Fast fashion outlet Missguided has gone into administration.
Per The Guardian, the online fashion retailer had been in talks for a “rescue bid”, but nothing was secured.
On Monday, administrators from public relations and advisory company Teneo were appointed after suppliers, who are reportedly owed millions of pounds, issued a winding-up petition.
The UK-based outlet first launched in 2009 with its headquarters in Manchester and has expanded across the globe to the USA, Australia and parts of Europe, even launching in the Middle East back in 2019 with its very own Dubai Mall store.
Missguided reportedly now has about 330 employees and administrators are now working to sell the assets of the fashion e-tailer.
There had been talks for fast fashion outlet Boohoo to buy Missguided, as well as JD Sports and ASOS, however nothing was able to be finalised.
According to Teneo, Missguided will still continue to trade as it seeks a buyer.
At present, comments on some of Missguided’s recent Instagram posts have been disabled.
All of this begs the question: what does the future hold for fast fashion?
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Images/Media: Missguided Instagram
