Apax reportedly injects 60 million pounds into Matchesfashion

Apax Partners, the parent organisation of Matchesfashion, is said to have agreed to inject 60 million pounds into the luxury retailer to support its revival.

The private equity firm has reportedly split the funding between 40 million pounds in equity and 20 million pounds in debt, the latter of which is expected to finalise in the short term.

Alongside the financing, Sky News, which initially reported the story, said Matchesfashion is believed to have secured covenant waivers and extensions with all of its lenders.

A spokesperson for Matchesfashion told the media outlet in a statement: “Matchesfashion offers luxury brands an exclusive audience and our customers love the service we provide.

“Our trading performance has been very strong in recent months and we 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.”

Matchesfashion embarks on turnaround plan

Since its acquisition of Matchesfashion in 2017, Apax has faced a number of operational challenges, namely a quick rotation in CEOs, counting four bosses over the course of three years.

Most recently, former Asos head Nick Beighton was appointed to the position last year, tasked with implementing a turnaround plan through which the business has already reported positive results.

One source told Sky News that order demand had increased by 15 percent YOY during pre-Christmas trading, the same period that the retailer also experienced its biggest-ever trading day, up 35 percent the previous year.

The figures were an improvement from its 2021 reports, where the company had flagged “material uncertainty” over its future later in the year, similar to that of other online fashion retailers.