Biography, Net Worth, CEO – Missguided
Nitin Passi is the CEO and Founder of Missguided Limited; the UK based “rapid” fashion retailer. He started off by managing his dad’s textile import business in New York for two years. That was where he gained the fundamental knowledge of fashion business. At the height of the 2008 recession with little business experience and in his mid-20s, he launched his value-focused online retail venture: Missguided. The company since its inception has enjoyed breakneck growth and 2017 saw a record £206 million in sales as compared to 2016 sales of £117 million.
Nitin went to a boarding school at Cranleigh in Surrey (UK) and moved to Hong Kong with his family when he was just nine. He went to Newcastle University to get his business management degree and after completing his education in 2005, he worked at one of his father’s business in New York. Its there that he learned the process of designing and the supply-chain behind garments and launched his website amid the 2008 financial crisis.
“I always knew I would go into business . . . I had it in my mind that it was going to be in fashion, but I didn’t have a clue how I was going to do it.”
He started his company in a hundred square feet room offered by one of his uncles and a £50,000 startup capital that was borrowed from his dad (which he returned the following year). He spent £3,000 on the website and bought £5,000 worth of stock; the website went live on March 4, 2009, and by November the turnover had crossed the £100,000 mark. Even though he was missing “experience” but Nitin had a very clear idea about how he wanted to run the company and the brand positioning he wanted for Missguided. Since its inception, the fashion brand has enjoyed rapid growth in the UK and has expanded into USA, Australia, France, and Germany. In 2015, it launched a collection in the US department store Nordstrom and following that he launched a collection with Selfridges.
Secret of Success
The speed of the supply chain is the secret sauce behind Missguided’s unparalleled success. 95 percent of the products are designed in-house and the company is shipping to over 90 countries. Nitin describes its model as “rapid fashion” rather than “fast fashion”. His business is based on speed, reactivity, and agility.
“We’ve got this great stat that here in the UK, 30 percent of our customers come to our website every single day to see what’s new. So we’re landing at between 150 to 200 new products on the website every week, and I really think we’re not fast fashion, we’re rapid fashion”.
In March 2014, Missguided marked its fifth birthday with collaboration with singer Nicole Scherzinger. The 40-piece collection was designed by Nicole and shot in LA. This collaboration extended over two seasons with the second collection launching for AW14. The collaboration was a major hit with sales increasing 35% month on month. The following year, R&B singer Mia Pia became the face of Missguided’s SS15 campaign.
In March 2016, the women’s wear label announced that Pamela Anderson would front their SS16 collection. In September 2016, the brand announced campaign collaboration with American model and singer Amber Rose. The brand also launched collections with top-tier bloggers and influencers, including Carli Bybel, Caroline Receveur, Sarah Ashcroft and Alexis Ren. November 2016 saw Missguided launch its first flagship store in Westfield Stratford, London. In 2017, Missguided launched a collection with British supermodel Jourdan Dunn. This ability to associate itself with influencers and celebrities has been a major USP of the brand. The company is able to build on its partner’s followers and bring them to the Missguided fold.
Missguided in Numbers
Missguided employs more than 600 employees and in March 2015 it reported £90 million in revenues that were almost double the £51 million of revenue in 2014. Profits also increased from £1 million to £6 million. In 2016 profits did go down, as it invested in new headquarters in Salford Quays, warehousing and on the recruitment of employees for its head office. 2017 was a bumper year with sales crossing £206 million
Though over the year, Missguided and Nitin Passi have been received many awards and accolades, but these are the most recent and noteworthy awards:
Best Leadership Award, Northern Tech Awards 2015
Digital Entrepreneur Awards – eCommerce Business of the Year 2016
Drapers International Fashion Retailer of the Year 2016
Instagram – 2.7 million followers
Facebook (Missguided) – 1.1 million
Twitter- 432k followers
Net worth and Impact
Nitin Passi has a net worth of over £200 million pounds. To create a 200 million pound brand in the ultra-competitive online fashion market in such a short span of time speaks volume about the entrepreneurial capabilities possessed by Nitin. His astute business sense coupled with his hunger to succeed has made Missguided a global brand. Instead of enjoying his success, Nitin is on a global expansion. He recently launched the menswear brand Menace and entered into collaboration with ASOS.com. Missguided is an unprecedented success and Nitin is scorching the charts with his ultra-cool brand.
Nitin Passi Stats:
Sunday Times Rich List estimated his fortune at 133 million pounds in 2015.
Instagram @ nitinpassi – 19,400 followers
Twitter @ @MrMissguided – 138