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Exclusive: Matches plots growth with £20m investment

Luxury indie mini-chain Matches has received a further £8m of investment, taking its total investment this year to £20m.

In September it was announced that Matches had received a £12m investment after Scottish venture capitalist firm, Scottish Equity Partners (SEP) took a stake in the company.

The high end retailer has since received further investment from technology equity fund Highland Europe.

The pair of partners now hold a minority stake in the business, although the company would not reveal what percentage.

The funding will be used to help the luxury business further expand its rapidly growing online sales, with a particular focus on key international markets including the US and Australia, which are its second and third markets respectively after the UK.

The indie mini-chain has stores in Marylebone, Richmond, Wimbledon and Notting Hill, and said it would continue to invest in its bricks and mortar businesses.

Tom Chapman, joint chief executive, told Drapers the funding would also help Matches to buy deeper into luxury ranges.

“In our online business we were seeing pent up demand with products selling out very quickly. The partners will help with stock investment to cater to that,” he said.

Both SEP and Highland have expertise in technology and SEO, which Chapman said would help drive Matches’ vision and future strategy.

“It was incredibly important for us to find partners who understood Matches’ unique proposition and our vision of how to grow the business across an omni-channel platform,” he explained.

“This is a key stage in the growth of Matches and we are very excited about what this investment means for our future.”

SEP partner Andrew Davison and Highland Europe partner Sam Brooks both now join the board of directors.

Davison said: “Tom and Ruth have built Matches Fashion into a highly trusted and iconic brand, and are dedicated to offering their customers the highest quality retail experience. Our investment will enable the company to expand its online operations and cement its position as a leading global fashion business.”

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