Data Sets
A growing number of M&A deals and investment rounds are bringing together some of the biggest names in the fashion and luxury space. In November, a $1.15 billion deal came to light, bringing together Cartier’s parent company Richemont, Chinese e-commerce titan Alibaba, and fashion retail platform Farfetch. The headline-making transaction followed from reports that a “mega deal” was in the making. In addition to proving noteworthy because it brought together three very big names in the fashion sphere in furtherance of an effort that largely focuses on “providing luxury brands with enhanced access to the China market,” the alliance is striking, as it has given rise to speculation about a potential consolidation, with at least some analysts wondering aloud whether the $1.15 billion tie-up could be “a preamble” a larger M&A effort, namely, Richemont merging Yoox Net-a-Porter with Farfetch or the Swiss conglomerate selling the fashion e-commerce pioneer to Alibaba.
Around the same time, LVMH Moët Hennessy Louis Vuitton decided to make good on an acquisition effort of its own, the one it had also been quietly (and then not so quietly) working towards: Tiffany & Co. Just a matter of days before the Farfetch-Alibaba-YNAP deal was confirmed, LVMH and Tiffany revealed that they had managed to put their rival lawsuits to bed and come to agreeable terms under which the famed New York-based jewelry stalwart could be brought under the ownership umbrella of the Paris-based luxury goods titan. In exchange for $15.8 billion, LVMH would acquire all shares in the formerly publicly-traded Tiffany & Co.
Both instances come as consolidation has been top of mind in the luxury space, where the biggest groups, such as Louis Vuitton-owner LVMH and Gucci’s parent company Kering, have amassed sizable rosters of brands over the past several decades by way of various fashion and luxury-centric M&A transactions, thereby, enabling them to benefit from sheer size and scale, while making it more difficult for independently-owned brands to compete. The havoc wreaked on brands’ balance sheets by the COVID-19 pandemic and the resulting shift online (and the expenses that come with doing that and doing it well) is expected to accelerate that existing fashion industry M&A activity even further.
“With the financial difficulties [brought about by COVID] in mind, many players, and in particular the smallest, will become more-affordable M&A targets,” according to Isabelle Chaboud, an Associate Professor in the Finance, Accounting and Law Department of Grenoble Ecole de Management. “The most financially solid players – such as LVMH, Kering or Chanel – will no doubt have the option of buying out competitors, subcontractors and even suppliers.”
With the foregoing in mind, here is a tracker of the most recent fashion and luxury-focused M&A and investments …
Tomorrow Ltd. has sold Lond-based fashion brand A-Cold-Wall to Four Marketing, a distribution agency backed by Mike Ashley’s Frasers Group. The deal comes less than one year after Tomorrow, a British company that advises and invests in fashion companies and distributes apparel and accessories, acquired the 9-year-old company from its founder Samuel Ross. The terms of the transaction have not been disclosed.
Vuori has raised $825 million in an investment round led by General Atlantic and Stripes, along with a cohort of additional investors. The investment, structured as a secondary tender offer, raises the brand’s valuation to $5.5 billion and marks “yet another historical moment in the private apparel company’s journey to becoming a category leader,” the California-based athleisure company said. Building on the brand’s 2021 $400 million investment led by institutional investor SoftBank Vision Fund 2 at a previous valuation of $4 billion, “this financing reflects Vuori’s momentum in disrupting the athleisure industry and the shared belief from its partners and investors that the growth opportunity ahead is substantial.”
LVMH Luxury Ventures has acquired a minority stake in Our Legacy. The terms of the deal between the venture capital arm of LVMH and the Swedish fashion brand have not been disclosed; however, LVMH Luxury Ventures typically targets investments ranging from €2 million to €15 million, but can extend beyond the €15 million mark. Julie Bercovy, the chief executive of LVMH Luxury Ventures Advisors, said that the deal is “in line with the fund’s previous investments,” which have been much as $25 million for as much as 25 percent of a company.
Our Legacy’s “brand image is very cult,” Bercovy said, noting that while the company – which was founded in 2005 by Jockum Hallin, Cristopher Nying, and Richardos Klarén – is “under the radar,” it is “on our radar.” According to the New York Times, “The last couple of years, the growth of Our Legacy has been way more rapid than the first 16,” Mr. Hallin said. Between 2020 and 2023 sales doubled year over year. The 19-year-old brand is now stocked at around 250 stores globally, with flagship locations in Stockholm, London, Berlin and Seoul, and earns $40 million in revenue annually.
With Nothing Underneath has raised £2.5 million in a new funding round led by Pembroke VCT and JamJar Investments. The womenswear brand will use the new funds to expand in the United Kingdom, as well as mainland Europe and the U.S. to drive its growth. Additionally, the company, which was founded by former Tatler editor and Vogue stylist Pip Durell, will use the cash to “strengthen its senior leadership team, as well as further develop new product lines.”
Cult Mia has raised $2 million from H&M Group Ventures, Fuel Ventures and David Wertheimer. The London-based fashion marketplace, which specializes in evening-wear and occasion-wear, will use the new funds to test new product categories, including “everyday wear, childrenswear, maternity and homeware,” and fuel its expansion into the markets. Cult Mia founder Nina Briance said that the Middle East is a key market of interest, as consumers there “spend twice as much as any other region, and they return basically nothing. The breadth of brands and products that are purchased is very widespread. The Middle Eastern shopper does want to stand out, and wants to be the person introducing their friend group to new brands.”
P180 has taken a minority stake in Altuzarra, the brand designed by creative director Joseph Altuzarra. P180, the retail innovator and investment vehicle co-founded by industry veteran Brendan Hoffman and CaaStle CEO Christine Hunsicker. “When Christine and I launched P180 just over a year ago, and we made our list of brands that we thought would fit the center of the bullseye for what we want to do and what we offer, and Altuzarra was at the top of the list,” Hoffman said. In addition to its financial investment, Forbes reports that P180 will “support Altuzarra’s digital transformation by onboarding Altuzarra.com onto CaaStle’s proprietary platform. This will enhance Altuzarra’s ecommerce capabilities, turning the digital channel into a profit center.”
Frasers Group has acquired a “significant” non-controlling stake in Africa-focused sport and fashion retailer and distributor Hudson Malta. While the financial terms of the deal were not disclosed, the agreement enables Frasers to acquire a controlling interest in Hudson in the future. As of now, Reuters reports that the deal “will help Hudson enter the Maltese market with the first Sports Direct store planned to open in 2025, and further expansion in the Northwestern Africa market.”
Frasers Group has invested £10 million in online retailer THG as part of a £100 million fundraising round. The fundraising will enable the online retailer to spin off its unprofitable tech unit, Ingenuity, with THG stating that the company will become a “simpler, cash-generative business capable of paying future dividends” after the split off of its Ingenuity division. Frasers’ “strategic investment” in the Matthew Moulding-led e-commerce company follows just three months after it acquired THG’s portfolio of apparel companies, including the Coggles brand.
Bosideng has taken a stake in Moose Knuckles, along with the majority investor group led by international private equity firm Cathay Capital. The Canadian luxury outerwear brand says it will use the new funds “to accelerate its development as a major global outerwear brand, merging Canadian heritage and functionality with its youthful, culturally relevant fashion direction.” Victor Luis, Executive Chairman of Moose Knuckles, said, “Our products are the culmination of our unwavering dedication to combining exceptional materials, meticulous construction, and a tailored fit that marries style with functional performance. We are embarking on a thrilling new chapter for Moose Knuckles, where we will continue to expand our collections and categories to meet the ever-evolving expectations of our consumers across the globe, ensuring they feel both comfortable and stylish in every season.”
Saudi Public Investment Fund (“PIF”), Saudi Arabia’s sovereign wealth fund, will acquire a 40 percent stake in Selfridges. It will acquire the holding from Signa Group, the Austrian property group that bought Selfridges with the Thai conglomerate Central Group for £4 billion in 2021, for an undisclosed sum. PIF will now own Selfridges Group in partnership with Central Group, with the aim of “accelerat[ing] growth” for the ailing British retail chain, according to the Guardian. PIF said the investment aligns with its strategy of “investing in key strategic sectors globally and is underpinned by a shared vision to unlock further value in Selfridges.”
Richemont has signed an agreement for MYT Netherlands parent B.V. Mytheresa to acquire 100% of the share capital of Yoox Net-a-Porter to create what it calls “a global, multi-brand digital luxury group” in exchange for a 33 percent equity stake in Mytheresa. The deal was first reported by TFL.
The parties confirmed in a release that Richemont will sell YNAP to Mytheresa with a cash position of €555m and no financial debt, subject to customary closing adjustments, in exchange for shares to be issued by Mytheresa representing 33 percent of Mytheresa’s fully diluted share capital at closing following issuance of the consideration shares. Richemont will make available a 6-year revolving credit facility of €100 million to finance YNAP’s general corporate needs, including working capital. As a result of the transaction, Richemont expects the write-down of YNAP net assets to amount to approximately €1.3 billion, which also accounts for the cash to be left in YNAP upon completion.
Michael Kliger, CEO of Mytheresa, said: “I am truly excited by today’s announcement. With this transaction, Mytheresa aims to create a pre-eminent, multi-brand, digital, luxury group worldwide. MYTHERESA, NET-A-PORTER and MR PORTER will offer differentiated but complementary multi-brand luxury edits based on curation, inspiration and outmost customer service. The three brands will share a large part of their infrastructure creating synergies and efficiencies while maintaining their different brand identities.”
Watches of Switzerland Group has acquired Hodinkee. While the terms of the deal have not been disclosed, MarketWatch reports that in furtherance of the deal, Watches of Switzerland “seeks to boost its online foothold and gain market share in the U.S.” and that the acquisition is “in line with its objective of leveraging existing growth opportunities by growing sector leadership online.” Hodinkee founder Ben Clymer confirmed that the global luxury-watch digital platform will “step back from retail” (and focus primarily on editorial) and “let our partners at Watches of Switzerland do the selling.”
Frasers will acquire about 4 million shares in Mulberry at 100 pence each to raise its stake in the company to between 36.9 percent and 37.3 percent. The purchase comes just days after the Mike Ashley-owned Frasers Group proposed a £83 million takeover of Mulberry, which the British handbag company rejected.
LVMH has sold its stake in Off-White to Bluestar Alliance, the New York-based company that owns Elie Tahari, Kensie, Justice, Catherine Malandrino, Nanette Lepore, English Laundry, Brookstone, Joan Vass, Limited Too, Hurley, Scotch & Soda, and Bebe. The terms of the deal between LVMH, which acquired a majority stake in Off-White LLC in 2021, and Bluestar have not been disclosed. The late Virgil Abloh “was a creative pioneer who had a profound impact on the global fashion industry and creative community. Acquiring Off-White represents a unique opportunity for Bluestar Alliance to honor and build upon the enduring legacy of Virgil Abloh,” Joey Gabbay, chief executive officer of Bluestar Alliance, said in a statement.
LVMH is taking a minority stake in Moncler. The French luxury goods conglomerate revealed that it will acquire a 10 percent stake in Double R, the investment vehicle controlled by Moncler Chairman and CEO Remo Ruffini, which owns a 15.8 percent stake in Moncler. While the terms of the deal have not been disclosed, Double R revealed that it will increase its stake in Moncler up to 18.5 percent over the next 18 months for a total stake of 22 percent as a result of funds provided by the deal with LVMH. Moreover, LVMH will gain two board seats at Double R, one of which will be filled by Antonio “Toni” Belloni, people familiar with the nomination told Bloomberg.
“Moncler has been one of the most significant entrepreneurial success stories in the industry over the past twenty years,” LVMH controlling shareholder and chairman Bernard Arnault said in the statement in connection with the deal. Presumably looking to get ahead of takeover chatter, Arnault stated that he will “support the independence of the Moncler Group.”
Vyrao has raised funds in a new round led by L Catterton’s growth investment fund, Elevate Beauty, with participation from Manzanita Capital, the family office of the Gap magnate Bill Fisher, and Estée Lauder Companies’ corporate venture capital arm, New Incubation Ventures. The funding, the terms of which have not been disclosed, follows from the natural fragrance company’s 2022 seed round. Founded in 2021 by Yasmin Sewell, Vyrao touts itself as “the world’s first wellbeing brand to fuse energetic healing with master perfumery.”
Cassandra Grey and Sherif Guirgis have bought Violet Grey back from Farfetch, the brand’s founder has confirmed. The terms of the deal have not been disclosed but it follows closely from the downfall of e-commerce retailer Farfetch, which was acquired by Coupang late last year. Farfetch acquired Violet Grey in January 2022 in exchange for $49.4 million in cash, $1.3 million of reverse vesting shares and $5.0 million of Farfetch RSUs, and subsequently shuttered its beauty arm in August 2023, announcing that it would offer Violet Grey for sale.
“There was never any question if I could have bought back Violet Grey, even three months after the acquisition, I would have,” Cassandra Grey, who founded the brand in 2013, told WWD. “It wasn’t for sale until now.” She will serve as chairman and artistic director of Violet Lab, Violet Grey’s new brand development arm, while Guirgis will take on the roles of chairman and chief executive officer of Violet Grey.
The Row has reportedly raised new funds in a round that includes Alain and Gerard Wertheimer, the owners of Chanel, and L’Oreal heiress Francoise Bettencourt. According to Bloomberg, the round values the 18-year-old luxury brand at $1 billion. The Wertheimer brothers have acquired their minority stake in The Row via their New York-headquartered family office, Mousse Partners, while Bettencourt has taken a stake in the company via her family office, Téthys. Other investors include Natalie Massenet-run VC Imaginary Ventures and Lauren Santo Domingo’s newly-launch fund, St. Dominique Capital. Together, the new investors’ stake totals almost 40 percent; other details of the investments have not been disclosed.
Theater has raised $1.5 million in a Pre-Series A funding round led by Prath Ventures. The Chandigarh, India-based women’s fashion startup, which was founded in 2021 by Sarthak Aggarwal, Vikram Jain, Karan Jain, and Shruti Aggarwal, will use the new funds to expand into quick commerce, increase offline presence, and improve design and production processes. The investment highlights “growing investor interest in India’s women’s fashion market, particularly in shoes and perfumes segments,” the company said, with co-founder and CEO Sarthak Aggarwal, saying, “We are committed to crafting fashion and lifestyle products that are not only exquisitely made but also timeless in design.”
