If you are in the UK, you can find out how to contact Missguided Live Chat Jobs. It is a retail brand which has been battling to turn a profit over the past few years. Its retail trading environment in the UK remains difficult and its suppliers have warned that it faces the threat of going under. The retail industry is a tough one and Missguided is no exception.
Missguided has struggled to make a profit
The company’s sales have been sluggish over recent months, despite its fast growth. The company has also faced a string of negative headlines, including allegations that it has been selling ‘hunger-busting pills’. In March last year, it reported PS287m in revenue, but this figure has since dropped to PS170m after a drop in profit. The company’s supply chain issues and difficulty competing with high street retailers have been among the causes of the firm’s decline in profitability. This has led to the resignation of its chief executive, Nitin Passi, and the appointment of consultancy Teneo to find a buyer for Missguided.
The company was once a British success story, but it has failed to maintain the momentum it had earlier in the decade. Boohoo and Shein have emerged as more powerful competitors. With their low prices and lack of high-profile celebrity collaborations, Missguided’s performance in the UK fast fashion market has declined further than most of its competitors.
Its retail trading environment in the UK remains challenging
Missguided’s administration follows a prolonged period of uncertainty for the company. The company has failed to find a buyer and has appointed administrators Teneo Financial Advisory to oversee the process. The retailer’s supplier JSK Fashions has issued a winding up order, claiming the retailer owes it millions of pounds. Teneo managing director Gavin Maher said the retail trading environment remains difficult in the UK.
In April, the fast fashion group announced it was looking for a buyer, and Nitin Passi, the company’s former CEO, resigned from his role. The company has struggled in recent years due to rising supply chain challenges, inflationary pressures, and a lack of consumer confidence. Last week, rival fast fashion brand Boohoo emerged as a leading candidate, and major UK retailers have also expressed interest in the company.
The company’s founder Nitin Passi set up the business with a PS50,000 loan from his father, who had previously founded a major high street supplier, By Design. The business grew rapidly during the pandemic, but has struggled since the cost of living crisis and the return of physical stores. It was only last autumn that the business was saved by a company called Alteri, which is backed by Apollo.
Its suppliers have warned they are at risk of going under
The company’s advisers have been preparing to file for bankruptcy as soon as Monday and this will stop its creditors taking legal action and winding up the company. However, a supplier has warned they are worried about the possibility of a pre-pack administration, in which Missguided will sell off all its assets before it goes into administration. This would leave suppliers with nothing.
The decision to close down Missguided has already cost hundreds of factory workers their jobs. Many garment manufacturers have been unable to find new work and are struggling to make ends meet. Some suppliers have filed a formal complaint with the Insolvency Service and are considering legal action.
Despite its continued success, the fashion brand has had trouble making a profit in recent years. In April, Nitin Passi, the founder of Missguided, announced he would step down as the company’s chief executive. The online fashion giant has been struggling with supply chain problems, cost inflation and weak demand. Its profits have fallen and Chinese retailers have begun to dominate the market through undercutting their competitors.
How to contact Missguided Live Chat
Missguided is a British fashion label that has gained huge popularity in the US with forward-looking fashions. These styles showcase a person’s bold personality, creativity, and confidence. The brand takes inspiration from street style and social media and has thousands of new items available every week. You can find the latest fashions for a fraction of the price on Missguided.
Live Chat is available at specific hours. You must log in to your Missguided account to avail the service. Click on the “Live Chat” icon at the bottom of the help page to open a small chat box. The operators will answer your queries and assist you in selecting the perfect product for your wardrobe.
When you want to return an item, the company has a refund policy. You can pay in instalments over six weeks or cancel it completely. However, it may take a while for your application to be processed. And it’s unlikely that you’ll get the full amount back. In some cases, you might receive a partial refund if you’ve already purchased the item.