British e-tailer Missguided has announced a shakeup in the management alongside the decision to axe as many as 63 jobs.
Also Read: UK-based fashion e-tailer Missguided puts jobs at risk
The decision comes in the wake of company’s CEO Nitin Passi’s decision to step down from his post.
Nitin, also the founder of Missguided, will continue to be on the e-tailer’s holding company board to represent his family’s ongoing stake in the business.
Reportedly, consulting firm Teneo was appointed to explore strategic options for the business.
Chair Ian Gray said Missguided has made substantial operational progress since receiving new investment at the end of 2021, which placed it on a sounder footing in a very short space of time.
Thanking everyone for their hard work, Ian added that Missguided was now in a position to speed up its plans to explore strategic options for the business. The e-tailer had sold a 50 per cent stake to Alteri Investors towards the end of 2021.
Founded in 2009 by Nitin Passi, Missguided aims at selling clothes for 16–35-year-old women.
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