The family behind Nordstrom is looking to buy out shareholders of the publicly-traded retailer for $23 a share, which would amount to a $3.8 billion deal. The Nordstrom family, including current CEO Erik Nordstrom and his brother Pete Nordstrom, the company’s executive vice president, have proposed financing the transaction with cash, their existing stake in the company and $250 million in bank financing. At the same time, a group of investors, includes El Puerto de Liverpool, a Mexican real estate and department store company that disclosed a nearly 10 percent stake in Nordstrom in 2022, will also help fund the proposed deal that was revealed in a Nordstrom regulatory filing on September 4 after first being raised in April 2024.
The relevant language from Nordstrom’s Form 10Q filing, included in the “Risk Factors” section, is as follows …
“The Board’s consideration of potential avenues to enhance shareholder value, including the disclosure of a possible “going private” transaction proposed by our Chief Executive Officer and our President and Chief Brand Officer and the other members of their group could adversely affect our business, financial condition and results of operations, as well as our stock price.
In April 2024, we announced that our Board of Directors had established a special committee of independent and disinterested directors (the “Special Committee”) in response to interest expressed by Erik B. Nordstrom, our Chief Executive Officer, and Peter E. Nordstrom, our President and Chief Brand Officer, in pursuing a potential transaction in which Nordstrom would become a private company (a “possible going private transaction”) in conjunction with the Board’s exploration of possible avenues to enhance shareholder value. On September 4, 2024, the Special Committee confirmed receipt of a proposal from Erik and Pete Nordstrom, other members of the Nordstrom family, and El Puerto de Liverpool, S.A.B. de C.V. (collectively, the “Bid Group”) to acquire all of the outstanding shares of the Company, other than shares held by members of the Nordstrom family and Liverpool, for $23 per share in cash. We do not intend to disclose further developments regarding this matter unless and until further disclosure is determined to be necessary or appropriate.
There can be no assurance that we will pursue a possible going private transaction or any other particular transaction or other strategic outcome, or that a possible going private transaction or any other proposed transaction will be approved or consummated. The Special Committee may suspend or terminate its consideration of a possible going private transaction at any time, and Erik and Peter Nordstrom (or any parties who may be possible financing sources for a possible going private transaction) may suspend or terminate their exploration of a possible going private transaction at any time. A possible going private transaction or other transaction is also dependent upon a number of factors that may be beyond our control including, among other factors, market conditions, industry trends, regulatory developments and litigation.
Speculation regarding any developments and perceived uncertainties related to our future could impact our ability to retain, attract or strengthen our relationships with key personnel, current and potential customers, suppliers and partners, which may cause them to terminate, or not to renew or enter into, arrangements with us, and could lead to fluctuations in our stock price.
We may incur significant expenses related to a possible going private transaction or other transaction, and exploration of a possible going private transaction or other transaction has diverted and is likely to continue to divert management’s time and attention. Any of these factors could disrupt or adversely affect our business, financial condition and results of operations, as well as the market price of our common stock. To the extent the exploration of a possible going private transaction or another transaction adversely affects our business, financial condition and results of operations, as well as the market price of our common stock, it may also have the effect of heightening many of the other risks previously described.”
ASOS Plc confirmed that it will sell off a majority stake in its Topshop and Topman brands to Heartland, the “holding company owned by the Holch Povlsen family and their family business BESTSELLER,” in exchange for 180 million pounds ($237 million). By way of a newly-formed joint venture, Heartland will own 75 percent of the two Topshop brands and a unit of ASOS will maintain ownership of the remaining 25 percent. According to ASOS, it will assume design and distribution rights in the two brands in exchange for a royalty fee. The deal is expected to complete in Q4 2024.
LVMH-backed L Catterton has taken a minority stake in French accessories company Polène, acquiring its new holding from Otium Capital, the investment company of Pierre-Édouard Stérin. The terms of the deal have not been disclosed but reports suggest that it will strengthen the presence of LVMH boss Bernard Arnault, who is already maintains a stake in Polène through Aglaé Ventures, the venture capital firm backed by Groupe Arnault.
Tilt has raised £13.7 million in a Series A round led by Balderton Capital and included participation from existing investors TQ Ventures, Earlybird, and Seedcamp. London, United Kingdom-based Tilt provides a shopping platform that focuses on community engagement, emulating the content style of apps like TikTok and allowing sellers to perform as content creators via livestreams.“Our vision goes beyond simply enhancing the resale shopping experience; we are committed to building the most vibrant community in live commerce worldwide,” said Tilt co-founder Neil Shah. “This funding will ensure we innovate further, making each live stream not just a transaction, but a truly engaging and enjoyable experience.”
Chanel has acquired a 25 percent stake in high-end watchmaker MB&F in a move that ups the ante for the luxury goods brand in the horology segment. The terms of the deal have not been disclosed, but it has been revealed that Geneva-based MB&F’s founder Maximilian Büsser will retain a majority 60 percent stake in the company (down from 80%) and MB&F’s head of R&D and production Serge Kriknoff will now hold a 15 percent stake.
Büsser said that the influx of new cash from Chanel “will make sure that this company survives us.” Moreover, he said, “It was our responsibility, in today’s very favorable context and with our management team in its prime, to take this major step to ensure our long-term future – a natural evolution for a company celebrating its 20th anniversary next year. In addition to allowing us to pursue our independent path, free of any pressure on growth, the investment by Chanel will strengthen our operations by providing access when needed to their wider ecosystem and network of specialized suppliers.”
Club Monaco, Escada, and La Senza owner Regent has acquired Bally International A.G. from JAB, the investment vehicle of Germany’s Reimann family. The terms of the deal for the 173-year-old Swiss luxury brand have not been disclosed. “Bally is one of the world’s great heritage luxury brands,” Regent founder and chairman Michael Reinstein said in a statement. “Its legacy, built on over 170 years of timeless design and unparalleled quality, is a testament to refined Swiss elegance and an unwavering commitment to craftsmanship. We are honored to be entrusted with shaping the next chapter of this remarkable story.”
JAB vice chairman and CEO Joachim Creus stated: “Since our first investment in Bally, the brand has undergone significant operational and creative evolution. Today, it enjoys global recognition, and its latest creative direction has been celebrated worldwide. It has been a privilege to own this storied brand, and we will watch its future with great interest.”
Under Armour, Inc. has acquired UNLESS COLLECTIVE, INC. in a deal that was finalized this week. The terms of the acquisition have not been disclosed. Co-founded in 2020 by adidas veteran Eric Liedtke, who will join Under Armour as its Executive Vice President of Brand Strategy, Unless Collective touts itself as “the world’s first all-plant, zero-plastic regenerative fashion brand.” Under Armour said in a statement that Liedtke will be “globally accountable for amplifying Under Armour’s brand identity and storytelling, its comprehensive strategic planning process, and executing transformational initiatives that accelerate growth for UA while continuing to lead and curate, UNLESS.”
The sportswear company further stated that UNLESS, which “creates clothing and apparel built from the elements that can be worn in the elements and safely returned to the elements, is a collective of innovators, engineers, artists, and activists collaborating to operate the first regenerative fashion platform – connecting material, design, manufacturing, and composting to use plant-based innovation and production ingenuity to solve for a plastic-free future.”
Chanel has raised €700 million ($758 million) from a private sale of notes that will mature in 10 to 12 years. “The London-based luxury fashion house is the latest big European business to raise debt privately, following similar deals for German engineering firm Robert Bosch Gmbh, Italian chocolatier Ferrero and French drinks maker Remy Cointreau,” according to Bloomberg, which noted that the private placement has enabled Chanel to “directly tap institutional investors, such as insurers, in order to bypass volatility in public credit markets.”
EssilorLuxottica will acquire Supreme from VF Corporation for $1.5 billion in cash, the companies have confirmed. The deal comes four years after VF Corp bought the streetwear brand for $2.1 billion, with Supreme investors Carlyle Group and New York-based private equity firm Goode Partners agreeing to sell their stakes in the New York-based brand that American-British businessman James Jebbia founded in 1994. The deal, which is expected to close by the end of CY2024, marks the first apparel brand acquisition for the French-Italian eyewear maker.
EssilorLuxottica chairman and CEO Francesco Milleri and Deputy CEO Paul du Saillant said: “We see an incredible opportunity in bringing an iconic brand like Supreme into our company. It perfectly aligns with our innovation and development journey, offering us a direct connection to new audiences, languages and creativity. With its unique brand identity, fully-direct commercial approach and customer experience – a model we will work to preserve – Supreme will have its own space within our house brand portfolio and complement our licensed portfolio as well. They will be well-positioned to leverage our Group’s expertise, capabilities, and operating platform.”
Hudson’s Bay Co. will acquire Neiman Marcus and Bergdorf Goodman owner Neiman Marcus Group in a $2.65 billion deal. The deal will result in the creation of a new entity, Saks Global, that combines the Saks Fifth Avenue and Saks OFF 5TH brands, Neiman Marcus and Bergdorf Goodman, and the real estate assets of Neiman Marcus Group and HBC. Amazon – which will work with Saks Global “to offer its expertise in logistics and personalization technology” – will hold a minority stake in the new entity, as will cloud-based software company, Salesforce.
“For years, many in the industry have anticipated this transaction and the benefits it would drive for customers, partners and employees,” Richard Baker, HBC executive chairman and CEO, said in a statement. “This is an exciting time in luxury retail, with technological advancements creating new opportunities to redefine the customer experience, and we look forward to unlocking significant value for our customers, brand partners and employees.”
“The deal should help reduce operating costs and create more negotiating power with vendors. The new entity will also give shoppers better access to more designers, particularly up-and-coming ones as it will have more financial flexibility. Shoppers will also see their experiences more personalized through improved use of artificial intelligence,” Marc Metrick, who is CEO of Saks’ e-commerce business and will become CEO of Saks Global, said.
LVMH has acquired Switzerland-based speciality clock maker L’Epee 1839 and its owner and its owner Swiza. The terms of the deal have mot been disclosed. L’Epee will be housed within LVMH’s growing Watches division, which is led by Frédéric Arnault. “L’Épée 1839 is at once a beautiful brand with a history that dates back to 1839, internationally recognized and by an audience of watchmaking enthusiasts, but most of all, it has a unique know-how,” Arnault said in a statement. “It is the only one to do what its teams do in the industry and has regrouped under one roof an impressive diversity of crafts.”
The deal comes as LVMH looks to expand the range of its luxury goods offerings, including by “boosting its expertise in high-end watch making.”
Revolve Group, Inc. has acquired a majority stake in Alexandre Vauthier, confirming that it will invest six million euros ($9.67 million) over the next three years in the ailing French fashion brand, which was placed in administration last year and has been actively seeking a buyer. The deal, the terms of which have not been disclosed, will see “the integration of Revolve’s marketing strategies, data-driven merchandising techniques, and operational infrastructure with Alexandre Vauthier’s iconic brand identity and craftsmanship,” according to a release from the parties. Revolve co-CEO Michael Mente said in a statement, “By integrating our impactful brand marketing strategies and operational excellence with Vauthier’s visionary designs, we are set to ignite a new era of fashion influence in luxury to build an iconic French maison.”
Bernard Arnault has taken a stake in Richemont, according to industry reports. Details regarding the LVMH chairman and CEO’s position, which he has taken on in a personal capacity, are sparse, with Bloomberg reporting that the size of the holding is “small” and part of a broader Arnault family-owned portfolio of investments in publicly listed companies.
Daydream has raised a $50 million in a Seed round co-led by Forerunner Ventures and Index Ventures with participation from GV (Google Ventures) and True Ventures. Founded by Julie Bornstein, Matt Fisher, Dan Cary, Lisa Green and Richard Kim, Daydream is “a powerful new, AI-powered platform that will change the way people shop online.” The New York-based company said in a statement that Daydream is building “an entirely new platform from the ground up, leveraging the latest developments in generative AI, machine learning, and computer vision to change the end-to-end shopping journey and experience starting from search and discovery.”
“I have always been particularly obsessed with search and personalization and could not be more excited for the massive gains in AI over the past year,” Bornstein said. “We can finally build an intelligent online shopping platform that will make it easy and fun for consumers to find products they love among the best selection of brands and retailers in the world.”
HanesBrands has entered into a definitive agreement to sell the intellectual property and “certain operating assets of the company’s global Champion<em> </em>business” to Authentic Brands Group for a transaction value of $1.2 billion, with the potential to reach up to $1.5 billion through an additional contingent cash consideration of up to $300 million based on achievement of performance thresholds. “This agreement, which has been unanimously approved by the HanesBrands Board of Directors, is the successful conclusion of [HanesBrands’] previously announced evaluation of a range of strategic options for the global Champion business,” HanesBrands said in a statement.
Bill Simon, Chairman of the HanesBrands board, said, “Following a thorough review of options for the global Champion business with the support of our financial and legal advisors, we are pleased to have reached this agreement with Authentic Brands Group that we believe maximizes value for Champion and best positions HanesBrands for long-term success. Importantly, we believe this transaction will enable the Company to accelerate its debt reduction while positioning HanesBrands to deliver consistent growth and cash flow generation through a focused strategy on advancing its leading innerwear brands and optimizing its world-class supply chain.”
Consortium Brand Partners will acquire Outdoor Voices, the companies have revealed. The terms of the transaction have not been disclosed. The Tyler Haney-founded athleisure brand was valued at $110 million in 2018, but the most recent valuation in 2020 had the direct-to-consumer company’s worth dropping to $40 million. Since then, the company closed all its brick-and-mortar stores, laid off the majority of its employees, and was plagued by reports of a bankruptcy filing, which never came to fruition.
“We feel incredibly fortunate to become the next stewards of this very special brand,” Cory Baker, founder and managing partner of Consortium Brand Partners, said in a statement. “Tyler’s vision to build Outdoor Voices on a foundation of deep human connection and a genuine love for movement created something truly beautiful and unique in Outdoor Voices. We are committed to engaging the brand’s loyal community to ensure they can continue to enjoy products and experiences that celebrate the recreationalist and outdoor enthusiast.” The acquisition comes as Baker, Michael DeVirgilio and Jonathan Greller-led Consortium Brand Partners appears to be increasing its stake in the apparel/fashion industry after acquiring 70 percent stake in actress Reese Witherspoon’s fashion brand Draper James in September 2023.
