Luxury online fashion retailer Matches Fashion has been acquired by Frasers Group. The deal was value around 60 million euros. With this acquisition, the Group desires to strengthen its luxury offering.
In October, the Frasers Group announced that it had sold Missguided to Shein. Frasers said that it desired to deal with fewer brands. Plainly, as a substitute, it’s specializing in more luxury brands.
Matches Fashion was loss making
Matches Fashion is a web based platform for luxury brands for men and girls. It sells products from over 450 designers in 150 countries, outside the UK. The platform has been loss making, recently. At the top of its last financial 12 months, in January 2023, its adjusted LBITDA was a lack of 38.6 million euros (33.5 million British kilos).
‘The deal is value around 60 million euros.’
Matches was bought by private equity firm Apax Partners in 2017. Frasers is now paying around 60 million euros (roughly 52 million British kilos) for the platform. Matches’ current CEO, Nick Beighton, will proceed working with the corporate, to construct a method to successfully develop the brand further.
Strengthening luxury offering
At the identical time, Frasers desires to strengthen its own luxury offering through this acquisition. It already has its own luxury brand, called Flannels. In line with the corporate, the brand has already generated a powerful presence in the luxurious market.
‘By leveraging our ecosystem, we are going to drive profitable growth for Matches.’
“This acquisition will strengthen Frasers’ luxury offering, further deepening our relationships and accelerating our mission to supply consumers with access to the world’s best brands. Whilst the worldwide luxury environment is softer, we’re confident that, by leveraging our industry-leading ecosystem, we are going to unlock synergies and drive profitable growth for Matches”, said Michael Murray, CEO of Frasers.
