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.
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 12 July 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
External links
References
- Frasers Group to shut down Matches after two months MADELEINE SCHULZ, Vogue Business, March 7, 2024^
- https://www.vogue.com/article/matches-to-return-under-new-ownership^
- Matchesfashion.com co-founder: "Leaders must rethink what's possible and deliver meaningful change" www.managementtoday.co.uk, retrieved 2020-11-16^
- Ruth Chapman: 'In fashion, when women talk, men listen. That's an Evening Standard, 2013-09-05, retrieved 2020-11-16^
- Husband and wife bank £400m from sale of Matchesfashion.com the Guardian, 2017-09-01, retrieved 2022-01-27^
- Samantha Conti. Ajay Kavan Steps Down as Matchesfashion CEO After One Year WWD, 2021-03-01, retrieved 2022-01-27^
- Samantha Conti, Miles Socha, Samantha Conti, Miles Socha. Matchesfashion Picks Paolo de Cesare as CEO WWD, 2021-09-20, retrieved 2022-01-27^
- FashionNetwork com UK. Matchesfashion confirms Nick Beighton as its new CEO FashionNetwork.com, retrieved 2023-11-12^
- MATCHESFASHION www.apax.com, retrieved 2023-11-12^
- Matchesfashion Saw Slight Revenue Drop in 2022 The Business of Fashion, 2023-11-01, retrieved 2023-11-12^
- TAMISON O'CONNOR. Mike Ashley's Frasers Group Buys Matchesfashion Business of Fashion, 2023-12-20^
- Sarah Butler. Matchesfashion to enter administration and cut 273 jobs The Guardian, 8 March 2024^
- Georgia Wright. Matches CEO and CFO exit following administration - Retail Gazette 13 March 2024^