Couper, a luxury fashion retailer that features “thoughtfully designed exclusive collaborations from emerging global designers,” has acquired Sovereign Collective, a luxury e-commerce platform that provides “unparalleled curation of the best styles and trends from global designers.” The terms of the deal have not been disclosed. Agee Leinberry-founded Couper said in a statement, “We are thrilled to announce that Couper has officially acquired Sovereign Collective, a like-minded, multi-brand platform featuring emerging contemporary designers from around the world. With a strong commitment to bringing new, international brands to the U.S. market, Sovereign Collective aligns perfectly with Couper’s mission to create a diverse platform of emerging designers and wearable art.”
Max Retail has raised $15 million Series A round led by Nosara Capital with participation from Rethink Impact, VC M13, The Artemis Fund, and StandUp Ventures. The West Palm Beach, Florida-based marketplace, which “makes it easy for independent retailers and brands to sell excess inventory,” says that the new funds will enable it to “more than double its sellers, focusing on serving specialty retailers and brands that add vibrance to flourishing communities.”
“Independent retail shops are core pillars of their communities but face limited options for their excess inventory other than discounting far below cost, sending to consignment, or donating for a tax write-off,” said Melodie van der Baan, Max Retail CEO & co-founder. “With this investment, we will continue to grow our sales channel network and expand this excess inventory solution to support the full product lifecycle, giving independent retailers and brands the tools they need to increase their inventory turns and maximize cash recuperation on unsold goods.”
Watches of Switzerland Group will acquire Italian jewelry brand Roberto Coin for $130 million in furtherance of an effort to expand its offering on line with “the global luxury jewelry market [trend] towards branded jewelry.” The luxury watch and jewelry retailer says that it will finance the deal with “a new $115 million loan, increasing the group’s leverage to 0.8x net debt, which will leave the firm at the mid-point of its full year leverage guidance.” Brian Duffy, CEO of Watches of Switzerland Group, said: “We have partnered with Roberto Coin for over a decade in the U.S., retailing its elegant jewelry in a number of our mayors’ showrooms. It is a hugely popular, growing brand, occupying a strong position in the market, underpinned by product quality, design creativity and imagination.”
Richemont has reached an agreement to acquire 100 percent of Italian jewellery maker Vhernier S.p.A. in a private transaction. Johann Rupert, chairman of Richemont, said of the deal, “Maison Vhernier brings a distinguished and distinctive design that beautifully blends modern, sleek and elegant shapes with unconventional materials, magnified by exceptional craftsmanship. This unique aesthetic perfectly complements our existing collection of renowned jewelry Maisons. We are delighted to welcome Vhernier’s talented team into the Richemont family. We very much look forward to working together to realise the full potential of this exceptional Maison within the thriving branded jewellery market.”
Richemont revealed that the transaction will have “no material financial impact on Richemont’s consolidated net assets or operating result for the year ending 31 March 2025.”
Frasers Group confirmed that it has reached a deal with the administrators of MATCHES to buy back “certain intellectual property assets” from the bankrupt online fashion platform, which it acquired (as a whole) from Apax Partners in December 2023 and put into administration in the United Kingdom in March 2024. The British retail group did not specify which MATCHES assets it will snap up or the terms of the transaction, although, WWD reports that the assets are likely MATCHES “trademark[s], domain names and data bases” of information (presumably, product and consumer-related information) accumulated by the London-based online retailer.
In a stock exchange notification on April 29, Frasers did state that the asset “transaction was completed following an extensive marketing process by the Joint Administrators and under the terms of this transaction, [Frasers] has granted a license that allows the Joint Administrators to sell the stock MATCHES holds through a period of continued trading for the benefit of the Administration.” It further noted that “brands and suppliers should be aware that all stock held by MATCHES does not form part of the transaction and the Joint Administrators continue to manage all operations of the business for the benefit of the Administration.”
Qlhype has raised €700,000 ($751,191) in a new funding round raised from KNTNR srl, Iacopo Chiarugi (of Florence Consulting Group), investor/tech entrepreneur Alessandro Monterosso, and Nicola Fumagalli. The Milan-based online fashion retail platform, which offers a curated selection of luxury brands, including a mix of new and pre-loved items, will use the new funds to expanding its physical retail footprint, grow its the team, and grow its presence in new markets beginning in 2025. Qlhype founder and CEO Simone Marini said, “From the digital world we continue to bring the Qlhype experience to physical stores, and in 2025, our goal is to export our model internationally.”
Konvi, a European luxury assets fractional investment platform, has acquired alternative investing platforms Diversified and Fractible. The terms of the deals have not been disclosed. The three companies facilitate fractional investments in luxury items, including high-end handbags, artworks, fine wines, whiskeys, watches, and vintage cars. Konvi co-founder and CEO Eran Peer said, “Acquiring Diversified and Fractible, both leading luxury investment platforms in France, is a crucial step in strengthening Konvi’s position as the European leader in this market. Users of both these platforms will now have access to our platform which will provide them with more exclusive investment opportunities. We are on a mission to democratise access to luxury assets through fractional investment and will continue our aggressive growth strategy to provide exciting new opportunities in the luxury market to retail investors across the globe.”
The Folklore has raised $3.4 million in a Seed funding round led by venture capital firm Benchstrength, with participation from existing investors Techstars, Black Tech Nation Ventures, and Slauson & Co. The New York-based company is focused on “empowering African fashion designers and marginalized communities” by offering a business-to-business (B2B) wholesale platform that “provides global brands with technology, education, and community resources to grow their business and enable retailers and service providers to collaborate.”
“We are positioning ourselves as a one-stop shop for brands to access technology that can streamline their processes, increase their sales, and help them grow,” founder Amira Rasool said. “While we cater to emerging brands, we are also continuing to build our technology to support brands as they grow and become more established.”
Knot Standard, the global leader of “made-to-wear” and leader in AI-powered custom clothing solutions, confirmed that its direct to consumer business will become part of the Billy Reid brand. The terms of the deal have not been disclosed. The companies said in a statement that the merger “brings together Knot Standard’s advanced technology and client experience with Billy Reid’s strong national presence. Billy Reid will take immediate control of Knot Standard’s eight retail locations, integrating these into its existing operations to offer a combined total of 19 locations nationwide.” Moreover, they assert that Knot Standard’s “proprietary AI-powered made-to-measure software, which includes sophisticated measurement and ordering tools, will be a cornerstone of the merger. The integration of this software will dramatically enhance the made-to-measure business, offering a level of personalization and quality previously unattainable in ready-to-wear collections.”
Marco Bizzarri is taking a minority stake of up to 23 percent in Italian fashion brand Elisabetta Franchi through his newly-launched personal investment company, Nessifashion. Speaking of his new investment venture, the former Gucci CEO, who will be appointed chairman of Bologna, Italy-based Elisabetta Franchi, said in a statement that “this new chapter of my professional life will focus on investments in valuable companies and human resources.” His investments will focus on companies in the fashion and luxury sector in Italy and abroad.
Italy’s Rivetti family confirmed that it has sold off a 1.18 percent stake in Moncler through an accelerated book-building to institutional investors at 67 euros per share. The news “comes less than a month after the announcement that the Rivetti family” – the former owner of Stone Island, the Italian luxury men’s fashion and outerwear brand acquired by Moncler in December 2020 in a $1.4 billion deal – “would become a direct shareholder in the luxury group after ending an investment agreement with [Moncler] CEO Remo Ruffini’s holding company Double R,” per Reuters. The Rivettis still hold 0.5 percent of Moncler share capital.
Miroglio finalized its acquisition of Trussardi in a deal that saw it paid 35 million euros ($38.28 million) for the assets of the more than 100-year-old Italian luxury brand, per Reuters. The deal comes almost exactly a year after Milan-based Trussardi sought protection from a Milan court to shield it from creditors while it worked with Italian advisory firm 3X Capital to restructure and cut costs. Miroglio, an Italian firm specializing in the manufacture and distribution of apparel, said the deal will enable Trussardi to remain an independent brand and enable Miroglio to expand into menswear and leather goods. Miroglio CEO Alberto Racca said in a statement that the deal is “a key step in our strategy of growth and portfolio diversification.”
Milan-based private equity investor Style Capital will acquire a 50.2 percent stake in Italian sneaker brand Autry from fellow Italian private equity firm Made in Italy Fund for an undisclosed sum. The Door family, which is the founding shareholder in Autry, will retain a “significant” holding in the company. Meanwhile, Reuters reports that Quadrivio & Pambianco, which owns the Made in Italy Fund, will reinvest in Autry via another, as-of-now unnamed fund. Under Style Capital’s ownership, Autry plans to increase its expansion in Italy and abroad, including by opening more than 20 mono-brand stores.
The Very Group has raised a £125 million in a new round, with Carlyle putting in £85 million of the funds and IMI investing the remaining £40 million. The Barclay family-owned retail group, which owns/operates Littlewoods.com and Very.co.uk, as well as Very Financial Services, will use the new funds to “support its growth strategy.” Acting non-executive chair Aidan Barclay said that with the new funds from Carlyle and IMI, the group has “the support of two long-term, experienced institutional sponsors that understand our business extremely well. Their commitment underlines the confidence they have in the group, and their contribution to the board will be invaluable as we look to the future.”
Burch Creative Capital has acquired a majority stake in Rowing Blazers, the cult menswear brand founded in 2017 by Jack Carlson. Rowing Blazers will join Burch Creative Capital’s growing roster of brands, including Staud, Solid & Striped, Danielle Guizio, BaubleBar, and Tory Burch. The companies said in a statement that the move “will allow Rowing Blazers to hire in key positions, develop its women’s line, expand distribution, and grow its retail footprint, starting with a new flagship Manhattan store as early as Fall 2024.” Carlson said, “I am very excited to be partnering with Burch Creative Capital, and excited for a new chapter in the Rowing Blazers story. This partnership will allow us to do things we couldn’t do previously; it will also allow us to reach new people, and to provide better service and even better products to our existing community. I’m especially excited about developing women’s.”
NTWRK has acquired Complex from BuzzFeed for $108 million. The Los Angeles-based live-stream shopping platform says the deal to snap-up Complex, a music, culture, and streetwear digital media site, will support its e-commerce business and “create a new destination for ‘superfan’ culture that will define the future of commerce, digital media, and music.” Aaron Levant, the new CEO of Complex, said in a statement, “Complex has been a beacon of culture and innovation for over two decades. My journey with Complex began as an admirer of their original magazine in 2002 and it has now come full circle as I step into the leadership role. Alongside this impressive team, we will create the definitive global content, commerce, and experiential platform of convergence culture.”
Beyoung secured a “strategic investment” from Sheikh Tahnoon Bin Saeed Bin Tahnoon Al Nahyan’s royal office. The Udaipur-based direct-to-consumer fashion brand says that it will use the new funds to “strengthen its market position and drive innovation to provide high-quality clothing to its customers,” while also aiming to “increase its global potential and strengthen its omni-channel presence with over 300 stores expected to open worldwide within three years.” Zulfiquar Ghadiyali, the Executive Director of the Private Office of Sheikh Tahnoon Bin Saeed Bin Tahnoon Al Nahyan, said, “We recognise the immense potential within Beyoung, especially in its strategic focus on reaching Tier II and III cities globally. The strategic investment in Beyoung aligns with our long-term vision of supporting the Indian apparel industry and fostering the creation of international brands.”
Guess Inc. will acquire New York-based fashion brand Rag & Bone in a deal that will see it enter into a joint venture with global brand management firm, WHP Global. The deal is expected to close in Q1 of 2025, according to Guess, which will acquire all the Rag & Bone operating assets with its contribution of $56.5 million toward the purchase. Together, Guess? and WHP Global will jointly own Rag & Bone’s intellectual property. In a statement, Guess? co-founder and chief creative officer Paul Marciano said, “Rag & Bone is a brand I have always loved and respected. It is a brand well known for its pre-eminence in American fashion that over the years has stayed true to its roots and founding values, with an unwavering commitment to quality and authenticity. This acquisition is the first one in the 43-year history of Guess?”
L Catterton is offering to acquire a 36 percent stake in Tod’s at 43 euros ($46) per share, a 17.6 percent premium to Friday’s closing price, for a deal that totals up to 512 million euros. “The offer values the company at just over 1.4 billion euros ($1.5 billion), versus a market value of 1.2 billion,” per Reuters. “Leaving the stock exchange now … is the most appropriate strategic choice,” Tod’s Chief Executive Diego Della Valle said in a statement. (L Catterton is backed by LVMH, which has long-maintained a stake in Tod’s; as of 2021, LVMH’s stake in the Italian fashion/leather goods brand rose to 10 percent.)
Luxury ski and outerwear company Perfect Moment Ltd. offered just upwards of 1.33 million shares in its public debut on the NYSE American exchange. Trading opened on February 8 at $4.43. The London-headquartered company, which describes itself as “a luxury lifestyle brand that combines fashion and technical performance for its ranges of skiwear, outerwear, swimwear and activewear,” has granted the underwriters a 45-day option to purchase up to an additional 200,100 shares of common stock to cover over-allotments, if any, at the public offering price, less the underwriting discount.
SIXTY PERCENT has raised 460 million yen ($3.1 million) in a Series A funding round led by Global Brain’s Kuroneko Innovation Fund, an existing investor, with participation from Ambush co-founder Verbal. The Tokyo-based e-commerce platform, which connects Asian fashion brands with Japanese consumers, says it will use the new funds to “achieve further business expansion with [the help of] Yamato Holdings Co., Ltd., the Limited Partner of KURONEKO Fund.” The company says that it has been established as a “unique cross-border e-commerce solution” that offers a wide range of features all in one place including multi-language assistance, logistics, payment, and customer service.
Reflo has raised £1 million in a Seed round with participation from England football star Harry Kane. The Doncaster, England-based “sustainable” performance-wear brand says that its offerings – which “focus on sustainability, performance, and style, specializing in golf but also catering for gym goers, runners and other sports like tennis and padel” – are “predominantly made from recycled polyester, derived from single-use plastic waste destined for landfill which results in its fabrics using 50% less energy and producing 70% less carbon than virgin polyester, requiring no new oil.” It will use the new funds to support its production and business operations, particularly in material sourcing, staff, and production factory choices.
