RETAIL tycoon
Ashley's (pictured) ever expanding fashion conglomerate,
The takeover offered a lifeline for the designer online retailer, which has struggled in recent years due to the actions of former leaders.
Former Asos chief executive,
At the start of the year, it secured a £60m investment by its private equity backer
Beighton told trade publication Drapers last month that "green shoots" were starting to appear in the business following a season of losses for the firm, as he looked to improve marketing and operational efficiency.
But despite best efforts the group has been whacked by a slowdown in demand for luxury items due to the cost of living crisis.
The deal is another feather in the cap for
The company currently owns the Flannels brand, a high street and online retailer, which sells the likes of Dior and
Murray said: "Whilst the global luxury environment is softer, we are confident that, by leveraging our industry-leading ecosystem, we will unlock synergies and drive profitable growth for Matches."
The boss has previously warned that the firm's luxury and premium segment - largely based around the Flannels brand - was being hit by cost of living pressures.
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