Matchesfashion Sells for $63 Million USD, Marking Heavy Loss for Apax Partners

On Wednesday, luxury e-tailer Matches (formerly Matchesfashion) sold to Frasers Group, a retail conglomerate owned by Mike Ashley, for just £52 million GBP ($63 million USD), according to Business of Fashion. The sale marks a significant loss for Matches' private equity backer Apax Partners, which purchased the company at a reported $1 billion USD valuation in 2017.Frasers, which already owns British stores including Sports Direct and House of Fraser, has invested a sizable sum in Matches' Flan...