Coupang has finalized its acquisition of Farfetch Holdings plc, confirming that Farfetch “will continue delivering exceptional services for its brand and boutique partners.” WWD cited sources as saying that negotiations to sell non-core assets in the Farfetch portfolio, such as Browns and New Guards Group, “are ongoing,” and that Farfetch founder Jose Neves “is on leave, and it remains unclear when he will return to the business.”
Newme has raised Rs 45 crore ($5.4 million) in a Seed funding round led by Fireside Ventures with participation from Aum Ventures, 2am VC, and All In Capital. The Bengaluru, India-based fast fashion brand, which focuses on Gen Z, claims that it creates 500 new designs per week largely using technology that is guided by four designers. Newme’s co-founder and CEO Sumit Jasoria said the company will use the new funds to “enhance our supply chain and scale-up the manufcaturing in [India], go from 2 to 20 cities in our offline play and build a stronger tech team over the course of the coming 12 months.” It will also use a portion of the proceeds to hire more individuals in leadership roles.
Singer Harry Styles has taken a minority stake in British menswear brand S.S. Daley. Founder Steven Stokey-Daley, who confirmed the funding on January 11, said, “It’s been very much organic. One of the really nice things is, Harry approached me and sort of made it apparent that he was a fan of what we’re doing. And of course, I’m very much a fan of his.” Stokey-Daley further stated, “Harry and I have a shared vision for the future of S.S. Daley and we look forward to this new chapter together as we focus on brand longevity and scaling the business into a modern British heritage house.”
Frasers Group will acquire luxury clothing retailer Matches Fashion in a £52 million ($66 million) deal. Mike Ashley-led Frasers confirmed that it will buy Matches from its parent company, MF Intermediate Limited, a subsidiary of private equity firm Apax Partners, noting that the online retailer, which was snapped up by Apax in 2017, “has been loss-making in recent years, reporting a loss of £33.5 million for the year to January 31.” The deal is expected to enable Frasers to further develop its “elevation strategy” to take the group – which currently consists of brands like Sports Direct, House of Fraser, Gieves & Hawks, Jack Wills, and Missguided, among other names – to move more upmarket.
Coupang, Inc., a Korean retailer, announced plans to acquire the business and assets of Farfetch Holdings in a deal that “positions Coupang as a leader in the $400 billion global personal luxury goods segment.” In a statement on Monday, the Seoul-founded, Seattle-headquartered retail giant confirmed that it will take NYSE-listed Farfetch private, combining its “operational excellence and innovative logistics” with Farfetch’s “leading role in the luxury ecosystem” to deliver “exceptional experiences for customers, boutiques, and brands across the world.” The deal will “give Farfetch access to $500 million of capital to continue providing exclusive brands and boutiques with bespoke, cutting-edge technology and giving leading designers access to consumers around the globe,” according to the parties’ release, which notes that Farfetch chairman and CEO, José Neves, will remain at the company he founded.
Absolute Brands has raised $2.5 million in a Seed funding round led by Capstone Ventures with participation from a number of angel investors. The New Delhi, India-based fashion and lifestyle platform says it will use the new funds to “establish a physical retail presence and elevate the omnichannel experience for its customers.” Founded in 2023 by Vishnu Prasad, Absolute Brands says that it “focuses on creating an array of in-house fashion apparel brands, targeting both current and untapped customer segments and harnessing state-of-the-art technologies and establishing a robust omnichannel retail presence.”
Joseph Duclos has raised 7 million euros in new funding from French entrepreneurs and family offices. The French leather goods house will use the new funds, which come in exchange for shares and/or convertible bonds, to fuel its international expansion. WWD reports that “a further funding round already slated for 2024 meant to accelerate [the brand’s] retail projects.”
Kering announced that it has completed the acquisition of a 30 percent shareholding in Valentino, “in accordance with the terms disclosed on July 27, 2023, and following clearance from the antitrust authorities.” The stake “will be accounted for using the equity method, starting from [November 30] onwards,” Kering said in a statement.
British premium sportswear Castore has raised £150 million in a round led by The Raine Group with participation from Hanaco Ventures and Felix Capital. The FT reports that the round, which is the largest in Castore’s history, values the company at £950 million after taking the new money into account, citing a person with knowledge of the matter.
Shein has confidentially filed to go public in the U.S. “The retailer was last valued at $66 billion and could be ready to start trading on the public markets as soon as 2024,” people familiar with the matter told CNBC. Meanwhile, Reuters reports that Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters for the IPO.
Adrian Cheng has taken a majority stake in 1017 Alyx 9SM, the label launched in 2015 by current Givenchy creative director Matthew Williams. The terms of the deal have not been disclosed but Williams told the FT that the company will use the new funds to “expand [its] accessories, footwear and jewelry categories and to open [its] first boutique.” Hong Kong-based Cheng is the CEO and executive vice-chairman of the Hong Kong-listed property development group New World Development, and the executive director of jewelry company Chow Tai Fook.
Urbanic has raised $150 million in a Series C funding round from Switzerland’s Mirabaud Lifestyle Impact and Innovation Fund, New York-based public-private hybrid investment firm D1 Capital Partners, JAM Fund and other global investors and European luxury fashion families. Previous backers include Nexus Venture Partners and Sequoia Capital. The London, UK-based fashion brand will use thew new funds to “support [its] mission to transform the fashion industry by leveraging AI and machine learning-based models, which are supported by its proprietary large language model that is trained on a variety of codebases to “systematically generate fashion designs, AIGC-based creatives and content, and improve overall supply chain efficiency to the next level for the fashion industry.” Founder James Wellwood said in a statement, “We will continue to leverage groundbreaking technology and partnerships with manufacturers and suppliers who comply with the highest standard of international working conditions that protect our people and our planet. We are grateful for the support of our investors whose funding will meaningfully accelerate our ability to bring new designs and clothing to our customers across our markets globally.”
Cult Mia has raised £2.5 million in a Seed funding round from Fuel Ventures, luxury fashion investor David Wertheimer, Morgan Stanley, and WomanKind Ventures. The London-based online fashion marketplace – which says that its “tech IP has been and will continue to be a significant focus in order to continue putting the platform way ahead of the competition both for brands and shoppers via a product-to-market that is quicker than fast fashion, while guaranteeing sustainability” – will use the new funds to “supercharge its growth.” CEO Nina Briance said, “Cult Mia will use the investment to further advance automating its platform technology, increase efficiencies in acquiring and retaining customers, while expanding the core team to cover new product and service verticals planned to roll in 2024.”
Shein has agreed to buy fast fashion brand Missguided from British retail group Frasers for an undisclosed sum. Mike Ashley-led Frasers said on Monday that Chinese ultra-fast fashion titan Shein will acquire the intellectual property of Missguided, while it will retain its real estate and employees, which have been integrated into Frasers’ growing fashion division. Financial details of the deal have not been disclosed. Shein also revealed that it has “signed an agreement to license the Missguided brand IP to Sumwon Studios, a joint venture between Shein and Missguided’s founder Nitin Passi, which will manage the brand,” per the WSJ. “Missguided’s products and collections will be manufactured through Shein’s on-demand production model and sold on its sites and on Missguided.com as an independent brand.”
“This move is particularly noteworthy because it marks Shein’s first acquisition of a British brand, aligning well with its focus on the UK as one of its fastest-growing markets,” Shore Capital analyst Eleonora Dani told Reuters.
Engaged Capital has built a position in apparel brand owner VF Corp, arguing that the Denver, Colorado-headquartered company is mismanaged and that its stock price could triple if those issues are addressed. Engaged Capital’s Chris Hetrick said the company’s business “can likely be turned around and said the North Face brand is very healthy globally and that the Vans brand has lost ‘heat’ but can be repaired,” per Reuters. Hetrick, an activist investor, further said that VF, which owns North Face, Eastpak, Timberland, Vans, Jansport, and Supreme, among other brands, “should evaluate boosting its non-core asset divestment program as well as consider taking offers for all the company’s brands except Vans and The North Face.”
Frasers Group has signed a binding agreement to acquire SportScheck, one of the leading sports retailers in Germany, from Signa Retail Department Store Holding GmbH. The financial terms of the transaction have not been disclosed. SportScheck generates an estimated €350 million ($369.6 million) in annual revenue from its network of 34 stores in cities across Germany. Frasers Group CEO Michael Murray said: “Acquiring the leading sporting goods retailer in Germany is a big step in our journey to becoming the number one sports retailer in EMEA – and we are delighted to do this with the full support of major global brand partners, adidas and NIKE. Growing and expanding our Sports business is a key focus area in becoming an international retail business. The German market represents a huge opportunity for us, and we look forward to bringing our experience, resources and relationships to strengthen the SportScheck business.”
Frasers Group increased its stake in fast fashion retailer Boohoo Group Plc again, after taking on a larger position in June. The Mike Ashley-run retail group now holds 15.1 percent of the voting rights in Boohoo, up from 13.4 percent. “Frasers has also been picking up shares in other UK retailers, with the latest move likely to stoke speculation on whether it is just taking advantage of undervalued stocks or there is more to its actions,” per Bloomberg.
Next will acquire FatFace from a consortium of financial institutions, including Alcentra and Lloyds Banking Group, in a cash and stock deal that values the British fashion/lifestyle brand at 115.2 million pounds ($140 million). Aside from Next confirming that it will put up a combination of cash and new Next shares in furtherance of the deal, the terms have not been disclosed. The deal will add yet another new name to Next’s roster of brands. “This year it has already purchased the Cath Kidston brand and raised its stake in upmarket fashion chain Reiss to 72 percent,” Reuters reported. “Last year, Next bought fashion retailer Joules, furniture brand Made.com, and a minority stake in baby goods retailer JoJo Maman BéBé.”
Birkenstock listed on the New York Stock Exchange on October 11, nabbing a valuation of $8.3 billion. The German footwear company’s shares opened at $41, down from the $46 figure that it priced the shares at the night before. Birkenstock offered up 10.75 million ordinary under the ticker “BIRK.” L Catterton – the private equity group backed by French billionaire Bernard Arnault and LVMH that acquired a majority stake in Birkenstock in 2021 – offered 21.5 million. (After the IPO, L Catterton will hold an 82.8 percent stake in Birkenstock and control a majority of the combined voting power of its outstanding shares.)
Reliance Retail will acquire UK-based Superdry’s licenses and brand assets in three Asian countries for 40 million pounds ($48 million), “expanding its tie-ups with foreign brands and giving the struggling UK fashion retailer much-needed funds.” The deal between British fashion retailer Superdry and India’s largest retailer Reliance will come in the form of a joint venture, in which Superdry “will invest 9.6 million pounds for a 24 percent stake and cover Sri Lanka, Bangladesh and India, where the UK company has been present since 2012 when it first partnered with Reliance Retail,” per Reuters. The assets at issue include the SUPERDRY brand and related trademarks
Sycamore Partners will acquire Chico’s FAS in an all-cash deal, paying $938.1 million to take the NYSE-traded apparel company private. Under the terms of the agreement, Chico’s FAS shareholders will receive $7.60 per share in cash, with the per share purchase price represents a 65 percent premium to the Company’s closing stock price on September 27, 2023 (the last trading day prior to the announcement of the transaction), the parties said in a statement.
“Through this investment, we are gaining additional expertise, financial resources and strategic flexibility to fuel the growth of our company and three powerful brands: Chico’s, White House Black Market and Soma,” said Molly Langenstein, Chico’s FAS Chief Executive Officer and President. “Sycamore Partners has an outstanding record in the retail industry in partnering with management teams to help businesses reach even greater levels of success. They share our commitment to providing solutions, building communities and creating memorable experiences to bring women confidence and joy. We look forward to working with the Sycamore Partners team to unlock Chico’s FAS’s full potential.”
Le Petit Lunetier has raised $4 million in equity funding from Singapore-based eyewear retailer Neso Brands. The Paris, France-based eyewear brand, which was founded in 2015 by former Google and Rad.co executive Jérémie Encaoua and optician Elie Attias, will use the new funds to “solidify its brand presence in Europe and fuel its international expansion,” including in Asia and the Middle East. Neso Brands CEO Bjorn Bergstrom said in a statement that “this strategic investment marks our first foray into the European market.”
Birkenstock announced on September 12 that it will list shares on the New York Stock Exchange under the ticker BIRK – without disclosing how many shares it will list or what the anticipated price range for those shares will be. It did, however, reveal that its net revenue for the six months ending on March 31 amounted to 644.17 million euros ($692.87 million), up 19 percent, and its profit was 40.21 million euros (down 45.3 percent). The WSJ reports that German footwear company listed entities affiliated with L Catterton, the U.S. private-equity firm, as the selling shareholder in the IPO, which is being underwritten by Goldman Sachs, J.P. Morgan, and Morgan Stanley. “Entities affiliated with L Catterton will control a majority of the combined voting power of the shares after the offering,” the company confirmed.
Reese Witherspoon has sold off a 70 percent stake in her Draper James fashion brand to private equity firm Consortium Brand Partners for an undisclosed sum. The actress/producer will “remain a partner and board member in the business, working closely with Consortium Brand Partners to guide its strategic direction and growth,” per WWD, which reports that the brand intends to extend its presence in premium department and specialty stores with the new funds. It will also expand its exclusive RSVP collection with Kohl’s, which was launched in February 2022. Cory Baker, managing partner of Consortium Brand Partners, said in a statement, “Draper James is a beloved American brand with a thoughtful aesthetic that has resonated with women across the country. We are excited to collaborate with Reese, tapping into the ethos of her brand and reaching even greater heights, as we expand the brand with new offerings, across retail, domestically and internationally.”
Next has confirmed a deal to acquire Warburg Pincus’s 34 percent stake in the fashion company Reiss Group in exchange for £128 million ($162 million). The acquisition will boost its stake in London-headquartered Reiss from 51 percent to 72 percent. At the same time, the Reiss family’s stake in the 52-year-old firm will increase to 22 percent. PE giant Warburg Pincus took a controlling stake in Reiss back in 2016.
Frasers has raised its stake in fast fashion company Boohoo from 7.8 percent to 9.1 percent. The British retail group first took a 5 percent stake in Boohoo in June 2023 in a strategic move given the fast fashion retailer’s “attractive proposition to us with its laser focus on young female consumers.”
