Matches, a luxury fashion retailer, is scheduled to shut down its online presence and remaining physical stores by 30 June.
- Customers have been informed via email about the website closure, offering an extra 20% off on certain items with specific conditions.
- This move follows Frasers Group’s acquisition of Matches, which was placed into administration earlier this year.
- The closure affects stores in Marylebone and Wimbledon, with Mayfair already shuttered last month.
- A significant reduction in staff numbers has occurred, with only around 120 employees remaining to manage existing stock.
Matches, a renowned name in luxury fashion, will be closing its website and last two stores in Marylebone and Wimbledon. This decision, communicated to customers through email, includes an enticing offer of an extra 20% discount on selected items, provided the purchase exceeds £200.
The retailer had already closed its Mayfair location in the previous month, and the remaining stores are to follow shortly. This closure is a direct consequence of its administration status, which commenced less than three months after Frasers Group acquired Matches from Apax Partners for £52 million.
Frasers Group’s acquisition did not cover Matches’ £83 million in stock or the future of its workforce. The intellectual property of Matches was also purchased by Frasers Group on 29 April for an undisclosed sum, leaving its operational assets out of the deal.
Before these changes, Matches employed 533 staff members across its headquarters and stores in London. Following recent developments, only about 120 employees remain, engaging in the task of selling the existing inventory across various departments such as finance, trading, customer service, distribution, and store operations.
Matches’ transition marks a significant shift in its business operations under the Frasers Group ownership.
