MatchesFashion revenue drops in full year results
MatchesFashion has released its financial results for the year ending 31 January 2022, revealing that the effects of the pandemic were felt throughout the year with customer demand fluctuating around the world.
Revenue for the period dropped 1.1% to £386.6 million, compared to £390.9 million in 2021.
MatchesFashion also shared the following results:
- Retail store revenue was £7.5m
- Online revenue was £376.2m
- UK revenue was £86.1m
Gross profit totalled £127,689, compared to £121,204 the year before.
Adjusted EBITDA was a loss of £23.8 million, against a loss of £17.2 million in 2021.
However, MatchesFashion's performance improved in the second half of the year. H2 margin was positively impacted by the removal of limits on social contact, which saw an increase in demand for occasionwear.
During 2021, the company also said that it worked with a "leading luxury apparel group" to change the way in which five of the brands it represents trade with the business. Rather than a supply arrangement, it has shifted to a concession model.
This change happened in Q4 and was part of a strategic shift to reduce promotions and sell more stock at full-price, whilst maintaining strong levels of sell-through.
The news follows the appointment of Carl Tallents as Chief Commercial Officer at MatchesFashion.