High-end online clothing platform Matches is to enter administration, marking a significant decline less than three months after its acquisition by Mike Ashley-owned Frasers Group. Frasers Group, in its bid to diversify and improve its portfolio, acquired struggling Matches for £52 million (approximately $66.5 million) in December with revitalization intentions.
Despite these efforts, the losses suffered by Matches have proven unsustainable for Frasers Group. Restructuring challenges and heavy financial demands for turnaround efforts have led Matches directors to opt for administration, highlighting the difficulties in saving the luxury fashion platform, Frasers Group said in a press release. .
Less than three months after being acquired by British retailer Frasers Group, luxury clothing platform Matches is entering administration due to unsustainable losses. Frasers Group's attempt to revitalize the £52 million (approximately $66.5 million) purchase faced significant restructuring challenges, leading to the administration decision.
Fiber2Fashion News Desk (DP)
