Fashion Investments and M&A

Date: October 2024
Buyer: General Catalyst, YCombinator, Speedinvest
Target: Autone
Business: Inventory Management Platform
Value: $17m
Details: Autone, an AI-powered inventory management platform based in London, has completed a $17m Series A funding round. The round was led by General Catalyst, with Speedinvest, Seedcamp, Motier, Financière Saint James, and 2100 VC as co-investors. Autone was founded by former Alexander McQueen analysts Harry Glucksmann-Cheslaw and Adil Bouhdadi; at Alexander McQueen they developed a data-driven platform that tripled the brand’s revenue to over $800 million in just 5 years. Autone helps businesses to forecast demand, manage inventory, and streamline operations, to prevent overstock and reduce waste, and is used by brands such as Roberto Cavalli, Stussy, and Zadig & Voltaire.

Date: October 2024
Buyer: Mytheresa
Target: Yoox Net-A-Porter
Business: Luxury Fashion Online Retailer
Value: Undisclosed
Details: Mytheresa has agreed to acquire Yoox Net-A-Porter (“YNAP”) from Richemont for an undisclosed amount, with the acquisition due to complete in early 2025. As part of the deal, Mytheresa will issue consideration shares to Richemont representing 33% of Mytheresa’s fully diluted share capital, while Richemont will provide a 6-year €100m revolving credit facility to YNAP. The acquisition will create a combined group of companies with three distinct storefronts: Mytheresa, Net-A-Porter and Mr Porter, and will ultimately see a new ‘off-price’ division of the YNAP brand created for Yoox (known for its online off-price luxury shopping) and The Outnet, separate from the luxury division.

Date: October 2024
Buyer: Wacoal Europe
Target: Bravissimo
Business: Lingerie Retailer
Value: Undisclosed
Details: Wacoal Europe, a lingerie and swimwear brand, has acquired lingerie brand Bravissimo from its founders Sarah and Mike Tremellen for an undisclosed amount (rumoured to be over £40m). Wacoal Europe owns other lingerie brands including Freya, Fantasie and the namesake Wacoal brand. As part of the deal, Bravissimo will continue to be run from its office and warehouse in Leamington Spa, and all 26 of its UK brick-and-mortar stores will remain open.

Date: October 2024
Buyer: Pembroke VCT and JamJar Investments
Target: With Nothing Underneath
Business: Women’s shirtmaker brand
Value: £2.5m
Details: This is With Nothing Underneath’s first fundraise. With Nothing Underneath and its investors have a shared vision to take the business to the next phase of growth and to expand its presence in overseas markets such as the US, Germany, Austria and Switzerland.

Date: October 2024
Buyer: H&M Group Ventures, Morgan Stanley, Fuel Ventures and David Wertheimer
Target: Cult Mia
Business: Online fashion marketplace for sustainable luxury fashion
Value: £2,500,000
Details: It is reported that Cult Mia has built an impressive footprint of over 320 independent brands. Cult Mia and its investors have a shared vision to achieve significant growth in the luxury marketplace space.

Date: October 2024
Buyer: TFG London
Target: White Stuff
Business: Fashion clothing brand
Value: Undisclosed
Details: With 113 stores and 46 concessions in the UK, 6 stores and 25 concessions across Europe and trading online, White Stuff has an undeniable international presence in the fashion sector. Finer details about the consideration paid by TFG London have not been disclosed, though in the year to 30 April 2024, the business reported a record revenue of £154.8m and EBITDA of £8.6m. White Stuff and TFG London’s shared aim is to explore new opportunities for growth.

Date: July 2024
Buyer: Frasers Group
Target: Thackerays
Business: Independent fashion retail
Value: Undisclosed
Details: Frasers Group has acquired Northampton-based brand, Thackerays, for an undisclosed amount. Thackerays is an independent, premium fashion retailer, founded in 1972 by Brian and Eileen Richards. The acquisition is the latest in a string of purchases of independent retailers by Frasers in the last couple of years, having previously acquired Aphrodite in 2024, and brands John Anthnony and Zee & Co in 2023.

Date: July 2024
Buyer: Pembroke VCT, Venrex, Active Partners
Target: Tala
Business: Activewear
Value: £5million
Details: Female-founded, London-based activewear brand, Tala, has completed a £5million funding round. The round was led by Pembroke VCT, who invested £3.1million, with Venrex and Active Partners acting as co-investors. Pembroke VCT has long been a supporter of the brand, having invested in a previous funding round in 2021, and since then, Tala’s revenue has increased tenfold. Tala was created in 2019 by influencer Grace Beverley. The investment will help Tala with its planned launch into the US market, as well as establishing brick and mortar retail opportunities in the UK, following an initial physical launch in Selfridges earlier this year.

Date: July 2024
Buyer: EssilorLuxottica
Target: Supreme
Business: Streetwear
Value: $1.5billion
Details: Eyewear brand EssilorLuxottica, which owns brands Ray-Ban and Oakley, has acquired American streetwear brand Supreme from VF Corporation for $1.5billion in cash. VF Corporation, which also owns Vans, Timberland and The North Face, acquired Supreme back in 2020 for $2.1billion. Since then, Supreme has continued to expand internationally, most recently opening stores in Shanghai and Seoul.

Date: July 2024
Buyer: TBC
Target: Kirk & Kirk
Business: Eyewear brand
Value: £150,000
Details: Brighton-based, family-owned eyewear brand Kirk & Kirk has announced its plans to raise up to £150,000 in capital by selling a 7% shareholding in the company via investment platform, Crowdcube. Kirk & Kirk was founded by Jason and Karen Kirk in Brighton in the 1990s; Jason and Karen each retain 36% of the company’s shares, with the remaining 28% held by a mixture of institutional and angel investors.