Bidding war breaks out over Matchesfashion, with offers around £800m

 
Helen Cahill
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The website sells high-end fashion online (Source: Getty)

A bidding war has broken out over luxury fashion website, Matchesfashion.com.

The online store, which sells designers such as Balenciaga and Gucci, is close to being sold for a sum of £800m, Sky reported.

Private equity firm Apax Partners is coming close to clinching the company from Tom and Ruth Chapman, the husband and wife who founded the firm in 1987. The two sides could sign a deal within the next few days.

However, it is thought that the bid from the private equity firm could yet be bested.

Read more: Matches Fashion is opening a new east London studio

Matchesfashion sells more than 400 brands on its website, and it also has three stores in London.

Other offers for the fast-growing e-commerce business have come from Bain Capital, KKR and Permira in the past few weeks.

In March, Matchesfashion posted full-year sales of £204m, a growth of 61 per cent. Earnings before interest, tax, depreciation and amortisation rose sixfold to more than £19m.

On delivering the results, Mr Chapman said: "In recent years we have focused on building the foundations - of people, operations, and technology - to enable future growth, with a focus on driving an agile business at scale.

"The results to January 2017 demonstrate that we are now starting to deliver the return on the investment made."

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