Missguided fashion retailer appoints administratoron May 30, 2022 at 5:25 pm

Fashion brand Missguided has appointed administrators after being issued with a winding-up petition by creditors.

The retailer with about 330 staff has asked Teneo Financial Advisory to sell its business and assets.

The company will continue to trade while it looks for a buyer, Teneo said.

Missguided has been hit by supply chain costs, inflation increases and “softening” consumer confidence in an increasingly competitive market, it said.

Gavin Maher from Teneo said there was “a high level of interest from a number of strategic buyers”.

Rival fast fashion brand Boohoo is rumoured to be among potential buyers.

Mr Maher thanked Missguided staff and other key stakeholders for their “support at this difficult time”.

Missguided was rescued last autumn by the finance firm Alteri Investors.

The administration comes after Supplier JSK Fashions issued a winding up petition on 10 May.

Last week, a report in the i newspaper said that three of Missguided’s suppliers warned they were at risk of going under due to outstanding payments.

The brand has been facing increasing competition from rivals like Boohoo and Chinese firm Shein.

But fashion business educator Maria Malone told BBC Radio 5 Live’s Wake Up To Money there was also a shift away from throwaway fashion.

“It had a phenomenal rise, sponsoring cultural icons like Love Island,” she said. “This year the show is featuring pre-owned clothing. Turning its back on fast fashion, that’s the problem really, the customer has changed.

“Its rivals have diversified, Missguided stuck with fast fashion, there’s now a movement away from that. At every level of society people are questioning fashion, there’s a massive market now in slow fashion, sustainability, up cycling and repairing.”