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Missguided continues growth strategy but founder rules out float

Young fashion etailer Missguided is aiming to almost double its sales to £150m for the year to next March, as sales this year increased to £86m.

The company increased sales by 70% to £86m in the year to March, and profits were £5.5m compared with £900,000 in 2014.

But founder Nitin Passi dismissed the idea of floating the company in the near future, choosing to reinvest in the business for further growth, according to an interview in the Mail on Sunday.

He also said the company will open a new office in Salford Quays, Manchester, for 180 head office staff.

Passi said 95% of the ranges are designed in house, while between 50% to 60% comes from UK factories.

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