Luxury e-commerce retailer Matchesfashion has reported a £5.9 million loss for the fiscal year ending 31 January 2020.
The company attributed the loss due to investments in operations, technology and infrastructure, but revenue growth also appeared to slow.
Sales reached £430.5 million in 2019, a 16% year-on-year increase compared to 27% in 2018 and 44% in 2017.
In 2019, Matchesfashion CEO Ulric Jerome departed the multi-channel retailer after six years, having joined the business in 2013 as Chief Operating Officer and taking up the role of CEO two years later as founders Tom and Ruth Chapman became chairpeople.
A statement published with the report reads: “Since the year end the group has strengthened the management team with the appointment of new CEO Ajay Kavan and created the new role of Chief Strategy Officer to continue to drive the successful growth of the business.
“In March 2020, the group launched its Tech hub Here West in Bristol to ensure we continue to innovate and scale with the best technology talent.
“Our priority in dealing with the exceptional challenges posed by COVID-19 is to ensure the safety of out customers and colleagues, support our suppliers and maintain the ability to fulfil our customer orders.
“In the first three weeks of the crisis, order demand was significantly down but has since recovered and since early April order demand has continued to improve week on week. Our physical stores in London have been closed since 23 March 2020 and planned brand and customer events have been cancelled.”