Matchesfashion posts 5.9 million pound loss for 2019

Matchesfashion posts 5.9 million pound loss for 2019

London-based fashion retailer Matchesfashion has reported a 5.9 million
pound loss for 2019 despite rising revenues.

For the year to 31 January 2020, just months before the pandemic hit,
revenue at the luxury retailer increased 16 percent to 430.5 million
pounds, compared to growth of 27 percent in 2018 and 44 percent in 2017.

Its net loss reached 5.9 million pounds compared to a small profit of
0.8 million pounds the previous year.

Adjusted EBITDA was 4.5 million pounds compared to 14.7 million pounds a
year earlier.

While the company gave no figures pertaining to the 2020 financial year,
the retailer did say that in the first three weeks of the pandemic, order
demand was “significantly down” but has since recovered. Since early April,
order demand has continued to improve “week on week”.

The company’s physical stores in London have also been closed since 23
March 2020 and planned brand and customer events have been cancelled.

“Our priority in dealing with the exceptional challenges posed by
Covid-19 is to ensure the safety of our customers and colleagues, support
our suppliers and maintain the ability to fulfil our customer orders,” the
retailer said.

Since the year-end, the company has announced the appointment of new CEO
Ajay Kavato, six months after the exit of previous CEO Ulric Jerome. Kavato
previously oversaw global initiatives for US retail giant Amazon.

In the past few months, the retailer has also announced the appointment
of Elizabeth von der Goltz as its new chief commercial officer, and Natalie
Kingham to the newly-created role of global fashion officer.

Photo credit: Matchesfashion


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