Latest fashion industry deals

Date: April 2023
Buyer: L’Oréal
Target: Aēsop
Business: Luxury Beauty Brand
Value: USD 2.525 billion
Details: L’Oréal has made its largest acquisition to date by signing an agreement with Natura &Co, to acquire Australian luxury brand Aēsop. The deal remains subject to regulatory approval and comes following L’Oréal’s acquisition of smaller brands such as Californian skincare brand Youth To The People in late 2021 and American skincare brand Skinbetter Science in late 2022.

Date: March 2023
Buyer: Next
Target: Cath Kidston (in administration)
Business: Floral Fashion
Value: £8.5 million
Details: Next has rescued the Cath Kidston brand in a pre-pack deal worth £8.5 million. The deal comes after the business fell into administration for the second time in years with approximately 125 jobs at risk as administrators set to close four UK Cath Kidston stores – in London, Ashford, Cheshire Oaks and York – once stock is sold off.

Date: February 2023
Buyer: Brand Machine Group
Target: Peckham Rye
Business: Menswear/ Tailoring
Value: Undisclosed
Details: International fashion brand owner and licensing house, Brand Machine Group (BMG) has acquired two centuries old, London tailor, Peckham Rye. The acquisition marks a further reach by BMG into the menswear market which BMG has views as “buoyant” post-Covid. BMG plans to maintain the fine heritage behind Peckham Rye but also plans to “create a brand that is relevant to today’s young, confident guy-about-town”.

Date: January 2023
Buyer: Frasers Group
Target: Hugo Boss
Business: Luxury fashion
Value: undisclosed
Details: Frasers Group has sold part of its shareholding in German fashion label Hugo Boss, now holding 3.9% of the share capital and put options over an additional 25%, for a combined value of £580m. Back in October 2022, Frasers Group acquired put options representing 28.5% of Hugo Boss’ share capital which, along with its 4.3% stake of issued shares, took its combined shareholding in the German brand to 32.8%, worth £770m. By November, these put options increased to 30.3%, making Fraser Group’s combined interests in Hugo Boss worth £840m.

Date: December 2022
Buyer: Next
Target: Joules (in administration)
Business: Clothing & Footwear
Value: £41 million
Details: Collapsed fashion chain Joules has been rescued from administration by Next. The deal is thought to save about 100 shops and 1,450 jobs but will still see the closure of 19 stores. Next will continue to operate Joules’ website but will also sell Joules-branded clothing through its own e-commerce platform from 2024.

Date: November 2022
Buyer: LVMH
Target: Pedemonte Group
Business: Luxury Jewellery
Value: Undisclosed
Details: LVMH has acquired Pedemonte Group, a luxury jewellery manufacturer based in northern Italy, from investment fund Equinox III SLP SIF, for an undisclosed sum. Pedemonte was created in 2020, bringing together several independent jewellery production workshops, each with decades of experience in jewellery manufacturing, and has collaborated on products with LVMH in the past. Pedemonte joins the likes of Tiffany, Hublot, Bulgari and Tag Heuer as part of LVMH’s luxury jewellery and watches division, which brought in over €7b of revenue in the first nine months of 2022.

Date: November 2022
Buyer: Baozun Inc
Target: Gap Greater China
Business: Fashion clothing
Value: $40m
Details: Gap has sold its business in Greater China to its operating e-commerce partner in the region, Baozun Inc, including exclusive rights for the buyer to manufacture, market, distribute and sell Gap products in Greater China for the next 20 years.

Date: October 2022
Buyer: Authentic Brands Group
Target: Ted Baker
Business: Womenswear and accessories
Value: £211m
Details: Authentic Brands Group has acquired British brand Ted Baker for £211m, in a move to strengthen their British portfolio which includes a majority stake in David Beckham’s brand. Founded in London, Ted Baker is known for its womenswear fashion but also includes successful menswear, accessories and beauty divisions. As a result of the acquisition, Ted Baker Plc has been delisted from the Official List on the London Stock Exchange. Authentic Brands has reported that it intends to convert the Ted Baker business into a licenced business model, in line with the other brands it has acquired; seeking operating partners in key regions to become licensees, manufacturing the Ted Baker brand products, and running the Ted Baker stores under a licence from Authentic Brands.

Date: October 2022
Buyer: Estée Lauder Companies Inc
Target: Tom Ford
Business: Luxury brands
Value: $2.3b
Details: Estée Lauder Companies Inc. has announced that it is to acquire the Tom Ford brand, in a deal that values the Tom Ford business at $2.8b. The acquisition will be financed through a combination of cash, debt and a deferred consideration of $300m (to be paid from July 2025). In addition, Estée Lauder is to receive a $250m payment from global eyewear manufacturer Marcolin Group – Tom Ford’s long-time collaborator on sunglasses – upon closing, with Marcolin’s manufacturing licence with Tom Ford to be “substantially extended”. To date, Estee Lauder has owned the licence to Tom Ford Beauty, a division of the Tom Ford brand, with the existing licence set to expire in 2030. Going forward, as complete owner of Tom Ford Beauty, Estee Lauder states that over the next couple of years it expects Tom Ford Beauty alone “will achieve annual net sales of $1 billion”.

Date: October 2022
Buyer: Frasers Group
Target: Base Childrenswear, Choice, Clothingsites (including Brown Bag Clothing), Cricket, Giulio, Kids Cavern, Missy Empire, Nicholas Deakins, Pretty Green, Prevu Studio, Rascal Clothing, Tessuti (including Xile), Scotts, Watch Shop and Topgrade Sportswear (including Get The Label).
Business: Luxury clothing
Value: £47.5 million
Details: In a surprise turn of events, JD sports has sold 15 of its “non core” fashion businesses which includes the luxury boutiques Gioulio and Cricket to its former rival Frasers Group. The sale of Cricket, Tessuti Scotts, Giulio, Choice, Rascal Clothing and Topgrade Sportswear (including Get The Label) are expected to complete in early 2023 whilst the sale of the other businesses were completed on exchange of contracts.

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