Nitin Passi

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Nitin Passi
BornNovember 1982 (age 36)
ResidenceManchester and London
NationalityBritish
OccupationBusinessman
Known forFounder 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[edit]

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[edit]

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[edit]

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[edit]

  1. ^ "Nitin PASSI - Personal Appointments (free information from Companies House)". beta.companieshouse.gov.uk. Retrieved 2019-02-12.
  2. ^ a b "Login". login.thesundaytimes.co.uk. Retrieved 2019-02-12.
  3. ^ a b c "How Missguided's boss airfreights clothes to keep up with orders". This is Money. 2018-11-17. Retrieved 2019-02-12.
  4. ^ McCall, Tyler. "How Missguided Founder Nitin Passi Created an $80 Million Business in Five Years". Fashionista. Retrieved 2019-02-12.
  5. ^ "North West Business Insider August 2015 | Insider Media Ltd". www.insidermedia.com. Retrieved 2019-02-13.
  6. ^ "Subscribe to read". Financial Times. Retrieved 2019-02-12.
  7. ^ "Connecting People Through News". Heat. Retrieved 2019-02-13.
  8. ^ a b c "The Drapers Interview: Missguided's Nitin Passi is taking it to the street". Drapers. Retrieved 2019-02-12.
  9. ^ Shah, Oliver (2015-07-05). "Someone told me I was on the Rich List and I was like, what?". The Sunday Times. ISSN 0956-1382. Retrieved 2019-02-13.
  10. ^ "How Nicole Scherzinger helped boost Missguided". The Sunday Telegraph. Retrieved 2019-02-13.
  11. ^ "Subscribe to read". Financial Times. Retrieved 2019-02-13.
  12. ^ Davidson, Lauren (2015-01-03). "The bosses to watch in 2015". ISSN 0307-1235. Retrieved 2019-02-13.
  13. ^ "Founder of Missguided is taking on big retail names". This is Money. 2015-04-04. Retrieved 2019-02-12.
  14. ^ UK, Oscar Williams-Grut, Business Insider. "Sales at online millennial fashion retailer Missguided jumped 75% last year". Business Insider. Retrieved 2019-02-13.
  15. ^ a b "Founder of Missguided is taking on big retail names". This is Money. 2015-04-04. Retrieved 2019-02-12.
  16. ^ Cocozza, Paula (2015-04-07). "Faster fashion: 'If a trend comes, we need to have it on our site in under a week'". The Guardian. ISSN 0261-3077. Retrieved 2019-02-13.
  17. ^ "Subscribe to read". Financial Times. Retrieved 2019-02-12.
  18. ^ Stevens, Ben (2018-02-26). "Dozens of jobs at risk as Missguided suffers from "tough market"". Retail Gazette. Retrieved 2019-02-12.
  19. ^ Geoghegan, Jill. "Missguided to close Westfield store". Drapers. Retrieved 2019-02-12.
  20. ^ Stevens, Ben (2018-11-26). "MPs reprimand Missguided CEO over sustainability inquiry". Retail Gazette. Retrieved 2019-02-12.
  21. ^ Sutherl, 23 November 2018By Emily. "Missguided boss under fire for parliamentary no-show". Drapers. Retrieved 2019-02-13.
  22. ^ "Fashion retailers questioned about sustainability - News from Parliament". UK Parliament. Retrieved 2019-02-13.
  23. ^ Tuahene, Shekina (2018-11-26). "Missguided boss slammed by MPs for Parliamentary no-show | Post". Retail Sector. Retrieved 2019-02-13.
  24. ^ Bell, Alex (2015-05-21). "Missguided HQ could rival Google with floating meeting rooms, DJ booth & 'copter". mirror. Retrieved 2019-02-13.
  25. ^ "How Missguided's boss airfreights clothes to keep up with orders". This is Money. 2018-11-17. Retrieved 2019-02-12.