Matchesfashion, the luxury retailer, has recently received a substantial cash injection of £60 million from its private equity owner, Apax Partners. This funding package consists of £40 million in equity and an additional £20 million in debt. Alongside this financial boost, Matchesfashion has also successfully secured covenant waivers and extensions with its lenders.

Over the past few years, the retailer has encountered numerous challenges, but under the leadership of CEO Nick Beighton, who joined in the summer of last year, a turnaround plan has been implemented. Beighton, formerly the CEO of ASOS, took over from Paolo De Cesare, who held the position for just 10 months.

Since Beighton’s appointment, Matchesfashion is said to have experienced a resurgence in its fortunes, with a 15% increase in order demand during the Christmas period, according to insiders. A spokesperson for the company revealed that its trading performance has been consistently strong in recent months, asserting that Matchesfashion is now in a favorable position for success with the support of Apax Funds.

Matchesfashion was acquired by Apax in 2017 for approximately $1 billion; however, the company has faced operational difficulties since then. The new funding package demonstrates both the challenges encountered by the retailer and Apax’s faith in the turnaround plan.

With the additional financial support provided by Apax, Matchesfashion aims to continue driving its turnaround plan and achieve sustainable commercial success. The company has also bolstered its top-ranking team to support its growth strategy.

Apax’s cash injection comes as a welcome boost for Matchesfashion as it strives to overcome operational challenges and cement its position as a leading luxury retailer. With the support of its private equity owner, the company is optimistic about achieving its goals and reclaiming its position in the luxury fashion market.

Related Articles:
– [Matchesfashion website](https://www.matchesfashion.com/)
– [Apax Partners website](https://www.apax.com/)