Mike Ashley’s Frasers Group buys Missguided out of control in £20m deal | Business Newsletter

The Frasers Corporation, the shopping empire founded by Mike Ashley that owns House of Fraser and Sports Direct, has come to save Missguided from collapse.

The company has acquired the attractive online retailer for £20 million.

Frasers Group purchased all relevant intellectual property of the womenswear brand after Missguided appointed Teneo on Monday to lead it through management.

Its clothing suppliers are still millions of pounds in debt.

Michael Murray, owner of Frasers Group and son-in-law of Mr Ashley, said: “We are delighted to secure a long-term future for Missguided, which will benefit from the strength and scale of the platform. FG platform as well as our operational excellence. “

He added: “Missguided’s digital-first approach to the latest trends in women’s fashion will bring additional expertise to the broader Frasers Group.”