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. …
Feb. 11, 2025 – Bluestar Alliance Acquires Palm Angels
Bluestar Alliance LLC has acquired Palm Angels from New Guards Group. The terms of the deal have not been disclosed. The acquisition of Palm Angels, a 10-year-old luxury streetwear brand, follows Bluestar Alliance’s recent acquisition of Off-White from LVMH, and “underscores Bluestar Alliance’s continued expansion into the high-end streetwear and luxury fashion sectors,” the group said. “We are thrilled to welcome Palm Angels into the Bluestar Alliance brand portfolio,” said Joey Gabbay, CEO of Bluestar Alliance. “The brand’s unique ability to bridge the worlds of streetwear and luxury has set it apart in the fashion industry. We are committed to supporting Palm Angels as it continues to evolve, innovate, and expand its global presence. This acquisition aligns perfectly with Bluestar’s strategy of growing iconic brands with strong cultural relevance and consumer appeal.”
Feb. 7, 2025 – L’Oréal Takes Minority Stake in Jacquemus
L’Oréal has taken a minority stake in independent fashion brand Jacquemus and signed a “long-term, exclusive partnership” to manufacture and distribute the French fashion brand’s beauty offerings. The terms of the deal have not been disclosed. Cyril Chapuy, President of L’Oréal Luxe said, “We are thrilled to welcome JACQUEMUS and unleash together its outstanding luxury beauty potential. With its singular brand positioning, fueled by sensational creativity and social first playfulness, JACQUEMUS will perfectly complement L’Oréal Luxe’s portfolio of iconic brands and reinforce our worldwide leadership.”
Jan. 28, 2025 – Blue Pool Takes Minority Stake in Golden Goose
Blue Pool Capital, an investment firm in Hong Kong, has acquired a minority stake in upscale sneaker-maker Golden Goose. Under the agreement, Blue Pool will hold a 12 percent stake in Golden Goose, the companies confirmed. “The deal was negotiated and agreed shortly after Golden Goose decided to postpone its initial public offering in Milan in June last year, citing European market volatility,” the WSJ report, noting that “following the Blue Pool transaction, funds advised by private-equity group Permira will retain a majority investment in Golden Goose.”
“The U.S. is the biggest market for Golden Goose. The intention is to build and increase awareness there,” Golden Goose Silvio Campara said in a statement. While the U.S. market remains a priority, it is important to “have speakers on both sides,” he added. “China for us is an opportunity and a huge laboratory. The arrival of Blue Pool will be fantastic because it will help us to scale the little big success that we have in this testing phase.”
Jan. 27, 2025 – Stella McCartney to Buy Back Stake from LVMH
Stella McCartney is repurchasing the minority stake held by LVMH in her eponymous label, the parties confirmed. The terms of the transaction have not been disclosed. LVMH took a minority stake in the brand in 2019 after buying back the 50 percent stake previously owned by Kering. Not a total break for McCartney and LVMH, McCartney says she will remain in an advisory position, which sees her to assist LVMH on sustainability issues.
Jan. 23, 2025 – P180 Takes Majority Stake in Vince
P180 has acquired a majority stake in Vince Holding from Sun Capital. The venture focused on accelerating growth and profitability in the luxury apparel sector will be the beneficial owner of approximately 65 percent of Vince’s outstanding common stock, while Sun Capital’s affiliates will retain around 2 percent. Vince chairman Michael Mardy said: “P180’s acquisition represents a transformative opportunity for VNCE. With this transaction, we will gain the operational expertise and cutting-edge digital capabilities needed to drive the brand’s future success.”
Jan. 17, 2025 – Leap Raises $17M in New Round
Leap has raised $20 million in a new round from Tribeca Venture Partners and DNX Ventures, along with existing investors. The “leading platform for physical retail” will use the new funds to “expand its network of stores, enhance its retail operations and enable further investment into its platform technology and data analytics capabilities.” Leap currently operates more than 100 stores in 12 Tier One U.S. markets for leading brands like Grown Brilliance, Ring Concierge, Godiva, and Malbon Golf.
Jan. 7, 2025 – Acon Investments Acquires True Religion
ACON Investments, L.L.C.has acquired a controlling stake in True Religion, “a lifestyle, apparel and accessories brand known for its quality craftsmanship, unique designs and premium stitching.” The financial terms of the transaction were not disclosed. ACON said in a statement that “the acquisition of True Religion further demonstrates ACON’s ability to strategically invest in established brands at an inflection point in their evolution. ACON has consistently and successfully implemented a multi-pronged strategy in order to drive growth and value in such brands.”
Jan. 7, 2025 – STL to Acquire Christian Lacroix
Sociedad Textil Lonia will acquire French couture brand Christian Lacroix from the Falic Group in a “private transaction.” The terms of the deal have not been disclosed. Lacroix will join Ourense, Spain-headquartered STL’s lineup of brands, including Purification Garcia and CH Carolina Herrera.
Jan. 6, 2025 – L Catterton Acquires Kapital
L Catterton has racquired a majority stake in Japanese denim specialist Kapital. The LVMH-backed investment firm. The acquisition follows closely from the death of Kapital founder, Toshikiyo Hirata, in April. According to L Catterton, “Steeped in such heritage, [Kapital’s] products are made by craftsmen at its ateliers in the region who fuse complex, traditional techniques with creative, intricate designs to produce distinctive apparel that resonate with its target customers.”
Jan. 2, 2025 – Marquee Brands Acquires Laura Ashley
Marquee Brands has acquired Laura Ashley from Gordon Brothers. Laura Ashley, a British fashion and lifestyle heritage brand, will join New York-based Marquee Brands’ roster, which includes BCBG, Martha Stewart, Body Glove, and Ben Sherman, among others. Marquee Brands CEO Heath Golden said: “Laura Ashley’s licensed business model and robust group of high-quality partners make the brand a seamless addition to Marquee Brands. We are excited to harness the strong affinity for this iconic brand and drive expansion across new platforms and partnerships.
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