The owners of Sports Direct and other major brands, Frasers Group, have purchased Missguided for £20M after the online retailer went into administration.

Frasers Group announced that it had "acquired certain intellectual property" related to the online fashion retailer, Missguided.On Monday, Missguided collapsed and went into administration due to rising inflation, supply chain costs, and weakening consumer confidence.Frasers Group is controlled by Sports Direct's founder, Mike Ashley, and controls several major high-street brands, including: House of Fraser, Game, Jack Wills, Flannels, and 18Montrose.Mr Ashley's son-in-law Michael Murray, the chief executive of Frasers Group, commented:

"We are delighted to secure a long-term future for Missguided, which will benefit from the strength and scale of FG's platform and our operational excellence. Missguided's digital-first approach to the latest trends in women's fashion will bring additional expertise to the wider Frasers Group."After the deal has been finalised, Missguided will continue to be operated by the administrator for approximately eight weeks before it becomes a standalone business within the Frasers Group.It's still unclear how many of Missguided's 330 staff members will be saved due to the recent buyout.

A source has informed The Guardian that as many as 80 people had been made redundant as soon as the company went into administration.Missguided was founded in 2009 by Nitin Passi and the company got into financial troubles last autumn.Prof Dilys Williams, the director of the centre for sustainable fashion at London College of Fashion, commented that: "The culture of being able to buy second hand and it being a great thing is a change in how people are thinking about fashion".The professor argues that Missguided's collapse has exposed the "fragility" of the fast fashion model which the company upheld and is in part responsible for its recent troubles.