M&A and investment activity continues to dominate the fashion and luxury industries, with a rise in deal volume driven by ongoing consolidation, digital acceleration, and rising pressure on margins. From strategic acquisitions to tech-driven funding rounds, the landscape is increasingly shaped by players aiming to future-proof their operations and expand global reach. Big-name deals over the past several years have brought Tiffany & Co. under the umbrella of LVMH (after the two companies managed to put their rival lawsuits to bed and come to agreeable terms under which French conglomerate could acquire the famed New York-based jewelry stalwart); ridded Richemont of loss-making Yoox Net-a-Porter; and saw Farfetch acquired in a rescue deal by Korea e-commerce giant Coupang.
These moves come amid growing urgency around consolidation, with giants like LVMH, Kering, and Richemont sharpening their portfolios and tech stacks. Sources close to recent transactions suggest more tie-ups are in the pipeline, especially as mid-sized brands and service providers look for scale or exit opportunities in a high-cost, high-competition environment.
“Whether it’s automation, data-driven pricing, or owning more of the value chain, the current deal flow shows the industry’s pivot toward resilience and agility,” says one sector analyst. As fashion grapples with evolving consumer behavior, cost pressures, and digital disruption, the M&A and funding landscape is set to remain active well into 2025 and beyond.
A Timeline of Transactions
With the foregoing in mind, here is a running timeline of the most recent fashion and retail-focused M&A and investments dating back to LVMH’s headline-making deal with Tiffany & Co. …
Mar. 11, 2026 – Quince Raises $500M Series E at $10.1B Valuation
Online retailer Quince has raised $500 million in a Series E funding round led by ICONIQ Capital, with participation from Basis Set Ventures and Wellington Management. The round values the company at $10.1 billion. The San Francisco–based platform sells apparel, jewelry, and home goods through a manufacturer-to-consumer model that removes traditional retail intermediaries. Its AI-driven platform forecasts demand and produces goods in smaller batches to reduce excess inventory.
Quince reported more than $1 billion in revenue in 2025 and plans to use the new funding to support global expansion of its technology-enabled retail model.
Mar. 5, 2026 – Frasers Group Acquires 5.8% Stake in Puma
Frasers Group has acquired a 5.8% stake in German sportswear company Puma, according to regulatory filings. The position was largely built through derivatives tied to roughly 8.5 million shares. If exercised, the stake would make Frasers Puma’s second-largest shareholder behind the Pinault family. The move follows Anta Sports’ agreement earlier this year to purchase a 29% stake in Puma for €1.5 billion.
Puma is a major supplier to Frasers’ Sports Direct chain, and the investment further expands Frasers’ portfolio of minority stakes in European fashion and retail brands.
Mar. 3, 2026 – FSI to Become Controlling Shareholder of Missoni
Private equity firm FSI is set to become the controlling shareholder of Italian luxury brand Missoni with a 73% stake, as the Missoni family exits its equity position. Katjes International will also acquire a 27% stake through its subsidiary Katjes Quiet Luxury. The transaction, expected to close in Q2 pending regulatory approval, positions FSI as the majority owner while giving Katjes the option to increase its stake in the future.
Missoni CEO Livio Proli will remain in his role as the brand continues its growth strategy.
Mar. 3, 2026 – Trive Capital Invests in Adrianna Papell
Dallas-based private equity firm Trive Capital has made a strategic investment in women’s occasionwear brand Adrianna Papell. Financial terms were not disclosed. Founded in 1980 and headquartered in New York, Adrianna Papell designs cocktail, evening, and daywear styles and has sold more than 40 million dresses globally. The brand distributes through direct channels and retail partners across 27 countries.
With Trive’s backing, the company plans to expand into new product categories, grow its direct-to-consumer and international presence, and pursue strategic acquisitions. The existing management team will continue to lead the business.
Feb. 24, 2026 – Ashley Stewart Secures $15M in New Funds
Ashley Stewart has secured $15 million in new funding to support its next phase of growth and operational expansion. The plus-size fashion retailer plans to use the capital to strengthen its digital capabilities, enhance customer experience, and invest in strategic initiatives aimed at long-term brand development.
The funding reinforces Ashley Stewart’s position in the inclusive fashion market as it continues to focus on omnichannel growth and deeper engagement with its core customer base.
Feb. 23, 2026 – Chinese Outdoor Brand Outopia Closes Series B
Outopia, a Chinese outdoor performance brand co-founded by a former Lululemon executive, has closed a Series B funding round led by Meridian Capital (Huaying Capital), with participation from Challenjers Venture, Ventech China, and Shunwei Capital. Financial terms were not disclosed.
Founded in 2021 by Aaron Jackson, former director of raw material innovations and advanced concepts at Lululemon, and Alexis Hou, a former LVMH Asia-Pacific executive, Outopia specializes in technical merino wool apparel focused on trail running. The brand operates in China, New Zealand, and Australia.
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