Mergers and acquisitions continue to garner headlines amid enduring consolidation in the fashion, luxury, sportswear, and beauty segments, as well as in the resale realm. Key deals have seen LVMH add Tiffany & Co. to its lineup of brands, bolstering its position in the hard luxury space; Coupang acquire Farfetch in a $500 million rescue deal; and Richemont sell off e-commerce group Yoox Net-a-Porter to Mytheresa. At the same time, other acquisitions are proving to be integral to the operations of fashion and luxury industry entities – those that see big brands amass stakes in their critical suppliers (or acquire those companies outright) in an effort to exert increased control over the manufacturing of their offerings and shore up their supply chains to ensure closer ties to sources of raw materials and valuable know-how.
Not a new trend, luxury goods brands – from watch companies to wine makers – have been busy acquiring their suppliers in recent years in order to future-proof their own businesses (and potentially shut out rivals that may share the same supplier; it is not uncommon for suppliers to serve multiple brands at the same time). Nonetheless, vertical integration activities appear to have been accelerated by the impact of COVID-19, which has required companies to “shift to e-commerce sales channel and [engage in] supply chain reorganization and monitoring,” things that Deloitte points to as among the “main new strategies adopted by companies” in the wake of the pandemic.
In order to key a close eye on the development of trends in this space, we have compiled a (running) timeline of supply-focused investments and M&A events to provide a broad overview of which players are raising funds, which are merging, and how the trajectory of this segment of the market evolves over time.
July 15, 2025 – LVMH Luxury Ventures Acquires Minority Stake in Molli
LVMH Luxury Ventures – the private equity arm of French luxury giant LVMH – has acquired a minority stake in Molli, the historic French knitwear house relaunched in 2014. The transaction marks the first external capital inflow for Molli since its revival by CEO Charlotte de Fayet and will support the brand’s international expansion plans. Founded in 1886 and renowned for its refined women’s knitwear and newborn essentials, Molli maintains production in France and Italy, working with heritage suppliers.
“We’re proud to support Molli at this exciting stage of growth,” said a spokesperson for LVMH Luxury Ventures. “Its blend of heritage craftsmanship and contemporary positioning makes it a strong addition to our portfolio.”
July 8, 2025 – HModa Acquires 60% Stake in Manrico S.p.A.
HModa – the Italian fashion platform backed by Holding Industriale (Hind) – has acquired a 60 percent stake in Manrico S.p.A., marking its 19th acquisition and first entry into the premium cashmere knitwear segment. Founded in 1993 in Perugia, Manrico is known for its vertically integrated supply chain and proprietary “supercashmere” yarns, with production spanning knit, jersey, and woven applications. The company reported €10.6 million in revenue in 2024 and operates a 6,500-square-meter facility with 55 employees.
“The entry of Manrico marks a strategic step forward in qualifying our position within high-value segments of Made in Italy excellence,” said Claudio Rovere, founder and president of Hind. “Its production philosophy and technical know-how will allow us to expand and diversify our offering for major luxury maisons.”
June 5, 2025 – Prada Group Acquires 10% Stake in Rino Mastrotto
Prada Group has acquired a 10% stake in leading luxury tannery Rino Mastrotto Group, further cementing its vertical integration strategy. As part of the deal, Prada has taken full control of Conceria Superior S.p.A. and Tannerie Limoges S.A.S., and is contributing both entities in kind to Rino Mastrotto Group, alongside a direct cash investment. The deal, expected to close between late Q2 and early Q3 2025, also deepens the longstanding commercial relationship between the two companies. Rino Mastrotto CEO Matteo Mastrotto called the agreement a “testament to trust” that supports the group’s industrial vision and sustainable growth, further aligning with Prada’s luxury manufacturing ethos.
“This move strengthens our control over a highly strategic phase of the production process,” said Patrizio Bertelli, Chairman and Executive Director of Prada Group. “It reflects our shared values around quality, innovation, and sustainability—and reinforces Made in Italy craftsmanship.”
Apr. 7, 2025 – Chanel Takes Minority Stake in Italian Silk Maker Mantero Seta
Chanel has taken a 35 percent stake in Mantero Seta SpA, a historic silk manufacturer based in Como, Italy, marking the latest move in its ongoing effort to strengthen ties with key suppliers. With a relationship stretching back over 50 years, the investment aims to bolster Mantero’s growth and resilience amid global industry pressures. The company will remain independent and continue working with its existing clients. Chanel noted the decision reflects a mutual commitment to long-term development.
The deal adds to Chanel’s growing portfolio of Italian manufacturing partners, which includes leather producers Renato Corti and Mabi, cashmere spinner Cariaggi (in partnership with Brunello Cucinelli), and footwear firms like Ballin and Grey Mer.
Apr. 3, 2025 – Kering Eyewear Acquires Visard, Takes Stake in Mistral
Kering Eyewear, the eyewear division of French luxury group Kering SA, has signed agreements to acquire 100% of Italian manufacturer Visard Srl and a minority stake in Mistral Srl, with the option to fully acquire Mistral by 2030. The deals are expected to close in Q3 2025, pending antitrust approval.“Visard and Mistral have brought unparalleled quality and technical expertise to Kering Eyewear over the years,” said founder and CEO Roberto Vedovotto. “We’re proud to welcome Visard and excited to continue building with Mistral.”
The two firms have been long-time strategic partners for Kering Eyewear, which produces frames for brands including Gucci, Saint Laurent, Cartier, and Balenciaga. The acquisitions support the company’s industrial strategy and reinforce its leadership in high-end eyewear design and distribution.
Mar. 19, 2025 – Chanel Acquires Majority Stake in Grey Mer
Chanel has acquired a 70 percent stake in Italian footwear manufacturer Grey Mer, solidifying a long-standing partnership aimed at enhancing Chanel’s production capabilities. The remaining 30% of Grey Mer will remain with the founding Alessandri family. Established in 1980 by Luciano Alessandri, Grey Mer has been crafting footwear for Chanel’s Studio collections for over a decade. This deal underscores Chanel’s enduring strategy of deepening ties with trusted partners, ensuring quality and control remain at the heart of its supply chain.
Mar. 10, 2025 – Chanel Acquires 20% Stake Leo France SpA
Chanel has acquired a 20% stake in Leo France SpA, a Florence-based company renowned for producing costume jewellery and metal accessories for the world’s leading fashion houses. Leo France, owned by the Pinzauti family, has been a key player in the luxury sector for over 40 years, supplying high-quality jewellery and hardware for apparel, handbags, and leather goods. In 2023, the company reported a €216 million turnover and employs 302 people.
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