Apax Partners, the private equity firm which acquired the luxury retailer in 2017, has agreed to inject £60 million ($74.2 million) into the business, a spokesperson for the company confirmed Monday.

The retailer’s support package was first reported by Sky News.

The financing is intended to support the business through its turnaround plan under chief executive Nick Beighton, who became the company’s fourth chief executive in as many years when he joined the business in July.

The additional financing means Matchesfashion will be in a better position to use “technology, product, logistics and culture, to help grow the top line of the business as well as our profitability,” Beighton told BoF over email on Monday.

In November, former Asos chief Beighton told BoF that “a recovery is already underway” at Matchesfashion after a turbulent few years for the retailer.

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