Nitin Passi: who is Balr.'s new owner?

Fashion brand Balr. has a new owner. The brand hasn't gone to a Dutch party, but has found a new home with Dubai-based Sumwon Studios. Behind this company is the entrepreneur who founded the British brand Missguided. Here's what else you need to know about Nitin Passi.

Missguided

Nitin Passi is probably best known for his fashion brand Missguided. He launched the brand in 2009, and it quickly became a well-known player in the UK and beyond.

In 2021, there were rumours that Passi wanted to sell a stake in Missguided to accelerate its “global growth”. “We’ve lasted twelve years without raising any money,” Passi told The Mail on Sunday at the time. He indicated that there had been some problems at Missguided, “but the magic is back”. Therefore, they were seeking additional capital for growth plans.

News of such an acquisition failed to materialise. What did follow was Passi stepping down from his “day-to-day duties” at Missguided in April 2022. One month later, the brand filed for administration. Two months after entering administration, British fashion group Frasers Group offered a lifeline. Passi subsequently returned to Missguided as CEO.

Missguided did not remain under Frasers Group's wing for long. The British group sold Missguided's intellectual property to Chinese giant Shein in 2023. At the time, it was reported that Passi would house the licence for Missguided within Sumwon Studios, a joint venture between Passi and Shein.

Sumwon Studios

Sumwon Studios was established in 2023 as part of the Missguided acquisition deal. Sumwon Studios has evolved from simply being a licensee for Missguided into a fashion group. The company has acquired licences for KIzn, Airz and Playboy.

The press release announcing the acquisition of Balr. revealed that Sumwon Studios is pursuing a “buy and build” strategy. It has its sights set on brands “at the centre of pop culture that operate a direct-to-consumer business model and employ digital storytelling”.

Thanks to its connection with Shein, Sumwon Studios claims to have access to “the most advanced on-demand production chain”, enabling it to scale up digital-first brands faster and more efficiently.

This article was translated to English using an AI tool.

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