Nitin Passi
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| nationality = British
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| occupation = Businessperson
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| known for = Founder of Missguided
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Nitin Passi (born November 1982) is founder and owner of fashion retailer Missguided. According to The Sunday Times Rich List in 2019, he had a net worth of £250 million.
Early life
Born in Cheshire, Passi grew up in Surrey and Hong Kong and briefly lived in New York.{{Cite web|url=https://fashionista.com/2014/09/missguided-nitin-passi|title=How Missguided Founder Nitin Passi Created an $80 Million Business in Five Years|last=McCall|first=Tyler|website=Fashionista|date=22 September 2014 |language=en|access-date=12 February 2019}}{{Cite web|url=https://www.insidermedia.com/publications/north-west-business-insider/north-west-business-insider-august-2015/missguided-in-name-only|title=North West Business Insider August 2015 {{!}} Insider Media Ltd|website=www.insidermedia.com|access-date=13 February 2019}} His grandfather moved to the UK from India in the 1960s and set up a knitwear factory.{{Cite web |last=Bounds |first=Andrew |date=12 August 2014 |title=Rapid fashion: Nitin Passi's Manchester style destination |url=https://www.ft.com/content/6e8fc7f8-10c8-11e4-b116-00144feabdc0 |access-date=12 February 2019 |website=Financial Times |language=en-GB}}{{Cite web|url=https://www.pressreader.com/uk/heat-uk/20170725/282166471246851|title=Connecting People Through News|website=Heat|access-date=13 February 2019}}
Passi went to Cranleigh School and Newcastle University, where he studied business management.{{Cite web|url=https://www.drapersonline.com/business-operations/digital-/the-drapers-interview-missguideds-nitin-passi-is-taking-it-to-the-street/5075873.article|title=The Drapers Interview: Missguided's Nitin Passi is taking it to the street|website=Drapers|date=17 June 2015 |language=en|access-date=12 February 2019}}{{Cite news|url=https://www.thetimes.com/sunday-times-rich-list/profile/article/someone-told-me-i-was-on-the-rich-list-and-i-was-like-what-dwtdk5tv2jx|title=Someone told me I was on the Rich List and I was like, what?|last=Shah|first=Oliver|date=5 July 2015|work=The Sunday Times|access-date=13 February 2019|language=en|issn=0956-1382}}
After graduation, he worked for his father's fashion wholesaler.{{Cite web|url=https://www.pressreader.com/uk/the-sunday-telegraph-money-business/20140420/281500749243309|title=How Nicole Scherzinger helped boost Missguided|website=The Sunday Telegraph|access-date=13 February 2019}}
Career
In 2008, Passi founded Missguided from a factory in Prestwich, Greater Manchester, with a £50,000 loan from his dad, using £3,000 to set up the website and £5,000 to buy stock.{{Cite web |last=Wiggins |first=Kaye |date=26 July 2017 |title=How to make a job move to the UK's north |url=https://www.ft.com/content/20b15744-3be1-11e7-ac89-b01cc67cfeec |access-date=13 February 2019 |website=Financial Times |language=en-GB}} He repaid the loan within 6 months.{{Cite web|url=https://login.thesundaytimes.co.uk/?gotoUrl=https://features.thesundaytimes.co.uk/richlist/view/group6/1/rank/-/-/fashion|title=Login|website=login.thesundaytimes.co.uk|access-date=12 February 2019}}{{dead link|date=February 2022|bot=medic}}{{cbignore|bot=medic}}{{Cite news|url=https://www.telegraph.co.uk/finance/11320590/The-bosses-to-watch-in-2015.html|title=The bosses to watch in 2015|last=Davidson|first=Lauren|date=3 January 2015|access-date=13 February 2019|language=en-GB|issn=0307-1235}}
Passi has said that the launch of the company was originally motivated by recognising the growth of online retail and the fewer fashion options available for younger women.{{Cite web|url=https://www.businessinsider.com/missguideds-2017-accounts-sales-up-75-swings-to-a-loss-2017-12|title=Sales at online millennial fashion retailer Missguided jumped 75% last year|last=UK|first=Oscar Williams-Grut, Business Insider|website=Business Insider|access-date=13 February 2019}}
