- Missguided’s sales jumped 75% to £205.8 million in the year to March 26. 2017.
- Online fast fashion retailer slips to a loss of £1.6 million after opening its first shops.
LONDON – Missguided, the Manchester-based online fashion retailer, saw sales jump 75% to over £200 million last year.
Accounts filed with Companies House show revenue hit £205.8 million in the year ending March 26, 2017. Online sales in the UK grew by 40%, while digital sales growth was over 100% in the US, France, and Germany and 42.5% of Missguide’s turnover came from international sales.
Despite the sales jump, Missguided slipped from a profit of £381,000 in 2016 to a pre-tax loss of £1.6 million this year.
Missguided blamed the loss on its push into physical retail. The company opened stores in Westfield shopping centre in London and Bluewater shopping centre in Kent during the year. Set up costs meant its retail operation lost £2.4 million.
Missguided manufactures and sells fast fashion items targeted at 20-something women. The company has made a name for itself thanks to its rapid development cycle, meaning it can keep up with the fast-changing fashions of the Instagram generation.
The company was founded by 34-year-old Nitin Passi, an entrepreneur who started the business eight years ago with a loan from his family.
Missguided is one of a number of online fashion retailers that have grown to prominence in the UK in recent years. Others include Boohoo and Scotland’s Quiz. Both of these rivals are listed on the stock market and Missguided has been tipped for a float itself. The Mail on Sunday reported last month that it has been valued at £700 million.
Missguided spent heavily on TV and poster advertising last year and the company said its active customer numbers rose from 1.9 million to 2.8 million as a result.
Employee numbers rose from around 290 to close to 430 during the year. The business is owned by a company registered in the secretive British Virgin Islands, meaning the exact ownership is unclear.
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