Apax to pump £60m into Matchesfashion - report

The private equity owner of Matchesfashion is to inject £60m into the online fashion retailer, it was reported on Monday.

According to Sky News, Apax Partners is putting £40m in equity and £20m in debt into the business, which specialies in upmarket designer brands.

In a statement, Matchesfashion told Sky: "Our trading performance has been very strong in recent months and are well positioned as a business, having significantly strengthened our top team.

"Now, with additional financial support from Apax Funds, we are well placed to continue to drive our turnaround plan and deliver long-term commercial success."

Apax, which acquired a controlling stake in the business in 2017, appointed former Asos head Nick Beighton chief executive last summer. He replaced Paolo De Cesare, who was chief executive for just ten months.

In common with many online retailers, Matchesfashion enjoyed a boom in sales over the pandemic. But demand eased post-pandemic, and in November 2021 the accounts flagged material uncertainly about the company’s future if trading did not improve.

Matchesfashion also has three stores in London.