Apax to buy majority stake in Matchesfashion.com
Funds advised by Apax Partners have entered into an agreement to buy a majority stake in luxury fashion retailer Matchesfashion.com.
Following the acquisition, Matchesfashion.com founders Tom and Ruth Chapman will retain minority stakes in the business alongside existing venture capital backers Scottish Equity Partners and Highland Europe. The transaction is expected to close in the fourth quarter of 2017.
Gabriele Cipparrone, a partner at Apax Partners, said: “We are delighted to have the opportunity to work with Matchesfashion.com, 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.”
Cipparrone said online penetration of the luxury market is still small but is expected to grow significantly in the coming years. She added: “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.”
Founded in 1987 Matchesfashion.com offers fashion items from a range of over 450 established and emerging designers and delivers to 176 countries. With headquarters in London, the company employs over 500 people.
Tom Chapman said: “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 chief executive Ulric Jerome and chief financial officer Fiona Greiner will continue to drive Matchesdashion.com to becoming the number one luxury fashion commerce company in the world.”
