Matches Fashion

Last updated

Matches
FormerlyMATCHESFASHION.COM
Industry
Founded1987;37 years ago (1987), in London
Founder Tom Chapman
Ruth Chapman
Defunct21 July 2024;2 months ago (21 July 2024)
FateEntered into administration
Headquarters
London
,
United Kingdom
Number of locations
6
Area served
Worldwide
BrandsMatches
Raey
Parent
Website www.matchesfashion.com

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 21st July 2024 Matches closed its doors for the final time after Frasers Group [1] put it into administration after only two months of ownership.

History

Tom Chapman and Ruth Chapman opened the first store in Wimbledon Village in 1987, and opened an online store in 2007. [2] In 2012, the Chapmans sold a £20,000,000 stake to venture capital firms to help build its online presence. [3] In 2017, the founders sold the business to private equity firm Apax for an estimated £400 million. [4]

Six months after Ajay Kavan stepped down from his role, [5] Paolo de Cesare became CEO of Matches Fashion in September 2021. [6] After confirming that Nick Beighton would be its new CEO on July 12, 2022, [7] the company received £60m from Apax. [8] to power its turnaround.

On 3 November 2022, it rebranded from Matchesfashion to Matches. [7]

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." [9]

In 2023, Frasers Group acquired Matches Fashion for £52 million from private equity firm Apax Partners.Mike Ashley’s Frasers Group Buys Matchesfashion Business of Fashion, TAMISON O'CONNOR and ROBERT WILLIAMS, 20 December 2023</ref>

In 2024, months after Frasers Group acquired Matches Fashion for £52 million, they placed the business into administration and cut over half of staff. [10] Matches CEO Nick Beighton and CFO Dave Murray both left the fashion retailer a week after it entered administration. [11]

See also

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References

  1. ↑ Frasers Group to shut down Matches after two months MADELEINE SCHULZ, Vogue Business, March 7, 2024
  2. ↑ "Matchesfashion.com co-founder: "Leaders must rethink what's possible and deliver meaningful change"". www.managementtoday.co.uk. Retrieved 16 November 2020.
  3. ↑ "Ruth Chapman: 'In fashion, when women talk, men listen. That's an". Evening Standard. 5 September 2013. Retrieved 16 November 2020.
  4. ↑ "Husband and wife bank £400m from sale of Matchesfashion.com". the Guardian. 1 September 2017. Retrieved 27 January 2022.
  5. ↑ Conti, Samantha (1 March 2021). "Ajay Kavan Steps Down as Matchesfashion CEO After One Year". WWD. Retrieved 27 January 2022.
  6. ↑ 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)
  7. 1 2 UK, FashionNetwork com. "Matchesfashion confirms Nick Beighton as its new CEO". FashionNetwork.com. Retrieved 12 November 2023.
  8. ↑ "MATCHESFASHION | Apax Partners". www.apax.com. Retrieved 12 November 2023.
  9. ↑ "Matchesfashion Saw Slight Revenue Drop in 2022". The Business of Fashion. 1 November 2023. Retrieved 12 November 2023.
  10. ↑ Butler, Sarah (8 March 2024). "Matchesfashion to enter administration and cut 273 jobs". The Guardian.
  11. ↑ Wright, Georgia (13 March 2024). "Matches CEO and CFO exit following administration - Retail Gazette".

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