Rolex has agreed to acquire Bucherer in what is being characterized as “a major tie-up in the closely held luxury-watch industry that will give it more control over how its watches are sold.” 135-year-old Switzerland-based Bucherer, which operates more than 100 stores globally, more than half of which stock Rolex watches, “will keep its name and continue to independently run its business,” Rolex said Thursday, as reported by the WSJ, which notes that “Rolex’s move deeper into the retailing side of the business is a major shift for the Swiss manufacturer. While the company authorizes hundreds of retailers around the world to sell its watches, Rolex only owns and operates one store in Geneva.” The terms of the deal have not been disclosed.
Both Rolex and Bucherer, the latter of which has served as a Rolex retail partner for over 90 years, are privately-held companies that do not disclose financials — although Rolex reportedly made upwards of 1 million watches in 2022 and generated $8.8 billion in revenue.
Forever 21 and Shein are joining forces in furtherance of a joint venture that will see the Chinese ultra-fast fashion giant acquire about a third of Forever 21′s operator, Sparc Group, while Sparc will also take a minority stake in Shein. (Sparc is, itself, a joint venture between brand holding/management company Authentic Brands Group and Simon Property Group, the biggest shopping mall owner in the U.S.) “For Shein, the deal will give the company a larger presence in U.S. malls, where its current customers and potential new customers shop,” per CNBC, which notes that the company plans to “test new approaches, such as shop-in-shops and allowing customers to make returns in stores.”
Authentic Brands founder and CEO Jamie Salter reached out to Shein more than a year ago to reach the deal, which he says is “all about maximizing distribution. Most of our customers are in physical stores. Most of their customers are digital.” Salter told the WSJ that “the partnership could later expand to include additional Sparc brands as Shein establishes itself more like an Amazon-type marketplace.”
Ghost has raised $30 million in Series B round found led by Cathay Innovation with participation from existing investors Union Square Ventures, Equal Ventures and Eniac Ventures. The round brings the Los Angeles-based members-only B2B marketplace’s funding to date to $68 million to date. It plans to use the new funds to hire for several roles in product, engineering and design while developing its platform further to meet rising demand. Since coming out of stealth with a $20 million Series A in July of 2022, Ghost counts over 1,000 members, including some of the world’s best brands and global retailers in categories such as apparel, footwear, beauty and home goods, which use its platform to unload surplus inventory. The company said in a statement that “surplus inventory continues to be one of the most significant pain points for retailers and brands who have historically suffered from limited, inefficient and archaic liquidation options. In 2022, over $500 billion of excess inventory was sold at discount retailers, expected to grow to $830 billion by 2030 — while over $163 billion is discarded annually. The problem is becoming more complicated as supply chain issues continue to arise and demand becomes more difficult to predict.”
“We are leveraging data science and technology to solve a problem that has previously been addressed with phone calls and fax machines,” said Josh Kaplan, Co-CEO of Ghost. “Our alpha is the ability to predict everything from market pricing to sell-through, which is extremely powerful information for our customers. Through our team’s deep expertise in the retail sector, Ghost has gained the trust of global brands across fashion, beauty, footwear, home goods and more. We are expanding our reach across the globe and connecting more of the world’s best retailers than ever before.”
In-Seam has raised $2 million in a Pre-Seed round led by Far Out VC on the heels of raising $120,000 via a convertible note in November 2022. The New York-based company says that it “helps connectors in the U.S. (aka personal shoppers, stylists, and sales personnel), who’s personal relationships account for the majority of luxury fashion sales, to better service their high-value clients by leveraging our platform to access the best product for their clients through our streamlined UI, curated network of luxury designers, and access to consignments, free shipping, and commissions.” Founded by Amy Wehren in 2020, In-Seam works with top luxury brands like Dior, Khaite, Ganni, Brandon Maxwell, Altuzarra, and Rosie Assoulin, as well as top personal shoppers and stylists across the U.S. “to shift the value chain and bring power, efficiency, and financial reward to the behind-the-scenes connectors whose personalized service drives luxury while reimagining connection for designers and clients alike.”
Tapestry will acquire Capri Holdings in a deal valued at $8.5 billion. In furtherance of the deal, Tapestry – which owns Coach, Kate Spade, and Stuart Weitzman – will pay Capri shareholders $57 per share in cash, or $6.69 billion, to acquire the group, whose holdings consists of Versace, Jimmy Choo and Michael Kors. “Once the deal closes, it will create an American fashion giant that – while still not quite as large as its European competitors [like LVMH, Kering, and Richemont, in particular] – will be better positioned to compete in the luxury market,” CNBC reported. “We’ve created a dynamic, data-driven consumer engagement platform that has fueled our success, fostering innovation, agility, and strong financial results. From this position of strength, we are ready to leverage our competitive advantages across a broader portfolio of brands,” Tapestry CEO Joanne Crevoiserat said in a statement. She noted that the deal “does increase our access to the luxury market and the higher-end consumer segments in luxury.”
Meanwhile, Capri Holdings’ CEO John Idol said, “We are confident this combination will deliver immediate value to our shareholders. It will also provide new opportunities for our dedicated employees around the world as Capri becomes part of a larger and more diversified company.” Idol further stated that the deal will give the group “greater resources and capabilities” to expand its global reach.
Private equity firm Advent has acquired a majority stake in Zimmermann from founder-sisters Nicky and Simone Zimmermann and the Milan-based Style Capital fund (the latter of which acquired an estimated 70 percent stake in 2016 from American private equity firm General Atlantic), in a deal that reportedly values the Australian fashion brand at $1.5 billion. The Zimmermann family will retain a minority stake in the 32-year-old, Sydney, Australia-based brand. “The investment by Advent will allow Zimmermann to speed up expansion abroad including in Asia and the Middle East, and boost its distribution network, including the digital offer,” Advent, Zimmermann and Style Capital said in a joint statement. Sources close to the company say the deal will “bolster growth in markets such as China, where Zimmermann has two stores, and the Middle East,” per AFR. Moreover, its Paddington, Sydney, store will also receive a refresh, with a development proposal currently in play to double its existing footprint.
Fashionette AG announced that it will merge with its main shareholder, The Platform Group, which currently maintains a 43.76 percent stake in Dusseldorf-headquartered fashionette. The deal will value The Platform Group – which is an online retail firm active in more than two dozen sectors, including fashion – at €155.6 million, and fashionette, a “data-driven” online provider of luxury accessories, at €87.1 million, the parties revealed. “Merging the activities of both companies will create a new company in the platform sector that is profitable, grows in numerous sectors and is slated to become Europe’s leading platform group,” fashionette CEO Dr. Dominik Benner said in a statement.
“The previous activities of fashionette AG will become part of the new Group, we will successfully continue fashionette’s positioning in the luxury segment and implement the entry into the platform business with luxury fashion in the fall,” said Laura Vogelsang, Member of the Management Board of fashionette AG, which will rebrand to The Platform Group following the close of the deal.
Richemont has acquired a controlling stake in Gianvito Rossi, the renowned Italian shoemaking Maison, in “a private transaction.” Cartier-owned Richemont said in a statement that founder Gianvito Rossi, who serves as the CEO and Creative Director of the eponymous brand, “will retain a stake in the company and continue to nurture and develop the Maison in partnership with Richemont.” Mr. Rossi said in connection with the deal, “I have found in Richemont a partner who shares common values such as the greatest attention to quality, design and craftsmanship and the preservation of tradition handed down from generation to generation. I decided to choose them to keep developing the brand worldwide and for their expertise and model of global expansion. Our partnership will be beneficial for the company’s next stage of growth, and we look forward to starting this exciting new chapter together with a spirit of fruitful cooperation.”
Richemont revealed that the transaction has “no material financial impact on Richemont’s consolidated net assets or operating result for the year ending 31 March 2024. The performance of Gianvito Rossi will be reported under the ‘Other’ business area, which is mostly composed of the Fashion & Accessories Maisons. Completion remains subject to certain customary conditions and regulatory approvals.”
Kering and Mayhoola have entered into a binding agreement for the acquisition by Kering of a 30% shareholding in Valentino, for a cash consideration of €1.7 billion. The parties said in a statement that “the agreement comprises an option for Kering to acquire 100% of the share capital of Valentino no later than 2028. The transaction is part of a broader strategic partnership between Kering and Mayhoola, which could lead to Mayhoola becoming a shareholder in Kering.” Moreover, they asserted that “the strategic partnership will further support the brand elevation strategy implemented by Valentino CEO Jacopo Venturini,” with Kering to become “a significant shareholder with Board representation, [while] Mayhoola will remain the majority shareholder with 70% of the share capital and will continue to execute on the successful brand elevation strategy.” As part of the broader partnership, Kering and Mayhoola say that they will “explore potential joint opportunities in line with their respective development strategies.” The transaction is expected to close by end of 2023, subject to clearance by the relevant competition authorities.
François-Henri Pinault, Chairman and CEO of Kering, commented: “I am impressed with the evolution of Valentino under Mayhoola ownership and very delighted that Mayhoola has chosen Kering as its partner for the development of Valentino, a unique Italian house that is synonymous with beauty and elegance. I am very pleased of this first step in our collaboration with Mayhoola to develop Valentinoand pursue the very strong strategic journey of brand elevation that Jacopo Venturini will continue to lead.”
Rachid Mohamed Rachid, CEO of Mayhoola and Chairman of Valentino, highlighted: “Valentino is one of the ultimate Italian luxury authorities and we are very happy to welcome Kering as a strategic partner for the future development of the Maison de Couture. Under our stewardship, Valentino has strengthened its foundations as a highly desirable luxury brand and we will keep reinforcing the brand in the next chapter with Kering. We look forward to our partnership with Kering in Valentinoand also in other potential opportunities to explore investments together.”
Kim Kardashian’s SKIMS has raised $270 million in a Series C round led by Wellington Management with participation from Greenoaks Capital Partners, D1 Capital Partners, and Imaginary Ventures, bringing the company valuation to $4 billion. That is up from a valuation of approximately $3.2 billion in 2022. SKIMS co-founder and CEO Jens Grede told The New York Times DealBook that the company expects to generate $750 million in sales in 2023, up from $500 million in 2022. As for the company’s plans, “At some point in the future, Skims deserves to be a public company,” he said.
Musinsa raised 240 billion won ($189.7 million) in its Series C round from a consortium led by global private equity giant KKR & Co. Inc., with participation from U.S. investment firm Wellington Management Co. The round, which brings Musinsa’s valuation to the mid-3 trillion won mark, follows from a 130 billion won Series B in 2021 and a 100 billion won Series A in 2019. South Korea’s leading fashion platform, Musinsa will use the new funds to “strengthen its profitability, secure the intellectual property of overseas fashion brands that haven’t yet entered the Korean market and invest in promising designer brands.” The 22-year-old company – which reported revenues of 708.3 billion won in 2022, up 53.6 percent year-over-year, but operating profits of 3.2 billion won (down 94.6 percent YoY) and net losses of 55.8 billion won – will also expand its existing pop-up stores in the Seongsu, Hannam and Hongdae areas in Seoul, while opening more Musinsa Standard stores and boutiques in Daegu and Busan.
Musinsa CEO Munil Han said in a statement, “We are delighted to welcome global investors of KKR and Wellington’s caliber, which we see as a recognition of the quality of MUSINSA’s platform, and the potential of the Korean online fashion market.
Authentic Brands Group has raised $500 million from growth-equity investor General Atlantic, nabbing a reported valuation of more than $20 billion in the process. “General Atlantic first invested in Authentic Brands in 2017 and has now invested a total $2 billion in the company,” per Bloomberg. “Other investors in Authentic Brands include BlackRock Inc.’s private equity arm, mall operator Simon Property Group Inc., Leonard Green & Partners and retired basketball star Shaquille O’Neal.”
ShopZetu has raised $1 million in a Pre-Seed round led by Chui Ventures, with participation from Launch Africa, Roselake Ventures and Logos Ventures. Angel investors that took part in the round include Kendall Tang, the CEO of RT Knits; Ben Munoz, the co-founder and CEO of Nadine West; Sumit Bhasin of Estée Lauder Inc.; Patricia Ithau, the CEO of WPP Scangroup; and Peter Njonjo, the co-founder and CEO of Twiga Foods. The Kenya-based e-commerce start-up – which aggregates the supply of large and small local manufacturers, and traders of imported fashion products – will use the new funds to trial regional delivery services in Rwanda, Tanzania, and Uganda. “The goal is for ShopZetu to become the leading lifestyle platform. We are looking to expand our beauty, skincare, hair and home décor offerings, which are all expressions of one’s identity. We want to become a one-stop shop,” said Marvin Kiragu, ShopZetu CEO, who co-founded the startup alongside Wandia Gichuru, said in a statement.
Frasers Group has taken a 5 percent stake in Boohoo in a strategic move given the fast fashion retailer’s “attractive proposition to us with its laser focus on young female consumers.” In a statement, Frasers said that its “sees potential synergies and an opportunity to strengthen our own brand proposition in collaboration with Boohoo, most obviously with Frasers Group brands I Saw It First and Missguided.” The terms of the investment have not been disclosed. Frasers further added, “Driving growth through strategic investments is a core part of Frasers’ DNA. Under Michael Murray’s leadership, we continue to build on our long track record of establishing supportive shareholder positions in attractive retail companies. We have a clear strategy to identify opportunities to invest in businesses which complement our existing sport, premium and luxury businesses, or help us to build and further utilise our sector-leading ecosystem.”
Kurt Geiger has signed an agreement with Wells Fargo Capital Finance and Blazehill Capital to refinance its debt and secure £150 million in funding as it looks to support its international growth strategy. Kurt Geiger CFO Dale Christilaw said in a statement, “The combined facilities will provide significant flexibility to accelerate our expansion across North America and Europe.” Wells Fargo Capital Finance UK origination director Tayyib Chowdhry said, “We’re delighted to have provided an upsized credit facility to enable the team at Kurt Geiger to accelerate an already compelling growth trajectory, globally.
