Missguided expands overseas in search of growth
is to expand into new markets as it looks to hit £100m turnover within five years.
The fast fashion business, founded in 2009, has built a turnover of £55m in its first five years. Now it plans to almost double that over the next half decade, turning over £100m by March 2015.
New sites will fuel that growth. Already this year Missguided has launched a French language website and is now set to open sites in Germany and Sweden this year. The expansion plans build on its openings in Australia and the US in 2013.
“When I started Missguided, I worked alone for the first six months so to now see the company employ 450 people is incredible,” said Nitin Passi, founder and managing director.
“However in this industry you can’t afford to slow down and we need to continue driving the business to outpace competitors, meet consumers’ needs faster, and constantly look to disrupt the market.
“Our offer is centred around key product at great price points and we will continue to bring this to our customer. There are lots of exciting plans in the pipeline for 2014 and we expect to see significant growth with the new market launches this year and further down the line.”
The company aims to almost double its workforce as part of that growth, with a target of 700 staff by 2015. It is currently hiring into senior positions including a head of HR as well taking on more data and web analysts as it expands.
Manchester-based Missguided sees more than 8m hits a month, while in December orders peaked at 265,000 – 60% up on the same month in the previous year. It says local relationships with UK textiles outfits enable it to turn around fashion inspired by catwalks and streetstyle blogs in days. It boasts a cult following of shoppers who visit the site for style inspiration as well as to shop.