Frasers Group buys Missguided out of administration
Missguided collapsed into administration on Monday, 30 May after suppliers accused the fast fashion business of millions of pounds worth of outstanding payments, reports Bloomberg.
Frasers Group announced in a shareholder statement on today that it acquired intellectual property of Missguided Ltd and sister brand Mennace.
After the deal is completed, Missguided will continue to be operated by the administrator under a transitional agreement for about eight weeks, before it becomes a standalone business within the Frasers Group.
Michael Murray, chief executive of Frasers Group, commented: "We are delighted to secure a long-term future for Missguided, which will benefit from the strength and scale of FG's platform and our operational excellence. Missguided's digital-first approach to the latest trends in women's fashion will bring additional expertise to the wider Frasers Group."
Asos, Boohoo, and JD Sports had all reportedly expressed interest in acquiring the online fashion retailer.
