Why the closure of matches is a particularly sad day for the fashion industry

It is indeed a sad day for the fashion industry. MatchesFashioncommonly known simply as Matches, has officially ceased trading in the UK.

The global luxury e-commerce platform was a fashion hub where you could buy designer accessories, the latest styles and handmade homewares.

In March 2024, news began circulating that the luxury mall would be closing. Hundreds of jobs were put at risk and many designer brands were left in limbo over the future of the fashion platform and their unsold stock. The company was left owing more than £210 million to both customers and brands, including Gucci and Anya Hindmarch.

Founded by Tom and Ruth Chapman in 1987, Matches began as a brick-and-mortar store in leafy Wimbledon Village before opening stores across London, with its flagship store opening at 5 Carlos Place.

The stores’ affluent location, combined with the promise of the most desirable clothes on the market, quickly cemented Matches as the ideal shopping destination for those with cash to spare.

At its peak, the company carried more than 600 brands, from powerhouse empires like Gucci and Prada to emerging independents like Chopova Lowena. This helped broaden the brand’s target market, appealing to those looking for timeless keepsakes or on-trend, sustainable choices.

The company’s closure is tragic on multiple levels. First, for those who lost their jobs during the shutdown, and second, because it raises a larger, deeper question about where the future of luxury consumption lies.

It’s no secret that luxury fashion is suffering. In April 2024 Fashion he spent chart documenting the rise and fall of luxury e-commerce platform sales from 2017 to 2023, and the results were dismal.

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Matches, Net-A-Porter and Farfetch sales all fell after peaking in 2020 during the pandemic, when China kept the luxury sector afloat. Bain & Co., The country accounts for nearly 35% of global luxury goods consumption and continues to shape the foundations of the industry.

This is not good for luxury lovers. Given the constant production of luxury goods by fashion houses and the increasingly chaotic schedules of fashion months, it is also very misleading. Production seems to be consistent, but statistics show something else when it comes to consumer demand.

The facade of fashion tells a very different story of what happens behind the scenes. Haute couture is fading away and fast luxury is taking over, reports Coresight Research. The demise of Matches is a salt in the wound of the retail industry, confirming that luxury is potentially in decline.

It also signals a potential decline in creativity in fashion. Yes, luxury can be indulgent, and prices can be absurd. But the world of luxury is the birthplace of sartorial innovation, fueled by the talents of figures from Yves Saint Laurent at Dior to Tom Ford at Gucci. Call us sentimental, but it would be a travesty if such inventive creative outlets were to collapse along with e-commerce.

The future of luxury remains unpredictable, and the collapse of Matches seems to be the beginning of a domino effect. If no one buys luxury, what happens?

While we say goodbye to the beloved and highly regarded MatchesFashion platform, we must look at the positives.

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Retailers like Machine-A and LN-CC are expanding, showing there is still demand for a personal, multi-brand shopping experience. McKinsey forecasts steady growth for the luxury goods sector of 2% to 4% in 2024, noting that timeless luxury goods such as jewelry, watches and leather are likely to enjoy demand as consumers increasingly value emotional connection and authenticity over baseless celebrity endorsements.

Now it’s up to creatives to find a way around this luxury consumer conundrum. And when they do, we hope luxury retail rises from the ashes once again.