Wednesday, February 26, 2020 to receive £20m?

56 is in advanced discussions with Partech Ventures, a Paris-based investment firm, for a multimillion pound cash investment according to Sky News.

Retail Gazette understands that the company, chaired by the co-founder of Brent Hoberman, is talking to Partech Venture about a deal that would mean it invests around £20m in the Notting Hill based retailer‘s expansion.

Although a final agreement is not yet certain, discussions are reportedly progressing well and an announcement could be made within a matter of weeks.

Partech, which has offices in Paris and Berlin, as well as Silicon Valley, has previously backed internet start-ups including and

The potential investment means it‘s unlikely that an initial public offering will be happening anytime soon, despite investment banks having been hired last year to review its options, including a floatation on the London Stock Exchange.

During the first half of last year, international revenues accounted for 24% of group sales.

“The strength of trading through the year, in what remains a challenging consumer environment, is testament to’s compelling customer proposition, its expanding and unique product offering and its ‘fast fashion’ business model,” CEO Ning Li said in January.

Hoberman was one of the first to contribute to’s initial funding, and is a well known investor in British technology companies. is quickly becoming renowned for its digital presence.