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Frasers Group snaps up luxurious clothes web site Matches Style for £52m

Frasers Group has snapped up luxurious clothes web site Matches Style for £52million.

The corporate, which is managed by billionaire Mike Ashley, will purchase Matches from non-public fairness agency Apax Companions, its proprietor since 2017.

It marks an extra enlargement of Ashley’s empire, with Frasers proudly owning retailers together with Sports activities Direct, Home of Fraser and Flannels in addition to Savile Row tailor Gieves & Hawkes and bike store Evans Cycles.

The transfer into luxurious is a part of the ‘elevation’ technique below chief govt Michael Murray (pictured), who’s married to Ashley’s daughter Anna.

Murray stated: ‘It will strengthen Frasers’ luxurious providing, accelerating our mission to offer customers with entry to the world’s finest manufacturers.’

Matches, which sells designer manufacturers akin to Gucci and Valentino, suffered a £33.5million loss final yr.

Its chief govt Nick Beighton stated: ‘Being a part of Frasers, with their utter dedication to luxurious, will give this enterprise the monetary stability it wants.’