British brand Missguided has $130 million in sales and is set to take over the US
Adam Rifkin stashed this in Brands!
Nicole Scherzinger is a model for UK Brand Missguided.
Stashed in: Couture
The brand got its start back in 2008 after founder Passi had been living and working in the New York fashion industry with his father.
“I lived there for two years, and got kind of a grounding in the fashion business — everything from design, traveling the world with designers, to production, spending a lot of time out in China and selling as well,” he told Fashionista in a 2014 interview.
After returning to London, Passi decided it was time to start his own fashion-based company. Basing his model loosely on other online retailers, he got a loan from his father for £50,000 or just under $80,000 to start his own e-commerce site and launched Missguided in 2009 in a 100-square-foot room in Manchester.
Missguided has over 1,000 dresses that it's currently selling online.
Six years later, the brand now has 210 employees and compares itself to Zara or ASOS when it comes to bringing consumers fast fashion. With daily new collections and as many as 200 new products every week, Passi said that the quick turnaround keeps 30% of consumers coming back daily to see the new designs.
“We are not fast fashion, we are rapid fashion,” Passi told the Financial Times. “We are bringing in collections every day. […] We are already asking how can we do it several times a day?”