What: Frasers Group has acquired Matches in a GBP 52 million cash deal from its private equity owner Apax.

Why it is important: The acquisition marks a significant move in the luxury retail sector and is poised to provide Matches with the scale, expertise, and financial stability to thrive.

The acquisition aims to bolster Frasers' luxury offering and enhance its relationships with brand partners. Matches CEO Nick Beighton will collaborate with Frasers to strategize the business's future. The sale represents a setback for Apax, which struggled to drive commercial success at Matches. Beighton, with a background at Asos, was appointed to lead Matches, focusing on refining brand curation and operational efficiency. Despite a dip in sales and widened losses in the fiscal year ending January 31, 2023, the business remained resilient under Beighton's leadership.

Frasers Group acquires Matches