Apax acquires majority stake in, the leading digitally innovative global luxury-fashion brand backed by Scottish Equity Partners (SEP), is to be acquired by funds managed by Apax Partners.

SEP first invested in in 2012. Along with founders, Tom and Ruth Chapman, SEP will have a minority stake in the business going forward. Financial terms of the transaction, which is subject to customary closing conditions, have not been disclosed.

Founded in 1987, is today a global luxury-shopping destination for men and women offering a modern edit of over 450 established and emerging designers, and delivering to over 176 countries. The company is headquartered in London and employs over 500 people.