Fashion retailer Missguided appoints administrator
Fashion brand Missguided has appointed administrators after suppliers filed to shut it down over unpaid debts.
One marketing expert said rival brands were better, cheaper and faster and shoppers now care about sustainability. Mr Passi stepped down as CEO in April and this administration comes after supplier JSK Fashions issued a winding up petition on 10 May.said that three of Missguided's suppliers warned they were at risk of going under due to outstanding payments.
The cost-of-living crisis means shoppers are reining in spending on non-essentials like the fast fashion Missguided offers, she said. "Hopefully a buyer will see the potential in this company that means its suppliers continue to find an outlet for their products."Missguided has previously provided outfits for Love Island but this year the show has partnered with eBay to source second-hand clothes
"The cost-of-living squeeze is starting to make a difference to younger shoppers meaning they are going out less, and spending less on clothing they just aren't engaging with fast fashion brands in the way they used to be."
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