Nitin Passi
| Nitin Passi | |
|---|---|
| Born | November 1982 (age 43) |
| 🏡 Residence | Manchester and London |
| 🏳️ Nationality | British |
| 💼 Occupation | |
| 💰 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 had 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
- ↑ "Nitin PASSI - Personal Appointments (free information from Companies House)". beta.companieshouse.gov.uk. Retrieved 2019-02-12.
- ↑ 2.0 2.1 "Login". login.thesundaytimes.co.uk. Retrieved 2019-02-12.[permanent dead link]
- ↑ 3.0 3.1 3.2 "How Missguided's boss airfreights clothes to keep up with orders". This is Money. 2018-11-17. Retrieved 2019-02-12.
- ↑ McCall, Tyler. "How Missguided Founder Nitin Passi Created an $80 Million Business in Five Years". Fashionista. Retrieved 2019-02-12.
- ↑ "North West Business Insider August 2015". www.insidermedia.com. Retrieved 2019-02-13.
- ↑ "Subscribe to read". Financial Times. Retrieved 2019-02-12.
- ↑ "Connecting People Through News". Heat. Retrieved 2019-02-13.
- ↑ 8.0 8.1 8.2 "The Drapers Interview: Missguided's Nitin Passi is taking it to the street". Drapers. Retrieved 2019-02-12.
- ↑ 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.
- ↑ "How Nicole Scherzinger helped boost Missguided". The Sunday Telegraph. Retrieved 2019-02-13.
- ↑ "Subscribe to read". Financial Times. Retrieved 2019-02-13.
- ↑ Davidson, Lauren (2015-01-03). "The bosses to watch in 2015". ISSN 0307-1235. Retrieved 2019-02-13.
- ↑ "Founder of Missguided is taking on big retail names". This is Money. 2015-04-04. Retrieved 2019-02-12.
- ↑ UK, Oscar Williams-Grut, Business Insider. "Sales at online millennial fashion retailer Missguided jumped 75% last year". Business Insider. Retrieved 2019-02-13.
- ↑ 15.0 15.1 "Founder of Missguided is taking on big retail names". This is Money. 2015-04-04. Retrieved 2019-02-12.
- ↑ 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.
- ↑ "Subscribe to read". Financial Times. Retrieved 2019-02-12.
- ↑ Stevens, Ben (2018-02-26). "Dozens of jobs at risk as Missguided suffers from "tough market"". Retail Gazette. Retrieved 2019-02-12.
- ↑ Geoghegan, Jill. "Missguided to close Westfield store". Drapers. Retrieved 2019-02-12.
- ↑ Stevens, Ben (2018-11-26). "MPs reprimand Missguided CEO over sustainability inquiry". Retail Gazette. Retrieved 2019-02-12.
- ↑ Sutherl, 23 November 2018By Emily. "Missguided boss under fire for parliamentary no-show". Drapers. Retrieved 2019-02-13.
- ↑ "Fashion retailers questioned about sustainability - News from Parliament". UK Parliament. Retrieved 2019-02-13.
- ↑ Tuahene, Shekina (2018-11-26). "Missguided boss slammed by MPs for Parliamentary no-show". Retail Sector. Retrieved 2019-02-13.
- ↑ Bell, Alex (2015-05-21). "Missguided HQ could rival Google with floating meeting rooms, DJ booth & 'copter". mirror. Retrieved 2019-02-13.
- ↑ "How Missguided's boss airfreights clothes to keep up with orders". This is Money. 2018-11-17. Retrieved 2019-02-12.
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