Latest fashion industry deals

Date: December 2023
Buyer: Frasers Group
Target: Matchesfashion
Business: Luxury Fashion
Value: £52m
Details: Frasers Group continues to expand its retail empire with the acquisition of Matches (formerly Matchesfashion), an online luxury retailer established in London over 30 years ago, from MF Intermediate Limited (a subsidiary of Apax Partners). Matches was previously acquired by Apax Partners 6 years ago for roughly £60m, therefore making a loss on the sale to Frasers, though the Matches business itself has suffered heavy losses in the last few years (reportedly a loss of up to £33m in2022). The acquisition comes as part of Frasers’ shift to its “elevation” strategy, focussing on brands at the higher end of the market like its other recent acquisitions, Flannels and Gieves & Hawkes, and its investment in Hugo Boss.

Date: October 2023
Buyer: Shein
Target: Missguided
Business: Women's Fashion
Value: Undisclosed
Details: Shein has acquired the IP and brand of Missguided from Frasers Group for an undisclosed sum. Frasers Group, having only acquired Missguided itself just over a year ago as part of a £20m administration sale, is set to retain Missguided’s staff and its real estate. Going forward, Shein will sell Misguided products through both the Missguided website and the Shein website. The deal marks Shein’s first British brand acquisition, but perhaps not its last, with the Frasers team saying that they “are excited about the ongoing discussion around further collaboration between Frasers Group and Shein.

Date: June 2023
Buyer: Frasers Group
Target: ASOS
Business: Fashion retail
Value: c.£10m
Details: Frasers Group has increased its stake in ASOS to just under 9%, up from its previous shareholding of 7.8% in May, at a reported cost of around £10m. The move makes Frasers Group ASOS’ third-largest shareholder behind Bestseller (a Danish fashion group) and Camelot Capital (a US hedge fund). If Frasers Group’s shareholding passes the 10% threshold, they will be able to block a statutory compulsory purchase of ASOS following any takeover offers being made. This is notable given a Turkish company backed by Chinese e-retailer Alibaba has reportedly set its sights on ASOS.

Date: May 2023
Buyer: Frasers Group
Target: ASOS
Business: Fashion retail
Value: Undisclosed
Details: Frasers Group has increased its stake in ASOS to 7.4% up from its previous shareholding of around 5%. The Group previously increased its to 5% back in October 2022, when it became ASOS’ fourth largest shareholder.

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: 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.

Date: October 2022
Buyer: Frasers Group
Target: Hugo Boss, ASOS
Business: Fashion clothing
Value: See below
Details: Fraser Group has increased its stake in two household names as it looks to continue its foray into higher-end fashion. With regards to Hugo Boss, Fraser Group increased their stake to 32.8% (approximately worth EUR 960m), while its stake in ASOS rose to 5.1% (making the Group the fourth largest shareholder).

Date: October 2022
Buyer: Frasers Group
Target: Sneaker boy (in administration)
Business: Footwear
Value: Undisclosed
Details: As its latest acquisition, Frasers Group has snapped up Australian luxury footwear retailer Sneakerboy for an undisclosed sum. It has been reported that Frasers Group will retain Sneakerboy’s staff and the three stores located in Australia. Frasers CEO Michael Murray said: “This acquisition further strengthens and diversifies the group’s luxury proposition, while securing the future of Sneakerboy and allowing the streetwear retailer to benefit from Frasers Group’s expertise in this sector.”

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: 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.

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