Luxury fashion retailer Matches is closing its website and remaining stores after being placed into administration by Frasers Group three months ago.
- The website will cease operations at midnight on 30 June, with a remaining stock clearance sale ongoing.
- Stores in Marylebone and Wimbledon are also closing following the shutdown of the Mayfair location last month.
- Matches was acquired by Frasers Group in March for £52 million, excluding its £83 million worth of stock and staff.
- Despite retaining some staff to handle the final sales, the company’s future remains uncertain as its intellectual property has been acquired by Frasers.
Luxury fashion retailer Matches will soon close both its online and physical retail operations, as it is set to shut down its website at midnight on 30 June. An additional 20% discount on selected items for a minimum spend of £200 is currently being offered in a final effort to clear remaining stock.
Following the closure of its Mayfair store in late May, Matches’ two other London stores, situated in Marylebone and Wimbledon, will also shut down in the coming weeks. This marks the final chapter of the retailer’s public-facing operations, initiated by its entry into administration on 8 March.
The administration process, overseen by Benji Dymant and Julian Heathcote of Teneo Financial Advisory, started shortly after the acquisition of Matches by Frasers Group from Apax Partners for a sum of £52 million. Notably, this acquisition did not include £83 million worth of the retailer’s stock or its staff members.
Before entering administration, Matches employed 533 staff across its head office and stores in London. As of May, approximately 120 of these employees remain engaged in the selling of remaining inventory, spanning roles in finance, trading, customer service, and distribution.
Frasers Group has since procured Matches’ intellectual property for an undisclosed amount, further complicating the retailer’s position. With the stores closing and the website ceasing operations, the future trajectory of Matches remains uncertain, pending any strategic decisions by Frasers Group regarding the acquired intellectual property.
The future of Matches remains uncertain as it closes its doors and online platform, while its intellectual property lies in the hands of Frasers Group.
