Fashion Investments and M&A

Date: November 2021
Buyer: CVC Capital Partners and HPS Investment Partners
Target: Authentic Brands
Business: Fashion clothing
Value: Undisclosed
Details: This deal saw CVC Capital Partners and HPS Investment Partners acquire “significant equity stakes” in Authentic Brands Group as the company seeks to increase its growth plans and strength in the marketplace.

Date: October 2021
Buyer: JD Sports
Target: Cosmos Sport S.A
Business: Sportswear and premium footwear
Value: Undisclosed
Details: JD Sports has acquired an 80% stake in Crete based brand, Cosmos Sport S.A, which operates 57 stores across Greece and 3 in Cyprus. Prior to the investment 70% of Cosmos Sport S.A was owned by founder Fragiskos Tsiknakis and his family with the rest being owned by EOS Capital Partners AIFM. Fragiskos Tsiknakis and his family retain a 20% stake following the transaction with investor EOS Capital Partners disposing its entire holding as part of the deal. The acquisition boosts JD Sports presence in Europe and reports of the acquisition resulted in a rise of its share price.

Date: October 2021
Buyer: MIP Holdings
Target: French Connection
Business: Fashion clothing, accessories and homeware
Value: Brand is set to be valued at £29m ($39.3m) following the transaction
Details: MIP Holdings, a consortium consisting of UK-based apparel industry entrepreneurs Apinder Singh Ghura and Amarjit Singh Grewal and their holding company KJR Brothers Ltd have successfully made a takeover offer for fashion retailer, French Connection. French Connection have reportedly accepted a 30p-per-share offer from MIP Holdings in a deal which is expected to close later this year. Founder and Chairman, Stephen Mark, will reportedly be stepping down from his role once the transaction completes but will remain the biggest shareholder.

Date: September 2021
Buyer: JD Sports
Target: Hairburst
Business: Beauty and Haircare
Value: Undisclosed
Details: Sportwear giant, JD Sports has entered the beauty sector by acquiring a stake in hair and cosmetics brand, Hairburst. Whilst the size of the investment has not been disclosed, the investment is expected to enable Hairburst to grow and acquire a number of other beauty brands.

Date: August 2021
Buyer: Authentic Brands Group
Target: Reebok
Business: Sportswear
Value: Up to $2.5 billion
Details: Adidas has sold Reebok to Authentic Brands Group with the transaction expected to close early 2022 subject to customary closing conditions. It is reported that ABG plans to maintain Reebok’s footprint across retail, wholesale and e-commerce channels.

Date: August 2021
Buyer: Levi Strauss & Co
Target: Beyond Yoga
Business: Premium athletic and lifestyle apparel
Value: Undisclosed sum
Details: Levi Strauss & Co., a company listed on the NYSE and Beyond Yoga, a premium athletic and lifestyle apparel brand based on the U.S. have entered into a sale and purchase agreement for the sale of Beyond Yoga to Levi Strauss and the transaction is expected to close in the fourth quarter of 2021. With this acquisition, Levi Strauss enters the activewear market and it is reported that it will seek to allocate global resources and infrastructure to expand Beyond Yoga globally. Beyond Yoga is headquartered is LA, California and was founded in 2005 with an aim to promote body positivity.

Date: August 2021
Buyer: Wolverine World Wide
Target: Sweaty Betty
Business: Activewear retailer
Value: Approx. £295m
Details: Wolverine Worldwide, a New York listed group with a large footwear portfolio has acquired Sweaty Betty, a global fitness and lifestyle brand. L Catterton was Sweaty Betty’s largest shareholder and another large selling shareholder was Wittington Investments alongside the husband and wife team Tamara and Simon Hill-Norton who founded Sweaty Betty in Notting Hill, London in 1998.

Date: August 2021
Buyer: The Hut Group
Target: Cult Beauty
Business: Online beauty retailer
Value: £275m
Details: The Hut Group has acquired Cult Beauty which is the latest in a number of acquisitions by The Hut Group. It is understood that Cult Beauty will be fully migrated onto The Hut Group’s ingenuity platform by the end of 2021.

Date: July 2021
Buyer: JD Sports Group
Target: Gym King
Business: Activewear retailer
Value: Undisclosed – reported as a multimillion pound investment
Details: JD Sports has made a significant investment into performance wear retailer Gym King securing a significant minority stake in the business. This strategic partnership is expected to support growth and international expansion for the Gym King brand, particularly in US, Europe and Asia.

Date: June 2021
Buyer: Sephora
Target: Feelunique
Business: Online beauty products retailer
Value: £132m
Details: Sephora has agreed to purchase e-commerce beauty retailer Feelunique from private equity house, Palamon Capital Partners. The acquisition will see Sephora acquire Feelunique’s 35,000 product range from over 800 brands and grant it access to Feelunique’s 1.3 million active customer base. The transaction marks an entrance for Sephora in the UK and a continuation of its expansion across the European market. Following the acquisition, which is subject to customary regulatory clearance, Feelunique will continue to be led by its current management team.