Fashion Investments and M&A

Date: February 2021
Buyer: ASOS
Target: Topshop, Topman, Miss Selfridge and HIIT (part of the Arcadia Group, in administration)
Business: ashion retailers (womenswear, menswear and activewear)
Value: £330m (£265m for the brands and £65m for current and future stock)
Details: Online fashion retailer ASOS has bought the Topshop, Topman, Miss Selfridge and HIIT brands which were put up for sale after Arcadia collapsed into administration last year. The acquired brands will join ASOS’ Venture Brands portfolio. ASOS will not be taking on any of the brands’ stores and will only be taking on 300 head office employees to help with design, buying and retail partnerships. The acquisition of these brands will help ASOS accelerate its multi-brand platform strategy. The transaction was fully cash funded from existing cash reserves.

Date: January 2021
Buyer: Boohoo
Target: Debenhams (in administration)
Business: womenswear, menswear and childswear
Value: £55m
Details: Online fashion retailer, Boohoo, has bought the Debenhams brand and website but will not be taking on any of its’ employees or 118 high street stores. The Debenhams chain had already begun the process of closing down after its administrators, FRP Advisory, failed to secure a rescue deal for the business back in December 2020. Boohoo has said the “transformational” deal represents a “fantastic opportunity” to target new customers and launch into the beauty, sports and homewares market for the first time.

Date: January 2021
Buyer: Purepay Retail Limited (“Purepay”)
Target: The Edinburgh Woollen Mill and Duvetco Limited (Ponden Home) (in administration)
Business: Knitwear and homeware retailer
Value: Undisclosed
Details: The joint administrators to clothing retailer The Edinburgh Woollen Mill and sister brand Duvetco Limited (Ponden Home) have completed the sale of the businesses to Purepay. Purepay is a subsidiary of secured creditor and parent company Edinburgh Woollen Mill (EWM) Group and is backed by an international investor consortium. The sale has secured approximately 1,453 jobs and 246 stores. Purepay will operate the 246 stores under licence from across both brands and the remaining stores have been permanently closed.

Date: January 2021
Buyer: Marks & Spencer (“M&S”)
Target: Jaeger (in administration)
Business: Traditional high-quality womenswear and menswear
Value: Reportedly around £5 million
Details: M&S have purchased collapsed fashion brand Jaeger from administrators, FRP Advisory. Jaeger went into administration in November 2020 following hampered business performance resulting from the coronavirus pandemic. M&S have reported that the acquisition is part of its strategy to turbocharge online growth by selling complementary third-party brands as part of its Never The Same Again programme.

Date: January 2021
Buyer: LVMH Moët Hennessy Louis Vuitton SE (“LVMH”)
Target: Tiffany and Co.
Business: Global luxury jewellery and specialty retailer
Value: 15.8 billion dollars
Details: LVMH has completed its acquisition of global luxury jeweller Tiffany & Co. for a purchase price of $131.50 per share. The acquisition will transform LVMH’s watches and jewellery division. LVMH has already announced several new leadership appointments at Tiffany.

Date: January 2021
Buyer: JD Sports
Target: Wellgosh
Business: Independent menswear retailer
Value: Undisclosed
Details: Wellgosh is an independent menswear retailer based in Leicester. Wellgosh is the latest brand to be added to JD Sports’ growing portfolio.

Date: January 2021
Buyer: Frasers Group (owner of Sports Direct, House of Fraser etc)
Target: Psyche
Business: Luxury fashion retailer
Value: Undisclosed
Details: Middlesbrough based business, Psyche has become a part of the Mike Ashley retail empire after a buyout deal was agreed for both the Psyche retailer stores and online operations. The luxury fashion boutique hosts more than 200 high-end brands for men, women and children.