Scottish Equity Partners (SEP) has completed a £12m growth equity investment in Matches, a leading UK based luxury fashion retailer.
The funding will enable the company to further expand its rapidly growing online sales, with a focus on key international markets, while continuing to invest in its 14 luxury stores across London.
Matches will close 2012 with a turnover of over £50million, with 60% driven by online, a growth of 120% on 2011.
Established in 1990 as a bricks and mortar retailer by Tom and Ruth Chapman, Matchesfashion launched online six years ago and has become a unique luxury fashion retailer, servicing the global market with over 250 international designer labels across womenswear and menswear, with names including Alexander McQueen, Balenciaga, Yves Saint Laurent and Isabel Marant.
The investment was led by SEP partner Andrew Davison, who has joined the company’s board of directors.
He said: “We are delighted to be the company’s first private equity backer and to have the opportunity to support such a talented team. Tom and Ruth Chapman have built Matches Fashion into a highly trusted and iconic brand, and are dedicated to offering their customers the highest quality retail experience. Our investment will enable the company to expand its online operations and cement its position as a leading global fashion business.”
Matches Fashion is the latest addition to SEP’s e-commerce portfolio which also includes Edinburgh based Skyscanner, the world’s most comprehensive flight search company, which was recently listed at No 17 in this year’s Sunday Times Tech Track 100.
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