Matchesfashion plummets to £5.9m loss

Matchesfashion plummets to £5.9m loss
Matchesfashion cited investment in operations, technology and infrastructure as the main reason behind the slump in profits.
// Matchesfashion records £5.9m loss for the financial year ending January 31, 2020
// This compares to a profit of £800,000 in the previous financial year
// Full year revenue increased 15.8% year-on-year to £430m

Matchesfashion has recorded a loss of almost £6 million, attributing it to investment schemes during the year before the pandemic gripped the UK and much of the world.

According to accounts filed at Companies House this week, the fashion retailer booked a £5.9 million loss for the financial year ending January 31, 2020.

This compares to a profit of £800,000 in the previous financial year.


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On the other hand, EBITDA plunged to £4.5 million compared to £14.7 million the year prior.

Matchesfashion cited investment in operations, technology and infrastructure as the main reason behind the slump in profits.

Meanwhile, the retailer said full year revenue increased 15.8 per cent year-on-year to £430 million.

It is not yet known how the Covid pandemic has impacted Matchesfashion’s performance in the current financial year, which ends at the end of this month.

Nonetheless, the current financial year has seen it undergo a change of leadership, with Ajay Kavan joining as chief executive in March, replacing Ulric Jerome

In September, Sean Glithero was appointed chief financial officer, while Jason Weston became chief operating officer, replacing Tom Athron.

In the latter months of the year, Elizabeth von der Goltz was hired for the newly-created role of chief commercial officer – effective from next month – and Natalie Kingham was appointed to the newly-created role of global fashion officer.

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