Asda billionaire quits role at Vinted rival
Billionaire Mohsin Issa, who co-owns supermarket giant Asda, has stepped down as a director of a second-hand fashion startup he backed.
The businessman is a major investor in online platform Loopi alongside Victoria Price through Boulder Investco – a fund which supports startups in the UK.
Launched in the UK in January, Loopi was co-founded by Carl and Katie Walker, Sarah Dean and Sam Hunter.
First set up towards the end of 2019, Mohsin Issa became a director of the company behind Loopi in September last year.
However, Issa stepped down from his position in recent days, according to a new filing with Companies House.
Other backers of Loopi include Greentribe Capital, One Planet Capital and the company’s co-founders.
Issa stepped down from his executive leadership role at Asda in September 2024.
He co-owns the supermarket giant alongside TDR Capital, which holds a majority stake, with 10 per cent belonging to Walmart.
Asda backer’s mixed fortunes
Morning Wire reported in September that profit at Issa’s property empire spiked to a new record in 2024.
Monte Blackburn was set up by brothers Mohsin and Zuber Issa in 2016 and has a number of property interests across the North West of England.
Accounts filed with Companies House for their property business show its pre-tax profit jumped from £13.9m to £60.2m during its latest financial year.
Over the same period, the firm’s turnover also increased from £12.3m to £15.9m.
In the summer, it was also revealed that Asda slumped back into the red after losing almost £600m in 2024 despite its total sales rising by more than £1bn.
The Leeds-headquartered supermarket giant posted a pre-tax loss of £599m for its latest financial year, having reported a pre-tax profit of £180.3m for 2023.
The profit in 2023 came after Asda made a pre-tax loss of £432m in the prior 12 months.
Revenue increased over the same period from £25.6bn to £26.8bn. Excluding fuel, Asda’s sales fell from £21.9bn to £21.7bn.