The company has partnered with a number of celebrities, including Nicole Scherzinger, Sofia Richie & most recently Sean John, and Passi credits the success of the brand to its use of celebrities and its ability to reach consumers via social media networks.{{Cite news|url=https://www.theguardian.com/fashion/2015/apr/07/fast-fashion-online-labels-boohoo-missguided|title=Faster fashion: 'If a trend comes, we need to have it on our site in under a week'|last=Cocozza|first=Paula|date=7 April 2015|work=The Guardian|access-date=13 February 2019|language=en-GB|issn=0261-3077}}
In 2016 and 2017, the brand opened physical retail outlets in Bluewater and Westfield Stratford City.{{Cite web |last=Eley |first=Jonathan |date=5 January 2019 |title=Fast fashion online retailer admits errors as losses balloon |url=https://www.ft.com/content/4a11b9dc-1036-11e9-acdc-4d9976f1533b |access-date=12 February 2019 |website=Financial Times |language=en-GB}}
By 2018, the company revealed it has fallen into the red and was planning to make redundancies.{{Cite web|url=https://www.retailgazette.co.uk/blog/2018/02/dozens-jobs-risk-missguided-suffers-tough-market/|title=Dozens of jobs at risk as Missguided suffers from "tough market"|last=Stevens|first=Ben|date=26 February 2018|website=Retail Gazette|language=en-GB|access-date=12 February 2019}} In 2019, it was announced that Missguided would close its Westfield store.{{Cite web|url=https://www.drapersonline.com/news/missguided-to-close-westfield-store/7034092.article|title=Missguided to close Westfield store|last=Geoghegan|first=Jill|website=Drapers|date=24 January 2019 |language=en|access-date=12 February 2019}}
In 2018, Passi was reprimanded for failing to appear at a Parliamentary Select Committee inquiry into sustainability and sending a colleague in his stead.{{Cite web|url=https://www.retailgazette.co.uk/blog/2018/11/mps-reprimand-missguided-ceo-sustainability-inquiry/|title=MPs reprimand Missguided CEO over sustainability inquiry|last=Stevens|first=Ben|date=26 November 2018|website=Retail Gazette|language=en-GB|access-date=12 February 2019}}{{Cite web|url=https://www.drapersonline.com/news/missguided-boss-under-fire-for-parliamentary-no-show/7033194.article|title=Missguided boss under fire for parliamentary no-show|last=Sutherl|first=23 November 2018By Emily|website=Drapers|date=23 November 2018 |language=en|access-date=13 February 2019}}{{Cite web|url=https://www.parliament.uk/business/committees/committees-a-z/commons-select/environmental-audit-committee/news-parliament-2017/sustainable-fashion--evidence-17-19/|title=Fashion retailers questioned about sustainability – News from Parliament|website=UK Parliament|language=English|access-date=13 February 2019}}{{Cite web|url=https://www.retailsector.co.uk/41767-missguided-boss-slammed-by-mps-for-parliamentary-no-show/|title=Missguided boss slammed by MPs for Parliamentary no-show {{!}} Post|last=Tuahene|first=Shekina|date=26 November 2018|website=Retail Sector|language=en-GB|access-date=13 February 2019}}
In April 2022, Passi stood down as CEO of Missguided.{{Cite web |last=Robinson |first=Jon |date=2022-04-20 |title=Missguided cuts 63 jobs as founder steps down as chief executive |url=https://www.business-live.co.uk/retail-consumer/missguided-cuts-65-jobs-founder-23732124 |access-date=2022-06-01 |website=Business Live |language=en}}
Personal life
Passi once owned a pink Lamborghini and calls himself a "fitness fanatic".{{Cite web|url=http://www.mirror.co.uk/news/uk-news/coolest-office-world-missguideds-new-5735890|title=Missguided HQ could rival Google with floating meeting rooms, DJ booth & 'copter|last=Bell|first=Alex|date=21 May 2015|website=mirror|access-date=13 February 2019}}