Fashion Investments and M&A

Date: 28 June 2021
Buyer: JD Sports Group
Target: Deporvillage
Business: Online only sports equipment retailer
Value: €140.4m (£120.4m)
Details: JD Sports Group has acquired an 80% stake in Spanish online sports equipment retailer Deporvillage for €140.4m (£120.4m). €40.4 million of the €140.4 million acquisition price has been deferred and will be paid depending on the performance of the retailer this year. In addition, a number of put and call options to enable future exit opportunities for the founders, and current minority shareholders, Xavier Pladellorens and Ángel Corcuera have also been agreed, which commence two years after completion. Completion of the acquisition of the 80% stake is subject to receiving antitrust clearance.

Date: 25 June 2021
Buyer: JD Sports Group
Target: Missy Empire
Business: Online fashion retailer
Value: Undisclosed
Details: After raising $634 million for future acquisitions in February 2021, JD Sports has acquired a majority stake in Missy Empire for an undisclosed sum. The acquisition is part of wider ambitions for JD Sports to gain a footprint in the young fast fashion market. Missy Empire will remain an independent business from the JD Sports Group. However, Missy Empire’s sportswear collection, Missy Sport, could hit brick-and-mortar stores and JD Sports websites next year.

Date: 23 June 2021 (due to complete in third quarter of 2021, subject to regulatory approval)
Buyer: Authentic Brands Group
Target: IZOD, Van Heusen, ARROW an Geoffrey Beene brands (part of the Heritage Brands group portfolio)
Business: The intellectual property and other assets of PVH Corp.’s Heritage Brands business
Value: $220 million
Details: Authentic Brands Group (a brand development, marketing and entertainment company, which owns a portfolio of global media, entertainment and lifestyle brands) has entered into a definitive agreement with PVH Corp. to acquire certain intellectual property and other assets of PVH Corp.’s Heritage Brands business. The transaction includes the Izod, Van Heusen, Geoffrey Beene and Arrow brand trademarks. The Authentic Brands Group intends to leverage its global partner network and brand development expertise to continue creating a sustainable licensing business for the brands. The deal is expected to close in the third quarter of 2021 and is subject to customary closing conditions, including regulatory approval. Centric Brands and United Legwear & Apparel Company have been granted licenses to operate parts of the IZOD, Van Heusen and ARROW sportswear businesses.

Date: 2 June 2021 (due to complete in third quarter of 2021)
Buyer: Etsy
Target: Depop
Business: Peer-to-peer fashion marketplace app
Value: $1.6bn (£1.14bn)
Details: Etsy has agreed to acquire Depop for $1.63bn (£1.15bn) in the third quarter of 2021. Depop will continue as a standalone business run by the existing team from London. After the deal is completed, Etsy will be home to three brands – Etsy, Depop, and also Reverb, an online marketplace for new and used musical instruments.

Date: May 2021
Buyer: JD Sports
Target: Oi Polloi
Business: Manchester-based clothing retailer which sells a luxury menswear brands such as Polo Ralph Lauren, Levi and Patagonia
Value: Undisclosed
Details: JD Sports has continued on with its acquisition spree, snapping up Manchester menswear independent Oi Polloi as its latest acquisition. Oi Polloi founders, Nigel Lawson and Steve Sanderson, have reportedly stepped away from the business following the acquisition. The acquisition is thought to have been made by JD Sports using funds received from the £464m placing in February 2021 for the purpose of raising M&A funds.

Date: April 2021
Buyer: The Carlyle Group
Target: END
Business: UK based retailer of luxury menswear garments and footwear
Value: END was reportedly valued at £750 million
Details: The Carlyle Group, a global investment firm, has acquired a majority stake in END. END has an omni-channel offering and employs more than 650 in the UK. The founders will retain a significant minority stake and remains co-chief executives of the company. Index Ventures holds a minority stake in END and as part of the transaction will be selling its holding and fully exiting.

Date: March 2021
Buyer: JD Sports Fashion PLC (“JD Sports”)
Target: DTLR
Business: US sportswear and footwear retailer
Value: $495m (£360m)
Details: JD Sports has acquired the US sportswear and footwear retailer DTLR for $495 million (£360 million). The transaction gives JD Sports an enhanced presence in the north and east of the United States and gives JD Sports the opportunity to further enhance its premium retail experience and become a leading customer destination for sneakers and lifestyle apparel. The acquisition is the latest in a spree of acquisitions by JD Sports and completed in the same week that JD Sports acquired a 60% majority stake in Poland-based Marketing Investment Group (MIG) for an undisclosed sum.

Date: March 2021
Buyer: L Catterton (a firm backed by the chief executive of LVMH, Bernard Arnault, and his family’s holding company, Financière Agache)
Target: Birkenstock
Business: Footwear retailers
Value: reportedly €4 billion
Details: L Catterton, one of the largest global consumer-focussed private equity firms, has purchased a majority stake in Birkenstock, the German maker of the iconic sandals. Whilst the size and value of the stake has not been officially disclosed, it has been speculated that a 60-70% has been sold by brothers Alex Birkenstock and Christian Birkenstock who will be retaining a minority share in the company. The transaction is expected to facilitate further growth for Birkenstock in future growth markets such as China and India and to help expand its marketing position in Europe and America.

Date: February 2021
Buyer: Fred Perry Holdings
Target: Geo J Cox Ltd (trading as George Cox Footwear)
Business: Footwear retailers
Value: Undisclosed
Details: British heritage brand, Fred Perry has acquired the trading business of George Cox Footwear for an undisclosed sum. The Japanese parent company of Fred Perry, Hit Union, will integrate George Cox Footwear into its strategy of growing and developing their brands and will help raise George Cox’s international profile with its digital expertise and niche global distribution network.

Date: February 2021
Buyer: Boohoo
Target: Dorothy Perkins, Burton and Wallis (part of the Arcadia Group, in administration)
Business: Fashion retailers (womenswear and menswear)
Value: £25.2m
Details: Online fashion retailer Boohoo bought the Dorothy Perkins, Burton and Wallis brands which were put up for sale after Arcadia went into administration. The deal to buy the brands out of administration does not include any of their 214 UK stores. Under the terms of the deal, Boohoo agreed to buy the e-commerce and digital assets and associated intellectual property rights, including customer data, related business information and inventory of the Burton, Dorothy Perkins and Wallis brands. 260 head office roles involved in design, buying, merchandising and digital operations will also be transferred to Boohoo under the deal.