While cash-strapped e-tailers Farfetch and Matches narrowly avoided collapse this week, both inking sales to new owners, online luxury’s way forward remains unclear.
The sale sees owner Apax Partners take a heavy loss on the British e-tailer, recently rebranded simply Matches, amid a broader meltdown in the luxury e-commerce space.
Amid a spending slowdown and steep competition, the UK fast-fashion players including Asos and Frasers Group are selling off struggling brands.
Frasers said on Monday, Shein will acquire the intellectual property and trademarks of Missguided, while Frasers will retain its real estate and employees which have now been integrated into Frasers’ fashion division.
The acquisition of Gieves & Hawkes, a 250 year-old brand, will secure its long-term future, said Frasers chief executive officer Michael Murray, Ashley’s son-in-law, who took over the reins in May.