Fashion Investments and M&A

Date: August 2022
Buyer: Frasers Group
Target: I Saw It First
Business: Fashion clothing
Details: The December 2022 financial report for Frasers Group has revealed that the acquisition of the entire share capital of online fashion retailer I Saw It First in August 2022 was completed for cash consideration of £1. In addition, the Mike Ashley led group reportedly assumed the outstanding £13 million loan owed to the I Saw It First shareholders as part of the transaction. In a statement, Frasers Group said: “I Saw It First will benefit from the strength and scale of Frasers Group’s platform and from the integration with Frasers’ recently acquired business, Missguided.”

Date: June 2022
Buyer: Pinterest
Target: The Yes
Business: Online retail
Value: Not disclosed
Details: Pinterest’s acquisition of the AI-powered shopping platform further shows the company’s focus on improving the shopping aspect of its platform, with the aim of creating a more personalised shopping experience based on a user’s taste and style

Date: June 2022
Buyer: Frasers Group
Target: Missguided
Business: Fashion clothing
Value: £20 million
Details: Frasers Group has continued on its acquisition spree acquiring online fast fashion retailer Missguided out of administration for £20 million cash. Following the deal, Missguided will become a standalone business within the Frasers Group however it is yet to be seen how many jobs will be saved as part of the rescue deal. There had been speculative reports that fashion rival Boohoo would step in to buy Missguided as part of a pre-pack administration deal however ultimately the deal went to Frasers Group.

Date: May 2022
Buyer: G-III
Target: Karl Lagerfeld Label
Business: High-end fashion
Value: $210m
Details: G-III became the sole owner of the Karl Lagerfeld Label following an earlier acquisition of 19% of the brand in 2016. The company have high expectations for the brand, with expected retail sales expected to eventually surpass $2bn.

Date: May 2022
Buyer: GoDigital Media Group
Target: Bob’s Stores and Eastern Mountain Sports
Business: Sports retail
Value: £55.6 million
Details: Frasers Group has offloaded leading outdoor apparel brand and retailers, Bob’s Stores and Eastern Mountain Sports for £55.6 million to Los Angeles headquartered, GoDigital Media Group after declaring the businesses no longer aligned with the group’s wider “elevation strategy”. The acquisition is seen by GoDigital Media Group as “a major step in our strategy to generate synergy between content, community, and commerce”.

Date: March 2022
Buyer: Vestiaire Collective
Target: Tradesy
Business: Secondhand fashion
Value: Undisclosed
Details: Vestiaiare Collective, the French pre-loved fashion online marketplace, has acquired LA-based clothes-resale platform Tradesy, in a bid to increase its reach in the US. Founded in Paris in 2009, B-corporation Vestiaire was one of the first pioneers of the ‘circular fashion movement’, and along with the likes of Tradesy (which was also founded in 2009) and Vinted has profited from the increased interest in pre-loved fashion in recent years, as the sustainability-conscious younger generation turn to peer-to-peer clothing resale sites rather than fast fashion brands. By acquiring Tradesy’s 7 million members, Vestiaire Collective’s membership increases to 23 million, with a gross-merchandise value of over $1b. Vestiaire Collective hopes to become a challenger to the likes of Ebay, which has developed its own pre-loved fashion segment.

Date: March 2022
Buyer: Marks & Spencer
Target: The Sports Edit
Business: Sports and active wear
Value: Undisclosed
Details: M&S has made a strategic investment into fast growing online retailer, The Sports Edit with a view to grasping a foothold into the burgeoning sports market. The CEO and founder of Sports Edit, Nick Paulson-Ellis shall continue to run the business independently and will continue to operate Sports Edit independently with the support of the investment by M&S to scale and grow the business accordingly.

Date: March 2022
Buyer: Frasers Group
Target: Boucher Shopping Park
Business: Retail shopping park
Value: Undisclosed
Details: Mike Ashley’s Frasers Group has completed its acquisition of a major shopping park in Belfast, Northern Ireland, Boucher Shopping Park. The retail park hosts major retailers including B&M, Superdrug, Greggs, Boots, Next and TK Maxx. Frasers Group have remarked that the acquisition of Boucher Shopping Park demonstrates its commitment to “investing into bricks-and-mortar property as part of the business’ wider elevation strategy”.

Date: February 2022
Buyer: Authentic Brands Group
Target: David Beckham’s brand, DRJB Holdings Limited
Business: Fragrance, eyewear, luxury brands
Value: $269m
Details: Authentic Brands Group has acquired a majority stake (55%) in DB Ventures Limited, which holds the core activities of the David Beckham brand, including product endorsement deals with the likes of Tudor watches. Authentic Brands reportedly paid $269m for the DB Ventures shares, along with granting Mr Beckham an undisclosed number of consideration shares in Authentic Brands Group. The partnership was initially between Authentic Brands and DB Ventures Limited, a company in the wider corporate group owned by Mr Beckham, but following an internal reorganisation DB Ventures Limited is now a wholly-owned subsidiary of DRJB Holdings Limited. As such, Authentic Brands is now the majority shareholder of DRJB Holdings Limited (which contains the David Beckham brand), with the remaining shares held by Footwork Productions Limited (a Beckham group company) and Mr Beckham personally.

Date: February 2022
Buyer: Frasers Group
Target: Studio Retail Limited
Business: Personal shopping service
Value: £26.8m
Details: Accrington based online retailer Studio Retail Group (in administration) has sold its shares in Studio Retail Limited and certain other assets to Frasers Group, its biggest shareholder. The deal involved the release of the company from its liability to its secured creditors under its revolving credit facilities and certain other additional facilities and is reportedly said to have protected the jobs of more than 1,500 staff. While Studio Retail Limited, itself, was not in administration, it had temporarily ceased taking orders. The acquisition has allowed usual trading operations to resume, ensuring continuity for suppliers, the group’s employees, pension holders and customers.