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The up-and-coming online fashion retailer Missguided is to sell its clothing in high street stores for the first time through a tie-up with US department store chain Nordstrom.
Missguided was founded in 2009 and has emerged as a young rival to online retailers Asos and Boohoo. It was founded by entrepreneur Nitin Passi, who created the online retailer from his bedroom.
In the year to the end of March, sales grew 70pc to £86m, with pre-tax profits rising from £900,000 to £5.5m.
That is below Mr Passi’s ambitious target of hitting £100m of revenues by 2015, but the youth fashion brand is still growing rapidly, thanks in part to a tie-up with pop star Nicole Scherzinger, who designed a range of clothing with Missguided.
The Manchester-based retailer, which has more than 3m registered users, has expanded into the US, Australia and France and will now offer its own-brand clothing in Nordstrom stores in the US through a partnership with the department store chain.
Mr Passi said: “We are thrilled yet again to be celebrating record revenue for the year end. Our huge growth over the past six years indicates that our strategy, rooted in speed, agility and value for consumers, is working.
“Our strategy to date has proven a huge success and we will look to continue to implement and evolve this going forward. We have been able to expand the brand appeal this year through new product collections, and we want to continue to innovate and offer more choice for consumers.”
Mr Passi still owns all of Missguided, which has no debts, and has ruled out the prospect of following online rivals Asos and Boohoo by floating.
Beautiful and sensuous in equal measure, this floral amber scent opens with a delicious medley of crisp, green apples and juicy orange and fresh peach nectar. The heart is a radiant, warm fusion of jasmine and sweet, golden caramel that is. Chosen by Nicole Scherzinger is available in 30, 50 and 100 ml Eau de Parfum. Online on the official website: www.nicolescherzingerperfume.com
With the success of the first launch, Nicole Scherzinger decided to launch new fragrances with different proposals. In 2018 she launched Day and Night. Day: Top notes: Bergamot, Sweet Mandarin, Tangy Cassis, Peach Nectar
Heart notes: Freesia, Rose, Jasmine, Red Berries, Patchouli
Base notes: Sheer Musk, Warm Woods, Amber, Vanilla, Tonka Bean. Night: Top notes:
Mandarin, Elemi and Warm Saffron
Heart notes:
Orris, Rose Petals, Magnolia, Jasmine
Base notes:
Cedar, Patchouli, Amber, Vanilla, Musks Day and Night is available on the official website: www.nicolescherzingerperfume.com
Ben and Luis will take you on a journey through Nicole Scherzinger’s rollercoaster ride of her solo career. Featuring guest appearances from fans around the world to relive the ups, the downs and the missed opportunities of her music career and answer the ultimate question - is Nicole really underrated or did she underachieve? New episode every Sunday!