Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Frasers calls time on MATCHES just two months after paying £52m for the online retailer

Published 08/03/2024, 07:22
Updated 08/03/2024, 08:11
© Reuters Frasers calls time on MATCHES just two months after paying £52m for the online retailer

Proactive Investors - Frasers Group PLC has placed online fashion retailer MATCHES into administration just two months after paying £52 million for the business.

Despite initial ambitions to enhance its luxury segment presence through this acquisition, the Sports Direct (LON:FRAS) owner said the business 'consistently failed' to meet its targets, resulting in 'material' financial losses.

It was deemed that too 'much change' would be required to put MATCHES on a more solid footing requiring funding 'far in excess of amounts that the group considers to be viable'.

Frasers bought the company, which sells products of around 450 designers to the international market, back in December.

Read more on Proactive Investors UK

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.