Ex-ASOS chief Beighton to take reins at Matchesfashion

Nick Beighton, the former ASOS chief, is being parachuted in to run Matchesfashion, the global online premium fashion site, as its private equity backers try to revive its performance.

Sky News has learnt that the appointment of Mr Beighton, who left ASOS last year, will be announced on Tuesday.

It represents an effort by Apax Partners, which bought a controlling stake in Matches in 2017 in a deal valued at about $1bn, to improve the platform’s financial and operating prospects ahead of an eventual exit.

Sources said that Mr Beighton’s appointment was expected to be accompanied by an injection of further capital into Matches by Apax.

The details of that additional funding are not thought to have been finalised and were unclear on Monday.

One industry executive said the moves demonstrated Apax’s ongoing commitment to Matches, which sells brands including Gucci, Balenciaga and Yves Saint Laurent.

Mr Beighton will replace Paolo De Cesare, who joined Matches as chief executive just 10 months ago.

Mr De Cesare, a former boss of the French fashion group Printemps, is said to be leaving to pursue other opportunities.

The arrival of Mr Beighton will make him the fourth boss of Matches in less than three years, and underlines the company’s continuing challenges under Apax’s ownership.

Last November, its accounts flagged “material uncertainty” over its future without an improvement in its trading performance.

Apax had reportedly already invested an additional £85m into the business, while Matches’ lenders had twice agreed to covenant waivers.

The shareholder’s most recent injection of funding came earlier this year, according to insiders.

Matches’ fortunes resemble those of many online fashion retailers, which have seen a COVID-inspired sales bounce evaporate over the last year.

By recruiting Mr Beighton, Apax has lured one of the most experienced executives in the online fashion sector.

He spent more than a decade at ASOS, initially as chief financial officer before becoming CEO in 2015.

He helped grow the company from £178m in revenue and 150 people when he joined, to sales of £3.9bn and a workforce of 15,000, including warehouse staff, when he left.

Matches was founded at a single store in London in 1987, and now boasts 50 million visitors annually to its site.

It said recently that full-price revenues in the fourth quarter of 2021 were up 25% compared with 2020, and 41% versus 2019.

Matches’ closest rivals include Farfetch and Net-a-Porter.

Matches and Apax declined to comment.