Frasers Group in £52m swoop for loss-making luxury fashion retailer

Shirebrook-based Frasers Group has made a £52m swoop for luxury fashion retailer Matches.

The deal is part of Frasers’ “elevation strategy” aimed at extending its higher-end offering to consumers

Matches generates the majority of its revenue internationally, with the business delivering to 150 countries outside the UK.

The business has been loss-making in recent years. It ended 31 January 2023 with a loss of £33.5m.

Nick Beighton, CEO of Matches, will stay on with the company, post-acquisition.

Michael Murray, CEO of Frasers, said:”Matches has always been a leader in online luxury retail and has incredible relationships with its brand partners. This acquisition will strengthen Frasers’ luxury offering, further deepening our relationships and accelerating our mission to provide consumers with access to the world’s best brands.

“Whilst the global luxury environment is softer, we are confident that, by leveraging our industry-leading ecosystem, we will unlock synergies and drive profitable growth for Matches.”

Beighton added: “Since I joined Matches last year, we have made good progress, sharpening our brand and product curation and improving the day-to-day operations of the business. As a result, we have seen a resilient trading performance despite the challenging economic backdrop.

“Being part of Frasers, with their utter commitment to luxury, will give this business access to greater scale, best-in-class retail expertise and the financial stability it needs to more effectively deliver for our brand partners and our customers.”