The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The UK fast fashion retailer also announced 63 job cuts as part of its restructuring efforts, tapping London-based advisory firm Teneo to “find a strategic partner with the infrastructure and platform” to aid the company’s turnaround, it said.
Passi, who founded the brand in 2009, will step down as chief executive but remain on its board to represent his family’s stake in the business.
Missguided initially announced a restructuring review in February and identified 140 roles at risk. That number was minimised to 63 through redeployment and a “voluntary redundancy programme,” according to a company spokesperson.
At the time of the review, Missguided said its business was disrupted by rising costs, slower customer demand and supply chain issues. Fast fashion retailers like Missguided, Boohoo Group and Fashion Nova have been challenged in recent years by Chinese e-commerce behemoth Shein.
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Why Boohoo’s Remarkable Run Came to a Crashing Halt
The British fast fashion juggernaut’s ambitions to build an empire that could compete with the giants behind Zara and H&M was gaining ground this year. But allegations of poor working conditions in its factories have raised questions about its future.
L'Oréal reported a 9.4 percent rise in first quarter sales on a like-for-like basis on Thursday, beating expectations and easing concerns about a slowdown in the two biggest beauty markets; the United States and China.
The founder, who was ousted and recently came back to the line as CEO, will regain control of the company.
Puig and its founding family plan to sell Class B shares at €22 to €24.50 each, the Barcelona-based company said Thursday in a filing with the Spanish securities regulator.
The sharp fall in the yen, combined with a number of premium brands not adjusting their prices to reflect the change, has created a rare opportunity to grab luxe goods at a discount.