Blk Dnm has been acquired by ChromaWay, marking the first fashion industry acquisition by the Swedish blockchain developer. The terms of the deal, which was first reported by WWD, were not disclosed. In a statement, ChromaWay co-founder and CEO Henrik Hjelte said that both ChromaWay and Blk Dnm “want to make something that is completely new on the market, and ho noted that “that I think that “fashion is an industry where you can invent quite a lot so we wanted to try out this concept to breach the digital world and the physical world and that is this concept of connected fashion that we are now working with Blk Dnm on.” The deal comes in the wake of Blk Dnm, which was founded in 2011 by Swedish designer Johan Lindeberg, repositioning itself early this year in a move away from its denim and sportswear roots to an “entry-luxury” brand.
The Independents has raised $400 million in a round led by TowerBrook Capital Partners and FL Entertainment. The Paris-based global marketing and communications group for luxury and lifestyle brands will use the new funds to expand operations in furtherance of its aim of doubling its size by 2025 by way of a strong acquisition strategy and dynamic international expansion. Isabelle Chouvet-led The Independents owns Bureau Betak & Bureau Future, Karla Otto, K2, The Qode, Lefty, and Prodject.
Frasers Group has increased its stake in ASOS to nearly 9 percent – bring the group “close to the ability to block a takeover bid – ahead of a potential battle for control of the ailing online fashion business,” the Guardian reported. Frasers has been steadily boosting its stake in the British online fashion and cosmetic retailer, with its most recent increases coming in October 2022, at which point it held a 5.1 percent stake, and May 2023, when it boasted a 7.4 percent stake.
Ellassay Fashion Co. Ltd. has finalized a joint venture – called Nobis (Shenzhen) Clothing Co., Ltd. – with Canadian high-end outwear-maker Nobis. The joint venture, which was created via a combined investment effort, will assume the responsibility of spearheading the development and operations of Nobis in China, including Hong Kong and Macau, but excluding Taiwan. The parties revealed that as part of the venture, Ellassay will contribute 40 million RMB ($5.62 million) in exchange for a 50 percent equity interest, while Nobis will contribute 40 million RMB ($5.62 million) in intellectual property in exchange for the other 50 percent of the joint venture. “Adding the Nobis brand to the fold will help us create a stronger brand matrix,” Ellassay, a Shenzhen-based apparel brand, said in a statement. “Gaining a foothold in the technical apparel space will strengthen our ties with consumers and consolidate the company’s competitive edge.”
Authentic Brands Group has acquired the intellectual property of Hunter in furtherance of a deal that will see ABG accelerate the expansion of the British outdoor-wear brand in the U.S. and Canada, Latin America, Europe, the Middle East and Africa, as well as key markets across the Asia Pacific region with the help of Batra Group and Marc Fisher Footwear, which will see as Hunter’s “core partners” in certain regions. ABG said in a statement that the deal “drives the firms strategy of diversifying its portfolio with brands that originate from outside the U.S.” The terms of deal have not been disclosed but Hunter’s IP is worth a reported $125 million.
Shein raised $2 billion in a recently-closed funding round that values the Chinese fast fashion giant at $66 billion co-led by Sequoia Capital, General Atlantic and the U.A.E. sovereign-wealth fund Mubadala. The valuation is about a third less than the $100 billion valuation the company boasted in April 2022 following a round that saw it raise between $1 billion and $2 billion. (General Atlantic participated in the previous round, along with existing investors Tiger Global Management and Sequoia Capital China.) “Investors in the last round were allotted more shares in the company to maintain the size of their stakes,” the WSJ reported, noting that some existing investors revealed that the lower valuation “leaves headroom for the company to boost its market value should an IPO come to fruition.”
British retail entity Frasers Group has boosted its stake in ASOS to 7.4 percent up from its previously holding of more than 5 percent. The increase in stake for Frasers “comes a week after ASOS swung to a first-half loss, hit by a squeeze on household budgets and forecast a further drop in sales,” per Reuters.
Marks & Spencer has injected new cash into Nobody’s Child, the London-based eco-conscious fashion brand in which it previously invested in. While the terms of the deal have not been disclosed, Richard Price, managing director of clothing and home at M&S, which previously maintained a 27 percent stake in the brand, stated: “As an important part of the M&S family, we’re delighted to be able to support the brand with additional funding to unlock even more potential as they continue to grow.” Nobody’s Child – which counts M&S as a retail partner – will use the new funds to meet the increased demand from customers this season, and expand into markets, including the U.S., Europe, and the United Arab Emirates.
Secret Sales has raised $10 million dollars in a Series B round that includes ePerwyn, Belerion Capital, and Big Ideas Group. The London-based outlet marketplace, which enables brands to offload surplus garments and accessories, will use the new funds to accelerate expansion in Europe, with 12 new markets, in furtherance of its aim to be “the go-to destination for non-full price retail in all main European markets” by 2025. CEO Chris Griffin said in statement that as of February 2023, the company boasted an inventory of 25 million items with a combined value of £3 billion – an increase of 125 percent year-on-year. The round follows from a $10 million Series A in June 2021.
Francesca’s Acquisition LLC announced the asset purchase of California-based wardrobe essentials brand, Richer Poorer. This integration will put Richer Poorer under the francesca’s Acquisition LLC umbrella as a wholly owned subsidiary. The terms of the deal have not been disclosed. In a statement in connection with the acquisition, Francesca’s – which filed for Chapter 11 bankruptcy protection in 2020 and was acquired by TerraMar Capital LLC – asserted, “Two years into a multi-year enterprise growth strategy after being taken private in 2021 by TerraMar Capital LLC, francesca’s has continued to prioritize growing its eCommerce channel and customer experience, scaling tween brand franki by francesca’s, expanding physical boutique experiences, as well as most recently launching the fran Club loyalty platform and forever fran, a re-sale partnership with thredUP.”
Vince Holding Corp. has entered into a strategic partnership with Authentic Brands Group, whereby Vince will contribute its intellectual property to the parties new venture, ABG Vince, for a total consideration of $76.5 million in cash and a 25 percent membership interest in ABG Vince. Through the agreement, Authentic will own the majority stake of 75 percent membership interest in ABG Vince. In connection with the deal, Vince says it will enter into “an exclusive, long-term license agreement with Authentic to use the contributed intellectual property for Vince’s existing business in a manner consistent with the company’s current wholesale, retail and e-commerce operations, and will pay a royalty fee to ABG Vince.”
Vince says it will use the proceeds from the new partnership to “strengthen its overall liquidity position, increase its working capital, and repay in full the outstanding balance of $27.7 million under its Term Loan Credit Facility, and to repay a portion of the outstanding borrowings under its Revolving Credit Facility.”
Walmart will sell plus size fashion brand Eloquii to FullBeauty Brands, the companies have confirmed. The terms of the deal have not been disclosed. Walmart acquired Eloquii in 2018 for a reported $100 million in furtherance of a “push to appeal to younger shoppers through a range of online brands and better position itself against e-commerce giant Amazon,” per Reuters.
THE LNK has closed a $1 million seed round led by Reetu Gupta and Suraj Gupta with participation from Manny Bahia and Mona Patel. Founded by Sonya Gill in 2022, Toronto-based THE LNK is a smart marketplace, online aggregator, and lead generation platform and “the first global affordable luxury marketplace to exclusively represent ethnically diverse indie brands. The company – which says that it employs “powerful marketing and AI tools to recommend relevant, high-quality, hidden gems from around the world to customers based on profile and shopping habits” – will use the new cash to “further web development, expanding their team, and continuing to redefine eCommerce for unique indie brands around the world.”
Express, Inc. and global brand management firm, WHP Global have reached a definitive agreement to acquire menswear brand Bonobos from Walmart Inc. for a combined purchase price of $75 million, in what is the first acquisition to be made jointly by WHP Global and Express since finalizing their strategic partnership earlier this year. In a statement, the Express and WHP said the acquisition of the menswear company will provide “strategic and financial benefits,” including: (1) the opportunity to unlock additional growth for the Bonobos brand; (2) expand the EXPR brand portfolio to accelerate growth and profitability (Bonobos will be the third brand in the EXPR portfolio, joining Express and UpWest); and (3) achieve synergies and efficiencies through EXPR fully integrated omni-channel operating platform.
WHP will acquire the Bonobos brand for a purchase price of $50 million. EXPR will acquire the operating assets and assume the related liabilities of the Bonobos business for a purchase price of $25 million. Concurrent with the closing of the transaction, WHP Global and EXPR will enter into an exclusive long-term license agreement with multiple renewal options granting EXPR the right to use the intellectual property acquired by WHP for the operation of the Bonobos business in the U.S. in exchange for EXPR’s payment of a royalty fee to WHP.
Walmart acquired Bonobos for $310 million in 2017.
ChimHaeres Investment Holding – a newly formed joint venture between private investment firm Chimera Abu Dhabi and private equity investment company Haeres Capital – has acquired Vionnet in its first fashion industry deal, the terms of which were not disclosed. Additionally, the UAB-based firm has taken majority stakes in automaker Zagato and in Fogal, the Swiss hosiery brand. And still yet, ChimHaeres revealed that Haeres will fold its majority stake in Italian hat manufacturer Borsalino into the new vehicle.
ChimHaeres will target “legacy” and “next gen” brands with “favourable growth profiles” to serve a younger and increasingly more global consumer base, according to Mirian Khalaf, head of private equity at Chimera Abu Dhabi. The JV’s initial focus is on companies Italy, France, Switzerland, and the United Kingdom. Building on its initial investments, ChimHaeres is “on the lookout for investments in strong aspirational brands,” the firm said in a statement.
Biem.L.Fdlkk Garment has acquired the global trademarks rights for Cerruti 1881 and British menswear brand Kent & Curwen from Hong Kong-headquartered Trinity Ltd. for a combined $62.18 million. (The breakdown: Guangzhou, China-based Biem.L.Fdlkk Garment paid $62.18 million for Cerruti 1881, and $41.45 million for Kent & Curwen.) Publicly traded Biem.L.Fdlkk Garment is best known for golf apparel business and its retail properties in malls and airports in China.
Authentic Brands Group has made a binding offer to purchase Boardriders, a global action sports and lifestyle company, from funds managed by Oaktree Capital Management, L.P. The deal will see Authentic “strategically diversify and expand its portfolio with the addition of the most iconic brands in board sports, including Quiksilver, Billabong, Roxy, DC Shoes, RVCA, Element, VonZipper, and Honolua,” the company confirmed. The terms of the deal have not been disclosed but the parties revealed that the Boardriders portfolio generates $2.9 billion in retail sales annually through a global multichannel distribution network of 500-plus owned retail stores, 7,000 wholesale accounts and e-commerce in 35 countries. The acquisition is expected to be finalized in Q3 2023.
British clothing chain Next Plc has agreed to buy fellow fashion brand Cath Kidston, which was recently placed into administration. Next will pay £8.5 million ($10.5 million) for the brand’s trademarks, domain names, and other intellectual property of Cath Kidston. Given that Next is not acquiring any of Cath Kidston’s inventory, it will license the domain name back to the administrators for “up to 12 weeks to clear stock before a re-launch under Next’s ownership,” per Reuters.
Bluestar Alliance announced its acquisition of Amsterdam-based Dutch fashion brand Scotch & Soda. The acquisition by Bluestar Alliance “will allow for the continuation of the brand and its products across key markets including the Netherlands,” according to the New York-based brand management company, which maintains a portfolio of brands, including Hurley, Bebe and Tahari, among others. The deal, which follows closely from Scotch & Soda’s bankruptcy filing in the Netherlands, will enable the company “to continue its activities in selected markets,” per Bluestar. Jasper Berkenbosch, attorney at Jones Day and trustee of the bankrupt entities, says: “We are happy that we were able to make this announcement following the bankruptcy. We have seen quite some interest from parties to acquire some of the bankrupt assets. The proposal of Bluestar Alliance was by far the best deal for all stakeholders involved.”
Khaite has taken on an investment from Stripes, a New York-based growth equity firm that focuses on high-growth software and consumer businesses and boasts investments in running sneaker co. On Holding, sustainable fashion brand Reformation, and undergarments-maker Parade, among others. Khaite – which was launched in 2016 by designer Catherine Holstein with backing from Assembled Brands – will use the new cash to enable its next stage of growth. Ken Fox, founder and partner at Stripes, told WWD, “Khaite is an extraordinary brand rooted in product quality and taste. We are excited to build from this tremendous foundation to support the team in scaling a global luxury house.” The terms of the deal were not disclosed.
Khaite surpassed $100 million in revenue as of February, and has seen triple-digit growth year-over-year, according to Holstein. The brand has had some notable assistance on the backend, with Assembled Brands’ Adam Pritzker revealed that former Gucci CEO Domenico De Sole was “involved in helping build and assemble Khaite.”
L Catterton, a leading global consumer-focused investment firm, announced that it has entered into “a binding agreement to form a strategic partnership to advance [A.P.C.’s] international presence,” with L Catterton Europe slated to acquire a controlling interest in A.P.C. Founder Jean Touitou and Judith Touitou will continue to hold a significant minority. Eduardo Velasco, a Partner in L Catterton Europe, said, “A highly differentiated brand with a robust international strategy and sustainability at its heart, A.P.C. is praised for its authenticity, a defining attribute that nurtures the strong connection and emotional attachment from its loyal customers.”
The transaction is expected to close by the end of the quarter. Terms of the transaction were not disclosed.
London-based Africa-focused platform Jendaya has raised £1 million ($1.2 million) in pre-seed funding to build out a platform that acts as “a gateway for global luxury brands to the African continent and for consumers in the rest of the world to discover African brands.” So far, the company, which was launched in December 2021, has “onboarded up to 70 brands via an invite-only pilot and direct relationships with multi-brand boutique partners, it plans to double that this year,” per TechCrunch. “We wanted to make a platform where Africans on the continent should they want Gucci loafers or Bottega bags, they don’t have to jump through hoops or have a month or few weeks’ delay because they can have that in their hands in some days or a week, so that’s why we started Jendaya,” Zendaya’s founder and CEO Ayotunde Rufai told TC.
Vince Holding Corp., a global contemporary retailer led primarily by the Vince Brand, announced that the company’s indirectly wholly owned subsidiary, Rebecca Taylor, Inc., completed the sale of its intellectual property and certain related ancillary assets to RT IPCO, LLC, an affiliate of Ramani Group. The sale was completed as part of the wind down of the Rebecca Taylor business previously announced by the company.
