Matches CEO and CFO exit following administration

Matches CEO Nick Beighton and CFO Dave Murray have both left the fashion retailer after it plunged into administration last week.

Both executives are understood to be part of the 273 job cuts announced on 8 March, Drapers reports.

Former Asos boss Beighton took on the top job at Matches back in July 2022 following his departure from the online giant after over a decade, having transformed the platform into a £4bn operation.

He had been spearheading a turnaround strategy for Matches focused on enhancing curation and improving operational efficiency.

Murray joined as CFO in September 2022 from fellow luxury retailer Farfetch, where he held the role of senior vice president of finance.

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On Thursday (7 March), Frasers Group the put Matches into administration less than three months after buying it, appointing Teneo to handle its affairs.

According to Drapers, the online retailer’s management team had previously proposed integrating the business into Frasers’ platform and stepping down as part of its turnaround plan. However, Frasers rejected this proposal.

The retail empire said that the Matches had “consistently missed its business plan targets and, notwithstanding support from the group, has continued to make material losses”.

“Whilst Matches’ management team has tried to find a way to stabilise the business, it has become clear that too much change would be required to restructure it and the continued funding requirements would be far in excess of amounts that the Group considers to be viable,” Frasers said.

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