Fast fashion upstart sinks to £1m loss

FASHION retailer Missguided has been plunged into the red after shelling out £2.4m to open its first stores on the high street. The heavy losses may cast doubt on its decision to begin investing in stores after initially only selling clothes online. Companies House accounts show Manchester-based Missguided lost £1.5m in the year to March 26, down from a profit of £381,000 a year earlier.

Missguided, which sells clothes aimed at 16 to 35- year- old women, opened its first stores during the year in London and Kent. It also used the £2.4m to invest in advertising its collaborations with the 89-year-old internet star Baddie Winkle and model Jourdan Dunn.

Despite the loss, Missguided’s sales soared 75pc, with much of its growth coming from international sales. Missguided is run by 35-year-old Nitin Passi, who founded it eight years ago, using money loaned from his family.