Luxury fashion retailer Matches is closing its website and last two stores in London.
- The website will be shut down on 30 June, following an email notification to customers.
- Two London stores in Marylebone and Wimbledon will close in the upcoming weeks.
- Frasers Group, owner of Matches, placed it into administration three months ago.
- A team of administrators has been appointed following Matches’ financial troubles.
Matches, a well-regarded luxury fashion retailer, is poised to close its online presence by the end of June. This move was communicated to customers through an email, offering a final opportunity to purchase items with an additional 20% discount on selected products for orders over £200.
The closure of Matches’ physical stores in Marylebone and Wimbledon will occur in the weeks following the shutdown of the website. These closures follow the earlier shutdown of Matches’ Mayfair store, part of a series of steps taken due to the company’s entry into administration.
Frasers Group, the parent company, placed Matches into administration in March, merely three months post-acquisition from Apax Partners for £52 million. Following this, Frasers Group acquired the intellectual property of Matches in April, although the transaction excluded the £83 million worth of stock as well as the retailer’s remaining staff.
Prior to administration, Matches had staffed a total of 533 employees across its head office and retail locations in London. Presently, approximately 120 staff members are employed to manage the sale of existing stock, covering crucial operational areas such as finance, trading, customer service, and distribution.
The appointment of Benji Dymant and Julian Heathcote from Teneo Financial Advisory indicates a strategic attempt to navigate the financial difficulties facing Matches. The administration process, a consequence of various financial issues, attempts to safeguard certain assets of the business amidst its declining commercial viability.
Matches’ closure of its website and physical stores marks a significant shift in its operations, reflecting the broader challenges within the luxury fashion retail sector.
