Matchesfashion.com posts sales up 61%

Luxury multichannel retailer Matchesfashion.com has posted a 61% rise in revenue in the 2016 financial year.

The UK-based business posted revenues of £204m and an EBITDA that increased nearly six-fold to £19m, according to WWD.

An increase in average order value of 14% to £511 and a host of tech and service initiatives, including 90-minute deliveries, helped drive growth the company said.

Tom Chapman who founded the business with wife Ruth as a boutique in Wimbledon 30 years ago said: "We have focused on building the foundations — of people, operations and technology — to enable future growth, with a focus on driving an agile business at scale. We are now starting to deliver the return on the investment."

CEO Ulrich Jerome said internet penetration in the luxury market was still very low so the opportunity to grow further was "massive".

Matchesfashion.com operates its website, including a fully translated French version, and five London stores (in Wimbledon, Richmond-upon-Thames, Marylebone and Notting Hill). It also has its own label Raey and has plans to open a dedicated store for the label this year. Across its stores and website it stocks around 400 established and emerging luxury brands, including Alexander McQueen, Stella McCartney, Gucci and Saint Laurent.