Sportswear and apparel retailer Frasers Group has announced the acquisition of online luxury fashion retailer Matches for £52m ($65.9m).

Frasers bought the retailer from MF Intermediate, a subsidiary of funds advised by Apax Partners.

The shares were purchased from a group of six companies, along with any debts owed by the companies.

The acquired companies’ gross assets were valued at £170m on 31 January 2023.

Matches offers a selection of luxury menswear and womenswear from more than 450 designers and delivers to 150 countries outside the UK.

The business made an adjusted loss before interest, taxes, depreciation and amortisation of £33.5m in the year ending 31 January 2023.

Frasersnoe expects the acquisition to enhance its elevation strategy and strengthen its luxury offering.

Matches chief executive officer Nick Beighton will join forces with the Frasers team to assist in future growth.

Frasers chief executive officer Michael Murray said: "Matches has always been a leader in online luxury retail and has incredible relationships with its brand partners.

“This acquisition will strengthen Frasers' luxury offering, further deepening our relationships and accelerating our mission to provide consumers with access to the world's best brands. Whilst the global luxury environment is softer, we are confident that, by leveraging our industry-leading ecosystem, we will unlock synergies and drive profitable growth for Matches."

Frasers Group recently expanded its portfolio with the acquisition of premium menswear retailer John Anthony.