British sportswear and apparel retailer, Frasers has expanded its luxury portfolio with the purchase of online brand Matches for $66 million from Apax Partners.
With its business spread across 150 countries outside UK, Matches offers products from over 450 designers and generates the majority of its revenue internationally, with the business delivering to 150 countries outside the UK.
The deal will help Frasers make its business more upmarket.
Through this deal, Frasers also aims to step up investments in flagship stores and online operations. Besides, it plans to strengthen ties with brands such as Nike, Adidas, The North Face and On Running.
Earlier this month, Frasers reported a 12.6 per cent rise in H1 profit despite softening of the global luxury market.
