What does it mean for the future of MATCHESFASHION?
Private equity firm Apax Partners has purchased MATCHESFASHION, leading global luxury fashion retailer which operated independently for 30 years. Apax Partners acquired the luxury retailer for $1 billion USD. MATCHESFASHION founders Tom and Ruth Chapman still own minority stakes in the company.
Apax Partners said in a statement: ”We are delighted to have the opportunity to work with what 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. Online penetration of the luxury market is still small and we anticipate this will grow significantly in the coming years. MatchesFashion.com, with its distinctive assortment, unique voice, and unparalleled customer service, is ideally placed to attract and encourage this growth in the online luxury market.”
Tom Chapman stated about the recent acquisition: ”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 MATCHESFASHION.com to becoming the number one luxury fashion commerce company in the world.”
What do you think of this $1 Billion USD acquisition? Let us know in the comments below.