RETAIL tycoon Mike Ashley is understood to be plotting an acquisition of ailing luxury fashion site Matches Fashion.

Frasers Group is reportedly in "detailed" talks about a deal that would see the retail giant take control of the business, Sky News' Mark Kleinman reported over the weekend.

A potential takeover would offer a lifeline for the designer online retailer, which has struggled in recent years due to the actions of former leaders, the outlet said.

However, former Asos chief executive,

Nick Beighton who took the reins last year has been ploughing ahead with a turnaround plan for the firm.

At the start of the year, Matches secured a £60m investment by its private equity backer Apax partners.

A Frasers takeover of Matches would add another feather in the cap of the retail group, which owns a host of high street and online stores such as Sports Direct and Flannels.

However chief Michael Murray did warn that the firm's luxury and premium segment - largely based around Flannels - was being hit by cost of living pressures.

(c) 2023 City A.M., source Newspaper