Friday 27 May 2022 07:19 PM Is this the end for fast fashion? Missguided becomes latest online clothes ... trends now
Fast fashion has been dealt its latest blow with retail giant Missguided teetering on the brink of collapse after the industry was slammed for its 'slavery' production lines and huge environmental waste.
The online fashion brand is understood to be lining up administrators from Teneo for a potential insolvency process after police were called to their Manchester headquarters this week.
On May 10, a winding-up petition was issued against Missguided by clothing supplier JKS Fashions. Creditors have applied for compulsory liquidation and a Manchester court is due to hear the case in July.
Three suppliers for Missguided warned they are at risk of going bankrupt due to outstanding payments.
Fast fashion brands have been in the spotlight for many controversies since the Covid-19 pandemic, and have also faced profit slumps.
Boohoo, a rival of Missguided, saw their shares plunge by £1.3billion in July 2020 after Priti Patel asked the National Crime Agency to investigate the fast fashion chain over claims they were using an alleged £3.50-an-hour sweatshop in Leicester to product cheap clothing during the pandemic.
The Home Secretary stepped in to probe the issues amid claims the factories were operating without social distancing measures in place with workers not all wearing masks.
Ms Patel called the allegations 'truly appalling' and vowed to clamp down on modern slavery in Britain.
The clothing produced by the fast fashion industry also produces more than 92 million tonnes of waste a year, and consumes around 1.5trillion tonnes of water annually.
A study found that fast fashion is helping to kill the planet, and British shoppers were at the forefront of the waste with more garments bought per person per year in the UK than anywhere else in Europe with an astonishing 59 lbs worth in weight.
Developing countries bear most of the brunt of this excess waste.
Fast fashion brand Missguided is teetering on the brink of collapse after suppliers turned up at their Manchester offices demanding overdue payments to be made earlier this week. Pictured, Sophia Richie modelling her collection with Missguided in 2019
The UK's waste is more than double the global average of 29 lbs — and almost twice as much as fashion-conscious Italian consumers, who purchase an average of 32 lbs each. Germans are the second most wasteful, buying 37 lbs per person.
Suppliers turned up at Missguided's