Frasers Group plans to revive Matches as exclusive members' club
Frasers Group is planning a controversial post-administration pivot for Matches. The conglomerate, which purchased the brand and its intellectual property last year, has set out to relaunch the cult-favourite luxury retailer as an exclusive members' club, pitching it as the "Soho House of retail".
An internal pitch deck obtained by The Times reveals that Frasers Group, owner of Sports Direct, Flannels and House of Fraser, intends to revive Matches as a members-only luxury fashion and lifestyle concept.
The move comes just months after Frasers placed Matches into administration, shedding around £50 million in unsecured debts owed to brands, suppliers and other creditors.
According to the pitch deck, the 'new' Matches will offer curated member services such as personalised shopping, early access to limited-edition pieces, luxury gifts and invitation-only events hosted in London. Membership will reportedly be curated by a committee of founder members and "global tastemakers", in a format reminiscent of high-profile private clubs like Soho House and The Arts Club.
The proposed relaunch, targeting the end of 2025, is being spearheaded by Frasers’ Chief Brand Partnerships Officer David Epstein and former Matches Womenswear Director Leanne Wiggins. Womenswear will form the initial focus, with a planned expansion into menswear and international markets to follow.
Plans are understood to include reopening Matches’ former London flagship locations on Welbeck Street and Carlos Place, though these details remain subject to change as the project develops.
The revival strategy is already drawing interest from some luxury labels, though others remain wary given the fallout from the original administration.
Matches was founded 35 years ago by Tom and Ruth Chapman, a husband and wife team with impeccable taste and an obsessive attention to detail. The Chapmans extended their retail empire from Wimbledon to other well-heeled London neighbourhoods, such as Richmond upon Thames, Notting Hill, Marylebone and Mayfair. At one point, they even operated stores in London for global brands such as Diane Von Furstenberg and Max Mara, such was their strategic importance. The retailer entered the world of e-commerce in 2007, with its stock selling out in a matter of days.
Matches was purchased by private equity house Apax in 2017 in a deal that reportedly valued it at a cool $1 billion. That's really when the trouble began. By 2023, Frasers Group acquired the dwindling business paying just £52 million, a significant discount on the price paid by Apax.
In March 2023, Frasers appointed Teneo as administrator after continuing losses and several brands terminating their relationships. By April, Frasers Group repurchased "certain intellectual property assets" of luxury retailer Matches, but not its stock, just two months after placing it into administration.
But following a disappointing Christmas trading period, Frasers placed Matches into administration in early 2024, then repurchased the brand name and IP for £19 million in a controversial pre-pack deal. The deal excluded Matches’ £80 million of stock and left its 250 employees without jobs.
Last month, documents came to light that revealed unsecured creditors - including luxury houses Burberry, Gucci and Prada - are now collectively owed close to £50 million, significantly more than initially estimated. However, as secured creditors, Frasers is expected to recoup the £94.4 million it is owed.
