Matches Fashion

Last updated

Matches
FormerlyMatchesFashion (1987-2022)
Industry
Founded1987;38 years ago (1987), in London
Founder Tom Chapman
Ruth Chapman
FateAcquired by Hulcan 2025
Headquarters
London
,
United Kingdom
Number of locations
6
Area served
Worldwide
BrandsMatches
Raey
Parent
Website www.matchesfashion.com (Coming Soon page)

Matches was a global luxury e-commerce platform, Matches offered ready-to-wear, shoes, bags and accessories for womenswear, menswear and lifestyle products. The business operated online and via three stores in London, England.

Contents

On 21 July 2024 owner Frasers Group [1] put it into administration after only two months of ownership.

Following its administration and closure in 2024, Matches was acquired by a new ownership group in December 2025. The intellectual property and brand assets, including its in-house label Raey, were purchased from Frasers Group by a newly formed luxury retail company backed by the founders (Joe Wilkinson & Mario Maher) of the shopping app Mile' [2] '.

History

Tom Chapman and Ruth Chapman opened the first store in Wimbledon Village in 1987, and opened an online store in 2007. [3] In 2012, the Chapmans sold a £20,000,000 stake to venture capital firms to help build its online presence. [4] In 2017, the founders sold the business to private equity firm Apax for an estimated £400 million. [5]

Six months after Ajay Kavan stepped down from his role, [6] Paolo de Cesare became CEO of Matches Fashion in September 2021. [7] After confirming that Nick Beighton would be its new CEO on July 12, 2022, [8] the company received £60m from Apax. [9] to power its turnaround.

On 3 November 2022, it rebranded from Matchesfashion to Matches. [8]

In 2023, Matches saw a revenue drop, but said it has grown its customer base in its UK and US markets and has "improved underlying profitability." [10]

In 2023, Frasers Group acquired Matches Fashion for £52 million from private equity firm Apax Partners. [11]

In 2024, months after Frasers Group acquired Matches Fashion for £52 million, they placed the business into administration and cut over half of staff. [12] Matches CEO Nick Beighton and CFO Dave Murray both left the fashion retailer a week after it entered administration. [13]

See also

References

  1. ↑ Frasers Group to shut down Matches after two months MADELEINE SCHULZ, Vogue Business, March 7, 2024
  2. ↑ https://www.vogue.com/article/matches-to-return-under-new-ownership
  3. ↑ "Matchesfashion.com co-founder: "Leaders must rethink what's possible and deliver meaningful change"". www.managementtoday.co.uk. Retrieved 16 November 2020.
  4. ↑ "Ruth Chapman: 'In fashion, when women talk, men listen. That's an". Evening Standard. 5 September 2013. Retrieved 16 November 2020.
  5. ↑ "Husband and wife bank £400m from sale of Matchesfashion.com". the Guardian. 1 September 2017. Retrieved 27 January 2022.
  6. ↑ Conti, Samantha (1 March 2021). "Ajay Kavan Steps Down as Matchesfashion CEO After One Year". WWD. Retrieved 27 January 2022.
  7. ↑ Socha, Samantha Conti, Miles; Conti, Samantha; Socha, Miles (20 September 2021). "Matchesfashion Picks Paolo de Cesare as CEO". WWD. Retrieved 27 January 2022.{{cite web}}: CS1 maint: multiple names: authors list (link)
  8. 1 2 UK, FashionNetwork com. "Matchesfashion confirms Nick Beighton as its new CEO". FashionNetwork.com. Retrieved 12 November 2023.
  9. ↑ "MATCHESFASHION | Apax Partners". www.apax.com. Retrieved 12 November 2023.
  10. ↑ "Matchesfashion Saw Slight Revenue Drop in 2022". The Business of Fashion. 1 November 2023. Retrieved 12 November 2023.
  11. ↑ O'CONNOR, TAMISON; WILLIAMS, ROBERT (20 December 2023). "Mike Ashley's Frasers Group Buys Matchesfashion". Business of Fashion.
  12. ↑ Butler, Sarah (8 March 2024). "Matchesfashion to enter administration and cut 273 jobs". The Guardian.
  13. ↑ Wright, Georgia (13 March 2024). "Matches CEO and CFO exit following administration - Retail Gazette".

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