A British private equity firm, Apax Partners has acquired a majority stake in luxury retailer Matches Fashion in a bid to gain advantage of the online penetration of the luxury market.
According to The Guardian, Tom and Ruth Chapman, founders of Matches Fashion, are set to hold onto a stake in the business following the completion of the deal, valued at around £130m.
A statement from the pair said: “We are delighted that Apax Partners have taken a majority stake in the business. After 30 years of growing this business Ruth and I are ready to take on new challenges while remaining shareholders and taking on an advisory role. Our world class team led by CEO, Ulric Jerome and CFO, Fiona Greiner will continue to drive Matches Fashion to becoming the number one luxury fashion commerce company in the world.”
Gabriele Cipparrone, a partner at Apax Partners, said: “We are delighted to have the opportunity to work with Matches Fashion, which has emerged as one of the leading players in the online luxury space globally. Tom and Ruth, along with Ulric and his management team, have done a tremendous job in expanding the business in a sector that continues to demonstrate huge growth potential.
Matches Fashon, with its distinctive assortment, unique voice, and unparalleled customer service, is ideally placed to attract and encourage this growth in the online luxury market.”
The company recently ramped up its content creation with 24,000 sq ft creative media hub.