Missguided in talks to be sold to Shein

MISSGUIDED could be sold to Singapore fashion retailer Shein.

High street billionaire Mike Ashley is in talks to sell the online clothing label.

Missguided could be bought by Singapore retailer Shein
Missguided could be bought by Singapore retailer Shein

Both companies are in negotiations about a deal, according to reports from Sky News.

It would be Shein’s first purchase of a British fashion brand.

According to city sources, Sky reported that discussions have been happening for several weeks.

Though there is no indication of whether a sale will actually happen at this point in time.

Read more in money

Exact dates for next wave of Wilko shop closures - is your local shutting?
Mike Ashley bonus scheme comes back to bite Newcastle after stunning season

Mike Ashley’s Frasers Group snapped up Missguided in June last year.

Missguided collapsed into administration after suppliers accused the business of millions of pounds worth of outstanding payments.

But Frasers Group, which also owns Sports Direct and House of Fraser, confirmed it had bought the intellectual property of the retailer and sister brand Mennace for around £20million.

It confirmed Missguided will continue to be operated by administrators for a transition period of around eight weeks.

Most read in Money

In July, The Sun reported that the retail empire saw pre-tax profits almost double from £335.6million to £660.7million in the year to the end of April.

Its boost in profits came as the group — which now includes brands and businesses ranging from Agent Provocateur to Sofa.com, Gieves & Hawkes and Flannels — saw sales rise by 15.8 per cent to £5.6billion.

Missguided, a Manchester-based company, was set up in 2009 by Nitin Passi, 39, with a £50,000 loan from his father Danny, a clothing supplier multi-millionaire.

The young entrepreneur soon became known for his love of the high life, his pink Lamborghini and an instinct for knowing what young women wanted to wear.

By the mid 2010s, the company had become a big name in the industry amid competitors BoohooNasty Gal and Pretty Little Thing.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

You can also join our new Sun Money Facebook group to share stories and tips and engage with the consumer team and other group members.

This post was originally published on this site