British retailer Matchesfashion has received a £60 million investment from parent company Apax Partners to turn around its business.

The part equity, part debt injection is the largest investment Matchesfashion has received from Apax since being acquired in 2017 in a $1 billion deal. It comes at a time when the company struggles with high acquisition costs, challenges predicting inventory and demand, and meeting profit targets. To make matters worse, high energy costs, fears of recession, and a decline in consumer spending are further adding to the company’s woes.

In 2022, the company’s EBITA loss increased to o £23.8 million, up from £17.2 million the year before.

Matchesfashion has sought to address its problems by bringing in fresh leadership. In July 2022, the company appointed ASOS’ former CEO Nick Beighton as its chief executive, the fourth person in the role in less than five years. Soon after, former Farfetch executives Stuart Hill and Dave Murray were appointed chief operating officer and financial officer, respectively.

While the company is dealing with a host of macroeconomic challenges, it is starting to see a path toward profitability, with order demand increasing by 15% year-on-year. The company is particularly benefitting from growth in the Middle East, which registered a 39% year-on-year growth.

“Matchesfashion offers luxury brands an exclusive audience, and our customers love the service we provide,” a company spokesperson said. “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, we are well placed to continue to drive our turnaround plan and deliver long-term commercial success.”