money/markets/article-6401339/Missguideds-boss-airfreights-clothes-Instagram-generation.html. 
  4. McCall, Tyler. "How Missguided Founder Nitin Passi Created an $80 Million Business in Five Years" (in en). https://fashionista.com/2014/09/missguided-nitin-passi. 
  5. "North West Business Insider August 2015 | Insider Media Ltd". https://www.insidermedia.com/publications/north-west-business-insider/north-west-business-insider-august-2015/missguided-in-name-only. 
  6. "Subscribe to read" (in en-GB). https://www.ft.com/content/6e8fc7f8-10c8-11e4-b116-00144feabdc0. 
  7. "Connecting People Through News". https://www.pressreader.com/uk/heat-uk/20170725/282166471246851. 
  8. 8.0 8.1 8.2 "The Drapers Interview: Missguided's Nitin Passi is taking it to the street" (in en). https://www.drapersonline.com/business-operations/digital-/the-drapers-interview-missguideds-nitin-passi-is-taking-it-to-the-street/5075873.article. 
  9. Shah, Oliver (2015-07-05). "Someone told me I was on the Rich List and I was like, what?" (in en). The Sunday Times. ISSN 0956-1382. https://www.thetimes.co.uk/article/someone-told-me-i-was-on-the-rich-list-and-i-was-like-what-dwtdk5tv2jx. 
  10. "How Nicole Scherzinger helped boost Missguided". https://www.pressreader.com/uk/the-sunday-telegraph-money-business/20140420/281500749243309. 
  11. "Subscribe to read" (in en-GB). https://www.ft.com/content/20b15744-3be1-11e7-ac89-b01cc67cfeec. 
  12. Davidson, Lauren (2015-01-03). "The bosses to watch in 2015" (in en-GB). ISSN 0307-1235. https://www.telegraph.co.uk/finance/11320590/The-bosses-to-watch-in-2015.html. 
  13. "Founder of Missguided is taking on big retail names". 2015-04-04. https://www.thisismoney.co.uk/money/news/article-3025802/Founder-Missguided-taking-big-retail-names-Fashion-boss-growing-fast-little-help-Nicole-Scherzinger.html. 
  14. UK, Oscar Williams-Grut, Business Insider. "Sales at online millennial fashion retailer Missguided jumped 75% last year". https://www.businessinsider.com/missguideds-2017-accounts-sales-up-75-swings-to-a-loss-2017-12. 
  15. 15.0 15.1 "Founder of Missguided is taking on big retail names". 2015-04-04. https://www.thisismoney.co.uk/money/news/article-3025802/Founder-Missguided-taking-big-retail-names-Fashion-boss-growing-fast-little-help-Nicole-Scherzinger.html. 
  16. Cocozza, Paula (2015-04-07). "Faster fashion: ‘If a trend comes, we need to have it on our site in under a week’" (in en-GB). The Guardian. ISSN 0261-3077. https://www.theguardian.com/fashion/2015/apr/07/fast-fashion-online-labels-boohoo-missguided. 
  17. "Subscribe to read" (in en-GB). https://www.ft.com/content/4a11b9dc-1036-11e9-acdc-4d9976f1533b. 
  18. Stevens, Ben (2018-02-26). "Dozens of jobs at risk as Missguided suffers from "tough market"" (in en-GB). https://www.retailgazette.co.uk/blog/2018/02/dozens-jobs-risk-missguided-suffers-tough-market/. 
  19. Geoghegan, Jill. "Missguided to close Westfield store" (in en). https://www.drapersonline.com/news/missguided-to-close-westfield-store/7034092.article. 
  20. Stevens, Ben (2018-11-26). "MPs reprimand Missguided CEO over sustainability inquiry" (in en-GB). https://www.retailgazette.co.uk/blog/2018/11/mps-reprimand-missguided-ceo-sustainability-inquiry/. 
  21. Sutherl, 23 November 2018By Emily. "Missguided boss under fire for parliamentary no-show" (in en). https://www.drapersonline.com/news/missguided-boss-under-fire-for-parliamentary-no-show/7033194.article. 
  22. "Fashion retailers questioned about sustainability - News from Parliament" (in English). https://www.parliament.uk/business/committees/committees-a-z/commons-select/environmental-audit-committee/news-parliament-2017/sustainable-fashion--evidence-17-19/. 
  23. Tuahene, Shekina (2018-11-26). "Missguided boss slammed by MPs for Parliamentary no-show | Post" (in en-GB). https://www.retailsector.co.uk/41767-missguided-boss-slammed-by-mps-for-parliamentary-no-show/. 
  24. Bell, Alex (2015-05-21). "Missguided HQ could rival Google with floating meeting rooms, DJ booth & 'copter". http://www.mirror.co.uk/news/uk-news/coolest-office-world-missguideds-new-5735890. 
  25. "How Missguided's boss airfreights clothes to keep up with orders". 2018-11-17. https://www.thisismoney.co.uk/money/markets/article-6401339/Missguideds-boss-airfreights-clothes-Instagram-generation.html.