Checkaco Consumer News – Fashion Victims: Victoria Beckham and Sarah Cameron demand their stock back from collapsed Matchesfashion while customers wonder if they will lose their online orders
By Rupert Bridgwater: In 2018 the Boston family of Stockton-on-Tees made headlines when they entered their local House of Fraser and took away a sofa they had paid for. The store have entered administration and so technically they were stealing - the administrators EY were not amused and the shop's staff called the police. When the police arrived they listened to the Boston family's story saw their receipt as having paid in full and let them go. It may have been technically a theft – but who can blame them? Some companies who are about to go bust order the most expensive goods knowing full well they won’t pay for them while at the same time as soon as they go bust not returning the cash of customers while keeping their goods. At the liquidation sale selling off expensive stock could help pay off some of their debts.
So you have to feel sorry for the likes of Victoria Beckham and fellow fashion houses who are demanding their ranges of clothing back from the administrators of Matchesfashion who have gone bust. According to reports in the fashion press they may receive their goods ‘in principle’ – but don’t hold your breath. Mike Ashley’s Frasers Group ran out of patience with Matches when managers failed to turn around its fortunes just three months after buying it for £52 million from Apax Partners. Customers of Matches must also be wondering if their orders for the highly expensive clothing and accessories will be delivered and whether they will lose their money if the firm is liquidated.
The Mail’s Sarah Butler and Jane Croft reported: “Specialising in luxury labels, from Gucci to Dr Martens, online and through three London stores, Matches generates most of its revenue internationally, delivering to 150 countries outside the UK. It employs 533 people at its head office and stores. Benji Dymant, joint administrator from Teneo who was appointed on Friday, said immediate redundancies had been made so that the company could continue to trade while sale discussions progressed alongside an assessment of its future structure.”
The demise of Matches has been blamed on hikes in energy and fuel prices along with interest rates forcing their wealthy customers to cut back on spending on luxury goods. For instance a pair of Victoria Beckham jeans will set you back £405 and a handbag a cool £1,250. In a fire sale currently a pair of Matches’ sandals has had the £352 price reduced to £176 – with most items at 50% off.
With millions of pounds of stock the administrators must be thinking they will be able to realise a reasonable price – as well as cover their eye-wateringly high costs. Victoria Beckham has demanded her range be returned, Cefinn, owned by Samantha Cameron (wife of David Cameron) is another potential casualty if her clothing isn’t returned along with a string of other suppliers. Meanwhile the general public are still able to order online from the vast selection of designer goods. Will they get their goods or their money back? In principle apparently.
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