Premium fashion retailer End has been snapped up by buyout giant The Carlyle Group in a deal valuing the business at more than £750m.

End founders Christiaan Ashworth and John Parker have offloaded a controlling stake in the business, but will retain a “significant” minority shareholding. The duo will also stay on as joint chief executives.

Ashworth and Parker founded End, which sells high-end streetwear such as designer jeans and trainers, back in 2005 after investing £20,000 each.

It started trading from one store in Newcastle, but has pivoted to a predominantly online model. The retailer’s only other stores are in Glasgow and London’s Soho.

According to accounts filed at Companies House, End grew pre-tax profit 17% to £32m in the year to March 2020, on sales of £171m – up 27% compared with the previous year.

End currently employs 650 staff and sells more than 500 luxury brands including Gucci and Givenchy to customers in 100 countries.

Ashworth and Parker said the investment from Carlyle would help End to reach its “increasingly international audience”.

Carlyle boss Massimiliano Caraffa said: “We are excited by the many growth opportunities that lie ahead for the company, including the launch of womenswear as well as further international expansion.”

The acquisition marks the latest in a string of ecommerce deals since the onset of the coronavirus pandemic, which has sparked a shift in spending to digital channels.

The likes of fast fashion etailer In The Style, online booze business Virgin Wines and greeting cards specialist Moonpig have all floated in recent months. Online food-delivery platform Deliveroo will also make its stock market debut later this month.

Private equity giant Silver Lake was among the major investors in buy-now-pay-later firm Klarna’s latest £470m funding round, while Advent International bought a stake in courier Hermes last August.