SEP partner Andrew Davison has joined the board of the London-based luxury fashion retailer
Glasgow-based Scottish Equity Partners has completed a a £12m growth equity investment in London-based designer clothing retailer Matches Fashion.
Matches said the new funding will help to expand its online sales offering into key international markets as well as further investment in 14 existing London stores.
The retailer is on track to deliver sales of more than £50 million this year, which would represent a rise of 120 per cent on last years sales figures, with 60 per cent of sales now derived from online retail.
Established in 1990 as a bricks and mortar retailer by Tom and Ruth Chapman, Matches Fashion launched online six years ago, and now sells more than 250 international designer labels across womenswear and menswear from design houses like Alexander McQueen, Balenciaga, Yves Saint Laurent and Isabel Marant.
The investment was led by SEP partner Andrew Davison, who has joined the company’s board of directors.
He said: “We are delighted to be the company’s first private equity backer and to have the opportunity to support such a talented team.
“Tom and Ruth Chapman have built Matches Fashion into a highly trusted and iconic brand, and are dedicated to offering their customers the highest quality retail experience.
“Our investment will enable the company to expand its online operations and cement its position as a leading global fashion business.”
Matches Fashion is the latest addition to SEP’s e-commerce portfolio which also includes Edinburgh based Skyscanner.
SEP announced in January it had successfully closed a new £200 million growth equity and venture capital fund.
The new fund, SEP IV, ranked as one of the largest raised in Europe in the past year and was 30 per cent larger than SEP's previous fund, with pension funds accounting for around 60 per cent of the funds raised.
SEPs current portfolio companies, predominantly based in the UK, employ more than 2,000 people in some of the UK's fastest-growing technology businesses.
In July 2011, SEP reported its largest ever exit from an investment when Oxfordshire-based cancer treatment firm BioVex was sold for $1 billion to US-based Amgen, the world's largest biotechnology company.