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Matchesfahion receives £60m cash injection from Apax

The private equity backer of Matchesfashion, the online upmarket fashion retailer, is pumping tens of millions of pounds of new funding into the business as it… View Article

FASHION RETAIL NEWS UK

Matchesfahion receives £60m cash injection from Apax

30 January, 2023 | by TRB News Team

The private equity backer of Matchesfashion, the online upmarket fashion retailer, is pumping tens of millions of pounds of new funding into the business as it seeks a revival under its new management team.

Apax Partners, the London-based buyout firm, has agreed to inject £60m into Matchesfashion, which sells brands including Gucci, Prada and Valentino.

The new capital will be split between £40m in equity and £20m in debt, with the latter element expected to be finalised in the short term.

In tandem with the extra funds, Matchesfashion is said to have secured covenant waivers and extensions with all of its lenders.

The additional financing underlines both the challenges that Apax has faced since acquiring Matchesfashion in 2017 and its confidence in new chief executive Nick Beighton’s turnaround plan.

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Matches was founded at a single store in London in 1987, and now boasts 50 million visitors annually to its site.

Its closest rivals include Farfetch and Net-a-Porter.