Founded in 1987 as a boutique in the London suburb of Wimbledon, Matchesfashion sells luxury goods from over 600 brands via a handful of stores and a website that delivers to 176 countries. It is known for its curated mix of Gucci, Valentino and luxury-priced indie brands including Erdem. Apax is five years into its ownership of Matchesfashion, after snapping up the business from the founders in 2017 in a deal valued at $1 billion.
Betting on an Asos veteran signals they may want results faster than others. Beighton, who joined Asos as chief financial officer in 2009 and became CEO in 2015, has been credited for pushing the e-tailer deeper into America, a key growth area for luxury; he also set the standards for fast-paced deliveries and returns; and started Asos on the path to becoming more sustainable. In a statement, Beighton said he used “technology, product, logistics and culture” to disrupt existing consumer patterns and “galvanise change in organisations and I hope to bring these skills to my new role”.
Still, he joins as Matchesfashion’s fourth CEO in five years. Beighton is replacing Paolo De Cesare, a luxury retail veteran, who only joined in September 2021 — relocating to London from Paris, where he was president and chief executive of the French department store Printemps for 12 years. At Matchesfashion, De Cesare shifted the strategy towards full price, and placed a greater focus on creativity, hosting initiatives at the Frieze Art Fair in Los Angeles and London, and Fashion Trust Arabia in Doha.
Before De Cesare, Amazon executive Ajay Kavan lasted only a year, hiring Elizabeth von der Goltz, a veteran of Net-a-Porter and Bergdorf Goodman as chief commercial officer, to strengthen relationships with key luxury brands as they trimmed back wholesale to focus on their own direct channels. Ulric Jerome, who had been hired by founders Tom and Ruth Chapman in 2013, served as CEO until August 2019.
Analysts describe Beighton’s appointment as a surprise. “I guess this is just the nth demonstration — look at the Farfetch share price collapse or the travails of Yoox Net-a-Porter — that selling luxury online through a multi-brand business concept is very difficult,” says Luca Solca, senior analyst and managing director of luxury goods at consultancy Bernstein. “I am very surprised to see Paolo go as he has steered Matchesfashion on a solid relaunch course.”
