The British retail group Frasers Group Plc has continued its shopping spree. On Wednesday, the group, which includes the Sports Direct, House of Fraser and Flannels chains, announced the acquisition of the online fashion retailer Matches.
As part of the transaction, Frasers will take over all shares and liabilities of a group of six individual companies. These previously belonged to the company MF Intermediate Limited, which is backed by funds from the investment house Apax Partners. Frasers put the purchase price at a total of around 52 million British pounds (60 million euros).
With the purchase, the group wants to strengthen its presence in the luxury fashion sector
The aim of the acquisition is to further expand the Frasers Group’s offering in the luxury segment as part of its current strategy, according to a statement. The group has already “established a strong presence” in this area with its Flannels retail chain.
According to the designated owner, Matches CEO Nick Beighton will work closely with the Frasers teams in the future to develop a strategy for Matches that builds on the “fundamental strengths” of the recently loss-making online retailer. In addition, synergy effects with the future parent company should be used as quickly as possible.
The Frasers Group has significantly expanded its portfolio in recent years by purchasing numerous companies from the fashion and retail industries. According to its own information, the company is currently also interested in acquiring the insolvent German retail chain SportScheck.