273 staff members at Matches have been made redundant after owner Frasers appointed administrators to the embattled luxury fashion retailer.
Matches previously employed 533 staff across its head office and three stores in London prior to the cuts.
Roles affected by the redundancies include buying, communications, analytics and marketing, Drapers reports.
On 7 March, Teneo was appointed as administrator to Matches after Frasers Group, which only snapped up the business in December, said the retailer “consistently missed its business plan targets and, notwithstanding support from the group, has continued to make material losses”.
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Teneo joint administrator Benji Dymant said: “Like many luxury fashion retailers, Matchesfashion has experienced a sharp decline in demand over the last year, as a result of well-publicised pressures on discretionary spend, stemming from the high inflation and high interest macro environment.
“Since Frasers’ acquisition of Matchesfashion in December 2023 and an injection of additional funding, trading has continued to deteriorate, increasing the funding requirements of the business. This ultimately has resulted in the Directors taking the difficult decision to place the Company into administration.”
It is unclear whether the Mike Ashley controlled group would seek to retain control of the business through a pre-pack deal.
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