Matchesfashion news and archive

Matches debt surges beyond estimates to 50 million pounds

Just over a year on from its administration, challenges triggered by Matches’ collapse continue to unravel. According to new documents filed by the company’s administrators, creditors of the former luxury e-tailer are now said to be owed around 49.5 million pounds, surpassing previously cited estimates. In the documents provided by administrator...

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Matches collapse among triggers of Vampire’s Wife demise

Just under a year on from settling what had been significant debt with the UK’s tax office, the Vampire’s Wife ultimately ended up shuttering just last week, with “upheaval in the wholesale market” being cited as the primary reason for ceasing operations. Such a fate was only confirmed by a report by the Guardian, which noted that Matches, a...

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Frasers Group buys back part of Matches' intellectual property

Frasers Group has acquired part of the intellectual property of Matches Fashion Limited, according to a statement from the Sports Direct owner. The deal is notable because earlier this year Frasers placed Matches in receivership and closed the doors of the e-tailer. The press release stressed that only part of the intellectual property has been...

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Matches CEO and CFO reportedly step down following administration

The chief executive officer, Nick Beighton, and chief financial officer, Dave Murray, of Matches are believed to have exited the company days after it fell into administration. Both Beighton and Murray are understood to have been among the 273 job cuts made after the redundancy filing was put into place, according to Drapers. Last week,...

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Matches reportedly cuts 273 jobs following Teneo appointment

Luxury e-tailer Matches – formerly Matchesfashion – is understood to have made 273 of its employees redundant after it appointed restructuring firm Teneo to oversee its administration process. Roles that are said to have been impacted by the move include those in buying, communications, analytics and marketing, according to Drapers, which...

Retail

Matches is for sale a second time in three months

Administrators are actively seeking a buyer for troubled retailer Matches, which recently faced an abrupt closure under the new ownership of Frasers Group. While the brand will continue its operations through its website and three London stores during the search for potential buyers, administrators from Teneo Financial Advisory Ltd. confirmed...

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Frasers Group puts Matchesfashion into administration

Matchesfashion has been placed into administration as the new owner, Frasers Group, battles with discontent from suppliers. The troubled retailer, rebranded to its original name Matches last year, reportedly owes payments to numerous suppliers, prompting an exodus of brands that no longer wish to be stocked on the site. “While Matches’...

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Matches COO departs to take up DHL CEO role

The chief operating officer of Matches, Stuart Hill, has announced his departure from the company, and has now instead taken on the role of chief executive officer for DHL e-commerce UK. The position Hill is stepping into, in which he will succeed Peter Fuller who is retiring after seven years at the helm, comes as the distribution firm looks to...

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Frasers Group acquires Matches for 52 million pounds

Frasers Group has acquired the luxury online fashion retailer Matches for 52 million pounds (66 million dollars). The sale represents a significant loss for Apax Partners, which purchased the business in 2017 during a bidding war when its valuation stood at 800 million dollars. While the exact financial details of Apex Partners' acquisition of...

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Is luxury e-commerce facing a downturn?

Luxury's digital platforms are grappling with significant challenges, marked by financial struggles and strategic shifts. London-based Farfetch, in an effort to avert bankruptcy, has chosen to sell a majority stake to Coupang, often dubbed South Korea's Amazon counterpart. Referred to as an ‘every’ store known more for selling affordable...

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Frasers reportedly eyeing Matches acquisition

Mike Ashley’s retail giant Frasers Group is believed to be mulling a potential purchase of the struggling luxury e-tailer, Matches – formerly Matchesfashion. The conglomerate is reportedly in “detailed negotiations” on a deal that could see it take over Matches “within days”, according to city sources for Sky News. The media outlet said that any...

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Matches reportedly seeking cash injection

Luxury retailer Matches – formerly Matchesfashion – has reportedly appointed the advisory firm Teneo to oversee its efforts to raise equity amid an ongoing turnaround strategy. The company is understood to be targeting a raise of around 50 million pounds, according to Drapers, with the media outlet further noting that “all options are on the...