Matchesfashion.com delivers another strong year of growth
SEP backed MATCHESFASHION.COM, the global luxury-shopping destination for men and women, experienced another strong year of growth in 2017 with revenue up 44% year on year to stand at £293 million. EBITDA was up 34% (from £19 million to £26 million) driven by international growth.
Technology has enabled the business to scale internationally, enhance the customer experience and power social innovation such as the launch of The Style Daily and The Style Social, delivering unique daily content to users. 82% of online business is now generated outside of the UK and sales in the US have increased by 54%. Average order value is now £542.
The success of the app last year led to more than half of online business being conducted via mobile. 2017 also saw the launch of two local-language websites in French and Korean and, in October, funds advised by Apax Partners acquired a majority stake in the company.
Ulric Jerome, CEO, said: “Our mission is to create the most personal luxury shopping experience in the world, underpinned by insight, technology and our unique fashion point of view. The luxury customer is driven by discovery and our aim at MATCHESFASHION.COM is to inspire loyalty by constantly innovating and partnering with the best brands. We call it ‘luxury rewired’ and we’re investing at scale to meet these evolving customer needs.”
He continued: “The global online luxury market is seeing strong growth but penetration is still very low, so the opportunity is huge. We continue to accelerate profitable growth in our international markets and we see that momentum continuing throughout 2018.”
The Hong Kong office has tripled in size and in April MATCHESFASHION.COM launched a state-of-the-art creative studio in East London. This summer a new 500,000 square ft global distribution centre will open in London followed by a five-story townhouse residence in Mayfair, 5 Carlos Place. Conceived as a combination of retail, culture and broadcast, the townhouse is designed to connect and inspire customers, creating a range of content across editorial channels and social platforms.
The business continues to invest in its people, strengthening the leadership team with key strategic hires including a new CTO, COO and Commercial Director to help drive operational, commercial and technology excellence.