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Matchesfashion reports widening loss

By Huw Hughes

Nov 4, 2022

Management

Image: Matchesfashion

London-based fashion retailer Matchesfashion has reported widening losses in the year to January 31.

The company posted a loss of 38.6 million pounds compared to a loss of 34.9 million pounds a year earlier, according to filings at Companies House.

It came as revenue decreased slightly by 1 percent to 386.6 million pounds, down from 391 million pounds a year earlier.

Despite the lacklustre results, Nick Beighton, the former Asos boss who was appointed Matchesfashion’s new chief executive in July, remained upbeat on the company’s recovery.

He told WWD that the retailer experienced “healthy double-digit growth” despite ongoing “macro headwinds” in the latest quarter between August to October, but added there is still “an awful lot for us to do”.

Recovery underway

Stand out categories were women’s occasion wear and men’s tailoring as social events were firmly back in full swing compared to a year ago when the business was impacted by Covid restrictions.

Beighton said the retailer is seeing strong growth in the UK and US - two of its key markets.

He added that he is confident the company will return to its former glory in the coming three years.

As part of that strategy, a number of new key hires will be announced soon, he said.

Matchesfashion has revealed a spate of new changes to its top team in recent months, including Frasers Group’s Carl Tallents as chief commercial officer, as well as two Farfetch execs: Stuart Hill was hired as chief operating officer, and Dave Murray as chief financial officer.

“We’re doing that to bring Matchesfashion back to the place it belongs. It means much stronger sales growth over the next three years, a return to the pre-Covid-19 sales level, and a closing of the EBITDA losses,” Beighton told WWD.

He declined to set a target for when the company will reach those pre-pandemic levels.

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