Fashion Investments and M&A

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: May 2023 (expected to complete in the second half of 2023)
Buyer: JD Sports
Target: Groupe Courir
Business: Sportswear
Value: €520 million
Details: JD Sports has entered into exclusive negotiations to purchase French sportswear retailer, Groupe Courir . The deal will require the approval of the European Commission and is not expected to complete before the second half of 2023. In accordance with French law, Courir’s management will be commencing consultations with its employee representative bodies before a binding sale and purchase agreement is put in place. It is proposed that the purchase will be financed by way of existing cash resources (€325 million) and by debt (€195 million).

Date: April 2023
Buyer: Authentic Brands Group
Target: Boardriders (Roxy, Quiksilver, Billabong)
Business: Surfwear and board sports
Value: undisclosed
Details: Authentic Brands Group has agreed to acquire Boardriders, the surf and lifestyle company which owns Roxy, Quiksilver and Billabong, amongst others, and operates in 35 countries. Though the purchase price has not yet been confirmed, it has been reported that Authentic Brands will pay close to $1billion for the acquisition. The deal is expected to close in Autumn 2023, subject to regulatory approvals.

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.