A Running Timeline of Fashion, Luxury Funding and M&A

Image: The Yes

A Running Timeline of Fashion, Luxury Funding and M&A

A growing number of M&A deals and funding 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, ...

March 12, 2024 - By TFL

A Running Timeline of Fashion, Luxury Funding and M&A

Image : The Yes

Case Documentation

A Running Timeline of Fashion, Luxury Funding and M&A

A growing number of M&A deals and funding 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.” (For a timeline of supplier-specific M&A, you can find that here.)

A Timeline of Transactions

With the foregoing in mind, here is a running timeline of the most recent fashion and luxury-focused M&A and investments dating back to LVMH’s headline-making deal with Tiffany & Co. … 

Mar. 12, 2024 – Miroglio Completes Trussardi Acquisition

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.”

Mar. 11, 2024 – Style Capital to Acquire Sneaker-Maker Autry

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.

Feb. 28, 2024 – The Very Group Raises £125M in New Round

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.”

Feb. 27, 2024 – Burch Creative Capital to Acquire Rowing Blazers

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.”

Feb. 21, 2024 – Shopping platform NTWRK Acquires Complex

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.”

Feb. 19, 2024 – DTC Brand Beyond Raises Strategic Investment

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.”

Feb. 16, 2024 – Guess to Acquire Rag & Bone

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?”

Feb. 11, 2024 – Tod’s to Go Private With L Catterton Deal

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.)

Feb. 8, 2024 – Perfect Moment Makes NYSE Debut

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.

Feb. 7, 2024 – SIXTYPERCENT Raises $3.1M in Series A

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.

Feb. 1, 2024 – “Sustainable” Activewear Brand Reflo Raises £1m

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.

Jan. 31, 2024 – Coupang Finalizes Acquisition of Farfetch Holdings

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.”

Jan. 25, 2024 – Newme Raises $5.4M in Seed Round

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.

Jan. 11, 2024 – Harry Styles Takes Minority Stake in S.S. Daley

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.”

2023

Dec. 20, 2023 – Frasers Group to Acquire Matches for £52M

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.

Dec. 18, 2023 – Coupang to Acquire Farfetch in $500M Deal

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. 

Dec. 14, 2023 – Absolute Brand Raises $2.5M in Seed Round

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.”

Dec. 5, 2023 – Joseph Duclos Raises €7M in New Round

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.” 

Nov. 30, 2023 – Kering Completes Acquisition of Stake in Valentino

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.

Nov. 27, 2023 – Shein Confidentially Files for U.S. IPO

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.


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