This week, luxury e-tailer Matchesfashion announced revenue dropped 1.68 percent to £380.1 million ($461.6 million) for the 2022 fiscal year (ending January 2023) from £386.6 million the year prior. The company attributed the decline to external factors including Brexit-related logistical challenges, rising interest rates and declining consumer spending.

Matchesfashion reported a gross profit margin of 33.5 percent in that same period, from 32.7 percent the year before. Its adjusted EBITDA loss — earnings before interest, taxes, depreciation, and amortisation — was £33.7 million from £25 million the previous year.

However, during the financial year ending January 2024, Matchesfashion said it has grown its customer base in its UK and US markets and has “improved underlying profitability.”

“Looking ahead, and whilst we know we have more work to do in what is a tough environment, we are on the right track with our turnaround plan and confident in our actions to transform Matches into a stronger, more profitable business,” Nick Beighton, Matchesfashion’s chief executive, said in a statement.

Beighton, formerly the CEO at Asos, came on as Matches’ chief executive in August 2022, tasked with reviving the troubled multibrand e-tailer, whose performance peaked in 2019. The company was sold to private equity firm Apax in 2017 and has since struggled to maintain profitability in an increasingly crowded market of luxury e-commerce players, including Net-a-Porter and similarly beleaguered Farfetch.

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Matchesfashion Secures £60m Support Package From Owner

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.