Fashion startup Virgio raised $37 million in a new financing round, which it will use to build “a global fashion brand” from the South Asian market. Prosus Ventures, Alpha Wave and Accel co-led Virgio’s Series A funding, valuing the 1-year-old company at $161 million (post-money). Virgio says that it is looking to build a transformative business by “streamlining design, manufacturing and purchasing processes in ‘real-time’ to offer Gen Z and millennials a platform where they can discover and purchase the new trendy apparels.”
Frasers Group acquired shares in premium fashion brands of JD Sports for about 47.5 million pounds ($57.7 million), as the British retail group continues move upmarket premium market. “Frasers, formerly called Sports Direct, also acquired and transferred shares of more than 10 of the premium fashion brands, including Pretty Green, Cricket and Topgrade Sportswear, which the sports retailer held,” per Reuters.
Estée Lauder Companies will buy up Tom Ford for $2.8 billion by way of a combination of cash, debt and $300 million in deferred payments. The deal – which will be Estée Lauder’s “biggest and latest in a series of transactions,” and the biggest deal in the luxury space in 2022 – will see the NYSE-traded cosmetics giant take on fellow New York-headquartered Tom Ford’s 17-year-old fashion business, and its robust beauty, skincare, and fragrance arm, of course.
Gap is off-loading its Greater China arm to its operating partner in the region. Baozun Inc. confirmed that it signed definitive agreements to acquire Gap Greater China – namely, Gap Shanghai Commercial and Gap Taiwan Ltd – in an all-cash transaction worth $40 million, and to obtain the exclusive rights “to manufacture, market, distribute and sell” Gap products in Greater China for a two-decade term. Since December 2018, Baozun, a leading brand e-commerce solution provider and digital commerce enabler in China, has served as Gap’s Greater China e-commerce service partner, and “successfully enabling Gap to expand its e-commerce business in Greater China, [and] delivering solid growth,” the company said in a statement.
“We are deeply committed to our customers in Greater China and know that it is a market with enormous potential for our brand,” Gap Brand President and CEO Mark Breitbard stated, noting that “Baozun has helped drive impressive results in our online growth and penetration of the Greater China market in the past four years, and we feel confident about our partner’s future value-creating China-for-China plans for Gap Greater China.”
Inditex, the parent to fast fashion giant Zara, will sell off its Russian division, including its store lease contracts in the country, to United Arab Emirates-based Daher Group. In a statement, Inditex revealed that it has reached “an initial agreement for the sale of its business in the Russian Federation to the Daher Group, which has relevant stakes in the distribution and real estate sectors,” stating that the move will “enable the preservation of a substantial number of jobs generated by the Inditex group in Russia.” The terms of the deal have not been disclosed
British retail group Frasers has increased its existing stakes in Hugo Boss, as well as British fashion e-commerce company ASOS. Frasers Group confirmed that it has boosted in total stake in Hugo Boss AG to 32.8 percent, a holding that is worth approximately 960 million euros ($946.9 million). That stake consists of 3.03 million shares of Hugo Boss common stock (representing 4.3 percent of share capital) and 20.09 million shares of common stock via the sale of put options, which represents 28.5 percent of share capital. At the same time, the Mike Ashley-run group also doubled-down on its investment in ASOS, building up a 5.1 percent stake, which makes it the fourth largest ASOS shareholder. In a statement, Frasers said that it “continues to see opportunities that strengthen Frasers Group’s brand proposition,” citing its “extensive ambitions to grow the business inside and outside of the UK and is constantly exploring the potential for further expansion.”
Updated (Jan. 6, 2022): Frasers revealed that it has cut down on its holding in Hugo Boss. The company not holds 3.9 percent of Hugo Boss stock directly and a further 25 percent via the sale of derivatives, bringing its “maximum exposure” to German fashion house down to $691 million.
Meritz Securities Co., Ltd has committed $50 million in a private placement ahead of Lanvin Group’s NYSE listing slated for later this year, the fashion group announced. A subsidiary of South Korea-based leading global financial services conglomerate Meritz Financial Group, Meritz Securities is also “considering an additional investment of up to $15 million by way of a PIPE subscription, both at the same per share valuation as applicable to the de-SPAC transaction,” according to Lanvin. The proceeds of these investments will be used to further support the Group’s strong growth momentum.
UK-based apparel and sportswear company Frasers Group has acquired defunct Australian luxury sneaker and streetwear retailer Sneakerboy Group, for an undisclosed sum. Frasers – whose portfolio ranges from its namesake brand and House of Fraser to fast fashion brand Missguided and Sports Direct – will acquire Sneakerboy from insolvency firm Hamilton Murphy, which has run the company since it collapsed into bankruptcy in July.
Everlane has secured $90 million in debt financing, including a $65 million revolving credit facility and a $25 million first-in last-out term loan, according to releases from Houlihan Lokey Advisers and CIT Northbridge Credit. “This financing will provide acceleration for our business through new stores and product expansion and allow us to continue to extend our mission of sustainability at a much-needed time in the world,” Everlane founder Michael Preysman said in statement. Beyond that, Everlane revealed that the funding will enable the company to “refinance existing indebtedness and provide incremental liquidity for growth initiatives as well as to pay transaction-related fees and expenses.” “With the trends we’re observing in the apparel space and the heightened focus on sustainability and environmental impact, we are pleased to work with Everlane to be on the front lines of this transformation,” Neal Legan, managing director at CIT Northbridge Credit, said.
The D’Amelio family, which includes sisters Charli and Dixie who are two of the most heavily-followed and top-earning TikTok personalities, has raised a $6 million seed round to launch a new fashion and lifestyle-focused venture. The new project, D’Amelio Brands, “will create its own brands in a variety of industries including fashion, beauty and lifestyle that are 100 percent owned by the family,” per CNBC. Investors in the round include Fanatics CEO Michael Rubin, entrepreneur Richard Rosenblatt, and Apple Senior Vice President of Services Eddy Cue.
Alexander Wang has announced its first-ever outside investment, with two China-based entities – venture capital fund Challenjers Capital and apparel manufacturing and real estate firm Youngor Group – taking an undisclosed minority stake in the New York-based brand, whose eponymous founder and creative director has faced sexual assault allegations in recent years. According to Vogue, “The investment will be used to support the brand’s rehabilitation efforts, which began with a comeback runway show in Los Angeles in April. Wang projects that the funding, along with the external expertise that accompanies it, will help to double the company’s revenue within five years — it currently turns over $200 million annually.” Such anticipated growth is expected to come by way of the Asian market and an expansion of the brand’s offerings.
Richemont and Farfetch have finalized the long-rumored deal in furtherance of which Richemont will sell a 47.5 percent stake in Yoox-Net-a-Porter to Farfetch. In a statement on Tuesday, Richemont revealed that Symphony Global, one of the investment vehicles of Mohamed Alabbar, which currently maintains a Middle Eastern joint venture with YNAP, will also take a 3.2 percent stake, making YNAP “a neutral industry-wide platform,” and “lay[ing] a path towards FARFETCH potentially acquiring the remaining shares in YNAP [and] bringing together these highly complementary businesses.” The partnership marks “a step change in Richemont Maisons’ omnichannel distribution capabilities,” the Swiss luxury goods group revealed on Tuesday, noting that the “landmark transaction” represents a move “towards the digitalization of the luxury industry.”
Middle-Eastern e-commerce retailer Noon will acquire Namshi for in a deal that values the fashion retailer at $335.2 million. Emaar Properties announced on Saturday that it reached a deal “in-principle” to sell of Namshi to Noon, the latter of which is backed by Dubai billionaire Mohamed Alabbar and Saudi Arabian sovereign fund the Public Investment Fund. “The planned divestment is with a related party to the Company,” Ahmad Thani Al Matrooshi, the Director & Managing Director at Emaar Properties, said in connection with the impending deal, seemingly referring to Alabbar’s role as the Founder and Chairman of Emaar Properties, as well as a co-founder of Noon.com. “Detailed information will be disclosed once the approvals of Noon Board are received formally,” Al Matrooshi said. Dubai-headquartered Emaar, the company behind properties, such as the Dubai Mall, first acquired a 51 percent stake in Namshi in 2017 for $281 million, and acquired the remaining 49 percent in 2019.
Authentic Brands Group has agreed to buy British fashion company Ted Baker in a deal that is worth approximately 211 million pounds ($254 million). “Pandemic-related losses forced Ted Baker to put itself up for sale in April,” Reuters reports, with a rep for New York-based Authentic Brands stating on Tuesday that it “believes there are significant growth opportunities for the Ted Baker brand in North America given (its) … strong consumer recognition in this market.” Authentic Brands has built up its portfolio of companies significantly over the past several years, with Barneys, David Beckham, Forever 21, Juicy Couture, Vision Street Wear, Brooks Brothers, and Aeropostale, among others, falling under its ownership umbrella.
Sequoia Capital China has acquired a majority stake in Holzweiler to help accelerate the Norwegian fashion and lifestyle brand’s global expansion. The 10-year-old company, which was founded by siblings Andreas and Susanne Holzweiler, said in a statement, as reported by BoF that the strategic partnership with Sequoia Capital China will accelerate its direct-to-consumer business internationally, including the United States, United Kingdom, China. It expects consolidated turnover to amount to $50 million in 2022, up 60 percent year-over-year.
Berlin-based e-commerce platform Zalando has acquired a majority stake in Highsnobiety, the global pioneer of the new luxury culture, in furtherance of an effort that will see the two companies “join forces to lead the way in engaging and inspiring customers.” While continuing “independent operations,” Zalando says that Highsnobiety “will act as a strategic and creative consultant helping [it] develop new inspiration-focused spaces and formats on its platform.” The terms of the deal have not been disclosed, aside from the parties confirming that Highsnobiety founder and CEO David Fischer will retain a minority stake in the business. Prior to the deal, Highsnobiety had raised $8.5 million from investors, including Felix Capital, Torch Capital, Reimann Investors, CASSIUS Family, and Holt Renfrew President and CEO Sebastian Picardo, since its founding in 2005, according to Crunchbase.
Pinterest will acquire AI-powered shopping platform The Yes. The deal, the terms of which have not been disclosed comes as the San Francisco-based image sharing and social media service looks to double-down on the shopping aspect of its platform. In furtherance of its mission to “learn what you like and get smarter as you shop,” The Yes, which was founded in 2018 by former Stitch Fix COO Julie Bornstein and Amit Aggarwal, maintains “an extensive fashion taxonomy that uses human expertise and machine learning to power a comprehensive algorithm in fashion.”
“THE YES team are experts in building an end-to-end shopping experience. They share our vision of making it simple to find the right products that are personalized for you based on your taste and style,” Pinterest co-founder and CEO Ben Silbermann said, noting that in the months following the closing of the transaction, “Pinterest plans to sunset the THE YES app and website to allow the merged teams to focus on technology integration and evolving our shopping vision.”
Fashinza has raised $100 million in a Series B round that co-led by Prosus Ventures and Westbridge with participation from Accel, and Elevation, among others, valuing the B2B fashion marketplace at $300 billion valuation. The Delhi, India-based company describes itself as the “fastest apparel manufacturing platform” that “solves apparel/fashion supply chain challenges by connecting fashion brands to experienced manufacturers.” The round brings Fashinza’s total funds raised to $135 million, which CEO Pawan Gupta says the company will use to “refine the company’s supply chain technology and expand into new markets, including raw materials procurement.”
DKNY and Sonia Rykiel-owner G-III Apparel Group will acquire the outstanding 81 percent stake in the late Karl Lagerfeld’s eponymous l for $210 million in cash in an M&A deal that will make it the sole owner of the brand. G-III, which first acquired a 19 percent stake in the brand in 2016 after launching a joint venture in 2015, says that it expects that retail sales for the Karl Lagerfeld label could eventually surpass $2 billion.
Destree, the Paris-based fashion brand founded by Géraldine Guyot and Laetitia Lumbroso, announced a Series A round that includes big-name investors, such as venture capital firm Sequoia Capital China, Beyoncé, Rihanna, Reese Witherspoon, Gisele Bündchen, Gabriela Hearst, Carmen Busquets, Jessica Alba, Glossier founder Emily Weiss, and Amy Griffin of G9 Ventures. Financial terms were not disclosed, per WWD, but it is understood Guyot and Lumbroso retain majority control of the business, founded in 2016. WWD reports that the funding will be used to “almost double the size of their small team; open Destree’s first freestanding stores; expand into new or underdeveloped markets like the Middle East, China, Japan and the U.S., and supercharge e-commerce operations and digital-native marketing.”
Farfetch announced that it will make “a minority common equity investment of up to $200 million” in Neiman Marcus Group in furtherance of a global strategic partnership.” According to a statement from the two retailers, “The partnership builds on Farfetch’s Luxury New Retail vision and advances Neiman Marcus Groups’ pioneering strategy to revolutionize integrated luxury retail, with an initial focus on re-platforming the Bergdorf Goodman website and mobile application to expand its global capabilities and services.” Neiman Marcus says that it will use the proceeds to “further accelerate growth and innovation through investments in technology and digital capabilities.” In a note about the deal, Bernstein analyst Luca Solca stated that it provides Farfetch “a strategic opportunity to stand out among service providers and to benefit from the strength of the local U.S. customers,” namely by way of its and its Luxury New Retail and Farfetch Platform Solutions, its suite of commerce solutions and retail technology for luxury brands and retailers.
Kering Eyewear has signed an agreement to acquire Maui Jim, Inc., the French fashion and luxury goods conglomerate revealed without disclosing the terms of the M&A deal. On the heels of Kering snapping up Danish eyewear brand LINDBERG in July 2021, the group says that “this second key acquisition is also a major step for Kering Eyewear, which has now become unparalleled in its market segment, further validating the strategy that laid behind its creation by Kering in 2014.” The transaction is subject to the clearance by the relevant competition authorities and is expected to be completed in the second half of 2022.
Farfetch will acquire beauty brand Violet Grey for an undisclosed sum, the e-commerce platform announced. In a nod to larger implications of the deal, Violet Grey founder Cassandra Grey will act as chairwoman for the brand, while also becoming Farfetch’s global beauty advisor and the co-founder of NGG Beauty, a division of Farfetch’s New Guards Group, with both entities seemingly ramping up their intentions to launch into the beauty space. The launch of a beauty category on the Farfetch marketplace is scheduled for later in the year. “Farfetch has a really strong track record for acquiring really special, founder-led brands and celebrating and protecting that kind of brand equity,” Grey said in statement inn connection with the confirmation of the deal.
