Frasers Group has bought online retailer Matches Fashion in a deal worth £52 million after the firm has making losses of £33.5 million in the year to 31 January.
Frasers chief executive Michael Murray who is Mike Ashley’s son-in-law 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.”
Matches is run by former Asos chief Nick Beighton, he said, “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.”