Nitin Passi
Nitin Passi (November 1982) is founder and owner of fashion retailer Missguided. According to The Sunday Times Rich List, he has a net worth of £2 million.[1]
Nitin Passi | |
---|---|
Born | November 1982 (age 37) |
Nationality | British |
Occupation | Businessperson |
Known for | Founder of Missguided |
Net worth | £2 million |
Early life
Born in Cheshire, Passi grew up in Surrey, Hong Kong and New York.[2][3][4] His grandfather moved to the UK from India in the 1960s and set up a knitwear factory.[5][6]
Passi went to Cranleigh School and Newcastle University, where he studied business management.[7][2][8]
After graduation, he worked for his father's fashion wholesaler.[7][9]
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.[7][10] He repaid the loan within 6 months.[1][11]
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.[12][13]
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.[14][15]
In 2015, sales were £86 million.[14] In 2016 and 2017, the brand opened physical retail outlets in Bluewater and Westfield Stratford City.[16]
By 2018, the firm revealed it has fallen into the red and was planning to make redundancies.[17] In 2019, it was announced that Missguided would close its Westfield store, leading to a consultation on further redundancies.[18]
In 2018, Passi was reprimanded for failing to appear at a Parliamentary Select Committee inquiry into sustainability and sending a colleague in his stead.[19][20][21][22]
Personal life
Passi once owned a pink Lamborghini and calls himself a "fitness fanatic".[2][23]
He lives in Manchester in the week and London on the weekend.[24]
References
- "Login". login.thesundaytimes.co.uk. Retrieved 12 February 2019.
- "How Missguided's boss airfreights clothes to keep up with orders". This is Money. 17 November 2018. Retrieved 12 February 2019.
- McCall, Tyler. "How Missguided Founder Nitin Passi Created an $80 Million Business in Five Years". Fashionista. Retrieved 12 February 2019.
- "North West Business Insider August 2015 | Insider Media Ltd". www.insidermedia.com. Retrieved 13 February 2019.
- "Subscribe to read". Financial Times. Retrieved 12 February 2019.
- "Connecting People Through News". Heat. Retrieved 13 February 2019.
- "The Drapers Interview: Missguided's Nitin Passi is taking it to the street". Drapers. Retrieved 12 February 2019.
- Shah, Oliver (5 July 2015). "Someone told me I was on the Rich List and I was like, what?". The Sunday Times. ISSN 0956-1382. Retrieved 13 February 2019.
- "How Nicole Scherzinger helped boost Missguided". The Sunday Telegraph. Retrieved 13 February 2019.
- "Subscribe to read". Financial Times. Retrieved 13 February 2019.
- Davidson, Lauren (3 January 2015). "The bosses to watch in 2015". ISSN 0307-1235. Retrieved 13 February 2019.
- "Founder of Missguided is taking on big retail names". This is Money. 4 April 2015. Retrieved 12 February 2019.
- UK, Oscar Williams-Grut, Business Insider. "Sales at online millennial fashion retailer Missguided jumped 75% last year". Business Insider. Retrieved 13 February 2019.
- "Founder of Missguided is taking on big retail names". This is Money. 4 April 2015. Retrieved 12 February 2019.
- Cocozza, Paula (7 April 2015). "Faster fashion: 'If a trend comes, we need to have it on our site in under a week'". The Guardian. ISSN 0261-3077. Retrieved 13 February 2019.
- "Subscribe to read". Financial Times. Retrieved 12 February 2019.
- Stevens, Ben (26 February 2018). "Dozens of jobs at risk as Missguided suffers from "tough market"". Retail Gazette. Retrieved 12 February 2019.
- Geoghegan, Jill. "Missguided to close Westfield store". Drapers. Retrieved 12 February 2019.
- Stevens, Ben (26 November 2018). "MPs reprimand Missguided CEO over sustainability inquiry". Retail Gazette. Retrieved 12 February 2019.
- Sutherl, 23 November 2018By Emily. "Missguided boss under fire for parliamentary no-show". Drapers. Retrieved 13 February 2019.
- "Fashion retailers questioned about sustainability - News from Parliament". UK Parliament. Retrieved 13 February 2019.
- Tuahene, Shekina (26 November 2018). "Missguided boss slammed by MPs for Parliamentary no-show | Post". Retail Sector. Retrieved 13 February 2019.
- Bell, Alex (21 May 2015). "Missguided HQ could rival Google with floating meeting rooms, DJ booth & 'copter". mirror. Retrieved 13 February 2019.
- "How Missguided's boss airfreights clothes to keep up with orders". This is Money. 17 November 2018. Retrieved 12 February 2019.