Updated (Mar. 8, 2023): In the Annual and Transition Report that it filed with the U.S. Securities and Exchange Commission, Farfetch revealed the terms of the acquisition, “The consideration payable was comprised of $49.4 million of cash, $1.3 million of reverse vesting shares and $5.0 million of Farfetch RSUs based on the Farfetch Limited share price as at the acquisition date. The reverse vesting shares and RSUs include service conditions for certain members of the Violet Grey management team. These did not form part of the purchase consideration and will be expensed over the related vesting period.”
Kim Kardashian’s shapewear label SKIMS raised $240 million in an unknown-series round that was led by hedge fund Lone Pine Capital and that also included D1 Capital Partners, along with existing investors Thrive Capital, Natalie Massenet’s Imaginary Ventures, and Alliance Consumer Growth. The round doubles the barely three-year-old brand at $3.2 billion, up from $1.6 billion in April 2021. Kardashian and SKIMS CEO Jens Grede will retain a controlling stake in the company after the investment, according to Bloomberg.
LVMH’s Luxury Ventures investment vehicle has taken a minority stake in budding New York-based fashion brand Aimé Leon Dore. While the terms of the investment – which appears as though it might be the latest deal to have been brokered by Alexandre Arnault – have not been disclosed, LVMH Luxury Ventures typically targets investments ranging from €2 million to €15 million. In a statement on Tuesday, Aimé Leon Dore founder Teddy Santis stated, “LVMH’s vast network of global leaders across the industry and its rich history in growing exceptional storied brands offers a truly unique partnership opportunity to fuel the next chapter of growth for Aimé Leon Dore.”
Mystery boxes are the latest target of investment for LVMH’s Luxury Ventures, with the French luxury goods conglomerate’s fund among the parties to a $5 million round raised by Heat. OTB Group board member and BVX CEO Stefano Rosso, Singapore-headquartered VC firm Antler, L Catterton partner Michael Mitterlehner, Spotify Director of Global Growth Sven Ahrens, and the Hermès family are some of the other investors in London-based Heat’s seed round, the funds from which will be used to “implement gamification, AI-driven personalization, and interactive drops, all while driving sustainability,” the company revealed.
Private equity firms CVC Capital Partners and HPS Investment Partners have acquired “significant equity stakes” in Authentic Brands Group, putting a a $12.7 billion enterprise value on the company and prompting it to postpone a previously-planned initial public offering until at least 2023. In a statement, ABG said that “since its founding in 2010, [it] has experienced significant growth by implementing a proven playbook that connects strong brands with best-in-class licensees and a network of partners to optimize value in the marketplace.” Among the 30 or so brands under its ownership umbrella are Forever 21, Barneys New York, Aeropostale, Brooks Brothers, and Vision Street Wear.
G-III Apparel Group revealed that it has entered into an agreement to purchase Sonia Rykiel, with plans to accelerate the relaunch of the French fashion brand primarily in Europe, for the fall of 2022, with collections across multiple categories. The transaction, which comes less than two years after brothers Eric and Michael Dayan successfully bid to acquire all of the bankrupt fashion brand’s assets via a court-administered process. (Those assets included the brand’s intellectual property rights (namely, its various global trademark registrations, and decades of archives and product prototypes); the commercial leases for its brick-and-mortar outposts in France – from its Saint Germain flagship to a glitzy boutique in Cannes, among others; and its remaining stock of garments and accessories.) The deal is expected to close by the end of October 2021.
Adidas is selling its Reebok brand to Authentic Brands Groups for up to 2.1 billion euros ($2.46 billion), with the German sporting wear group looking to “focus on its core brand after the U.S. fitness label failed to live up to expectations,” per Reuters. Authentic Brand, which filed its preliminary IPO documentation in July, has been on a buying streak in the past few years, with the brand developer buying up an array of fashion and apparel companies, ranging from Juicy Couture and Judith Leiber to Jones New York, Volcom, and Aeropostale.
Italian fashion and luxury goods group Aeffe S.p.A. acquired the remaining 30 percent of Moschino in an M&A deal that will see it pay 66.6 million euros ($78.51 million), and bring its holding of the company to 100 percent and the valuation of the Jeremy Scott-designed brand to $261.7 million. Aeffe also owns Alberta Ferretti, Philosophy by Lorenzo Serafini and Pollini. In a statement, Aeffe Executive Chairman Massimo Ferretti said, “The operation we have just concluded has long been considered an important step in our medium-long term growth strategy. With the full control over MOSCHINO brand, we are now in the best conditions to manage all activities related to the brand’s value chain, from product to quality and with positive effects on image, distribution and communication.”
LVMH announced on Tuesday that it is taking a majority stake in Off-White, the upscale fashion/streetwear brand that Virgil Abloh launched in 2013 via a new M&A deal. In a statement, LVMH revealed that in addition to taking a 60 percent stake in Off-White, it has entered into a new “arrangement” with Abloh to “jointly pursue new projects across luxury categories.”
Italian fashion brand Etro announced on July 18 that it entered into a binding M&A agreement to partner with L Catterton. Under the terms of the agreement, LVMH-affiliated L Catterton Europe will acquire a majority stake in Etro, while the Etro family will retain a significant minority. Etro Founder Gerolamo Etro will be appointed as Chairman of the company.
Phoebe Philo announced that she is launching her own label after spending three and a half years out of the spotlight following her 10-year tenure with Celine, and revealed that LVMH has taken a minority stake in her soon-to-launch label. The size of LVMH’s minority position and the terms of the deal have not been disclosed.
Nordstrom announced that it has acquired a minority stake in four apparel brands owned by British fashion group ASOS. Topshop, Topman, Miss Selfridge and the activewear label HIIT, which ASOS acquired from Arcadia Group for £295 million ($407.21 million) in February 2021, will enable the U.S. department store chain to target millennial and Gen-Z consumers. Financial terms of the M&A deal have not been disclosed.
Kering is bolstering its eyewear division by way of a deal in which Kering Eyewear will acquire 100 percent of the share capital of LINDBERG. The acquisition is “an important milestone in the successful expansion of Kering Eyewear and perfectly fits with its development strategy,” according to Kering, which launched its eyewear division in 2014, a venture that it says consists of “an innovative business model that has enabled [it] to reach a critical size in the market with close to €600 million wholesale external revenues” as of FY2019.
Glossier announced that it has raised $80 million in Series E funding. The round, which was led by Lone Pine Capital with participation from existing investors Forerunner Ventures, Index Ventures, IVP, Sequoia Capital, and Thrive Capital, values the millennial-focused beauty company at $1.8 billion.
Cartier owner Richemont announced on Wednesday that it has acquired a 100 percent stake in Belgian luxury leather goods brand Delvaux in “a private transaction.” Founded in 1829, Richemont says that Delvaux is the oldest luxury leather goods Maison in the world. The Swiss conglomerate revealed that the transaction has “no material financial impact on [its] consolidated net assets or operating result for the year ending March 31, 2022,” and that Delvaux’s revenues will be reported within its “Other” business area. The M&A deal appears to be a sign that Richemont is looking to bolster its softer luxury (and maybe even fashion) offerings, having built its name in the hard luxury (i.e., jewelry and watches) segment of the market.
Online sneaker and apparel marketplace GOAT Group has raised $195 million in a new funding round, which has “more than doubled its valuation to $3.7 billion,” per Reuters. The Los Angeles-based company, which was founded in 2015, boasts some 30 million customers across 170 countries, and “posted gross merchandise value, which represents the total volume of goods sold, of $2 billion over the past year as sales of sneakers and apparel surged.” The buzzy platform made headlines early this year when it announced that it had welcomed a “strategic investment” from Groupe Artemis – the controlling shareholder of Gucci, Balenciaga, Saint Laurent, and Bottega Veneta’s parent company Kering – as it “continues its expansion in fashion apparel and new categories.” (It also garnered attention in connection with a settlement in the trademark lawsuit filed against it by London-based brand Goat Fashion.)
Kering has taken an undisclosed stake in a luxury rental company. In a statement on Thursday, Kering announced that it has invested in Cocoon, a London-based startup that specializes in facilitating rentals for luxury handbags – including offerings from upwards of 30 brands, such as Kering-owned Gucci, Balenciaga, and Bottega Veneta – with the investment coming as part of a larger $3.5 million round that also included participation from resale platform Depop’s founder Simon Beckerman, among others. Kering’s chief client and digital officer Gregory Boutte said the deal is part of a larger strategy by the conglomerate to invest in innovative young companies.
LVMH Moët Hennessy Louis Vuitton acquired the outstanding 33 percent stake in Emilio Pucci just over two decades after it paid an undisclosed sum for a 67 percent ownership stake in the Italian fashion house in 2000. In a statement on Friday, as first reported by WWD, Toni Belloni, LVMH’s group managing director thanked the Pucci family, and in particular, Laudomia Pucci, the daughter of founder Emilio Pucci, who has served as the Deputy Chairman and Image Director of the brand, “for their friendship and collaboration over the years.” In conjunction with the deal, Ms. Pucci will step down from her current role and “dedicate herself to the archives and promoting the heritage of her late father.”
In a statement on June 10, Fosun Fashion Group revealed that it has signed a M&A agreement to acquire 100 percent of Sergio Rossi S.p.A from from Absolute Luxury Holding S.r.l., an independently-managed investment subsidiary of Investindustrial V L.P., for an undisclosed sum. The Shanghai-headquartered group stated that the acquisition will “further enrich FFG’s luxury brand portfolio, which currently includes Lanvin, Wolford, Caruso and St. John Knits, complementing the group’s core competency through luxury accessories.”
SSENSE announced that it has sold an undisclosed stake in the company to California-based venture capital firm Sequoia Capital in a M&A deal that values the fashion e-commerce retailer at 5 billion CAD ($4.13 billion). As for what the investment might entail, it appears that the high fashion-focused retailer has set its sights on expansion in China, as Angelica Cheung, the former editor-in-chief of Vogue China, who joined Sequoia Capital China as a venture partner in February, will join the SSENSE’s board in connection with the deal.
Tod’s revealed that LVMH will boost its exist stake in Tod’s to 10 percent by way of a new 6.8 percent increase. “A source close to the matter said the French giant does not expect to raise its stake further for now,” Reuters reported, noting that Tod’s founder and chairman Diego Della Valle has been a member of LVMH’s board of directors since 2002. While Della Valle has repeatedly denied longstanding chatter about a takeover, he stated on Thursday that “this may represent an excellent reason to consider further opportunities to be taken in the future ahead,” referring to LVMH’s stake increase.
Made in Italy Fund has acquired Milan-based fashion brand Dondup from fellow private equity firm L Catterton for an undisclosed sum. “The fund said it aims at creating a fashion conglomerate with Dondup and other fashion brands it owns – 120%Lino, known for its linen clothes, and jewellery and accessories maker Rosantica – and expanding their foothold in Europe and the United States, Reuters reported. The firm also maintains a majority stake in 6-year old Italian streetwear label GCDS, which it acquired in November 2020.
Exor Group – the $30 billion Netherlands-incorporated investment group run by the Italian Agnelli family and the largest shareholder in Italian automaker Ferrari – announced that it will take a 24 percent stake in the independently-owned Louboutin in exchange for 541 million euros ($640 million), a deal that values the 30-year old Paris-based footwear brand at $2.3 billion euros ($2.73 billion) and sets it up for expansion, particularly in China.
Japanese apparel group Onward Holdings announced that it will sell fashion brand Jil Sander to Renzo Rosso’s luxury group, OTB, the parent of Diesel, Maison Margiela, Marni, Amiri, and Viktor & Rolf. The financial figures associated with the M&A deal remain undisclosed.
Kering and American investment firm Tiger Global Management are leading a new funding round that sees secondhand marketplace Vestiaire Collective bring in $216 million in new funding, along with existing investors, including its CEO Max Bittner, Vogue’s parent company Condé Nast, and the Eurazeo Group, among others. The deal gives Paris-based Vestiaire “unicorn status” – i.e., puts a $1 billion-plus value on the privately-held company – and “ideally positions it for its next cycle of accelerated growth.”
Ferrari owner Exor Group announced that it will invest “around €80 million [$96.9 million] in Chinese brand Shang Xiavia a reserved capital increase that will result in it becoming the company’s majority shareholder.” Exor noted that Hermès – which “has accompanied Shang Xia successfully throughout the initial phase of its development – will remain as an important shareholder alongside Exor and [founder] Jiang Qiong Er.”
Moncler announced that it will acquire Italian fashion label Stone Island for $1.4 billion. The Milan-headquartered luxury outerwear company will “purchase 70 percent of Stone Island’s parent company SPW from Chief Executive Officer Carlo Rivetti and other members of his family, [and] then buy the remaining 30 percent from Singapore’s state investor Temasek” in furtherance of a two-step transaction.
Three years after Supreme sold off a reported 50 percent stake to private equity giant Carlyle Group, VF Corp revealed that it will pay $2.1 billion to buy popular streetwear brand. The deal – which was formally completed on December 28, 2020 – saw VF Corp. take full ownership of Supreme, with current Supreme investors Carlyle Group and New York-based private equity firm Goode Partners agreeing to sell their stakes in the New York-based brand.
Alibaba Group Holding and Richemont announced that they will invest $1.1 billion in online luxury fashion retailer Farfetch and its new marketplace in China in one of fashion/luxury’s biggest M&A deals of the year. At the same time, Artemis – an investment vehicle tied to Gucci owner Kering – simultaneously announced that it would increase its stake in Farfetch with a $50 million injection of cash in exchange for Farfetch’s Class A ordinary shares.
LVMH Moët Hennessy Louis Vuitton and Tiffany & Co. managed to salvage their M&A deal, with the French fashion and luxury goods conglomerate agreeing to pay a few dollars less per share to acquire the New York-based jewelry company. In a statement, the parties confirmed that LVMH will pay $131.5 per Tiffany share, down from the $135/share price tag they initially agreed to in November 2019 before the onset of the COVID-19 pandemic.