The stress distribution around a single particle coated with an elastic interphase embedded within an elastic-plastic polymer matrix under multiaxial load was considered. The specimen has a curved (necked) geometry, which causes multiaxial local stresses in the neighbourhood of the particle. The motivation for the calculations is to determine the maximum radial stress (debonding strength) at the particle surface as a function of applied load. The effect of the particle size on failure initiation is considered. Assuming that the normal stress at the interface is responsible for debonding, the adhesion strength can be determined from the critical load at debonding initiation. Because of the matrix yielding, the relation between the applied load and the maximum radial stress at the particle/interphase interface is a non-linear one. Using this relation, the determination of interfacial strength will be possible by a tensile test.