Not long after going into administration, it has been reported that Mike Ashley’s Frasers Group has bought Missguided for £20 million.
This will be the group’s first dabble with a fast fashion retailer, a change from their current range of brands, including Jack Wills, Sports Direct, Game & House of Fraser. The company is confident they can bring Missguided back to health with their expertise, but is fast fashion still sustainable?
Is this the end of the road for fast fashion?
For fast fashion, the news has been unforgiving as of late… Missguided went into administration, Love Island ditched their previous sponsor for eBay and celebrities are opting for vintage wares. Are these the temporary effects of the pandemic easing, or are we seeing the demise of fast fashion as quickly as it grew?
Modern living calls for modern change but are fast-fashion retailers being over-optimistic? As we waved goodbye to some of our oldest high street stores, modern retailers were spewing out mass-produced clothing like no tomorrow.
We must ask whether fast fashion is sustainable, not only economically, but environmentally. A bulk of the audiences buying fashion are young, and these younger generations are also the ones leading sustainability movements.
Perhaps Frasers Group will be working to change Missguided’s current model. It seems that if anyone can save a brand from administration peril, it’s Mike Ashley…
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