By Shawna Healey
Manchester-based global brand Missguided has seen a £46 million pre-tax loss between 2017 and 2018.
Missguided is an online fashion retailer aiming its garments at women aged 16-35, shipping globally. The company often collocates with celebrities on collections. These celebrities range from American model and activist Amber Rose, model Jourdan Dunn and Youtuber Carli Bybel.
Accounts filed with Companies House have revealed that the company has reported an operating loss of £46m, compared to a 1.6% loss between 2016 and 2017. The company turned over £215.9m, up 4.9%.
In 2016, the fashion retailer opened a brick and mortar store in Westfield, London, and the following year opened a store in Bluewater shopping centre in Kent. Missguided also has two concession stands in Selfridges Manchester and Birmingham.
The Westfield store opened in 2016 and is over 20,000 square feet. Missguided told Drapers in an interview that the shops were “significantly too large” and cost more to run than the revenue they brought in. Founder Nitin Passi told Drapers: “2017/18 was a tough but necessary year for the business.”
Passi told the website that the company has been “rebooted, refocused, and re-energised”. Passi also added that the company is “excited to return to growth in 2o19”.
Missguided is part of the new online fast fashion trend that has seen a rise in cheap, quickly-made clothing, along with other brands such as Pretty Little Thing, Boohoo, and Fashion Nova.