Takeovers are the order of the day in the fashion industry. With some big names like Tom Ford and Made.com recently acquired, FashionUnited looks back on the past few months. Which acquisitions do you have to remember?
LVMH acquires Pedemonte
A breaking news is this Takeover of the jewelry group Pedemonte by the luxury group LVMH. The acquisition strengthens LVMH’s jewelry and watch portfolio. In the press release, the French luxury group states that with the acquisition it supports “an ecosystem of companies that contribute to the success of our fashion houses”. It is not known how much LVMH paid for Pedemonte.
Fraser’s new owner of Gieves & Hawkes
The media had already hinted at a takeover of tailored suit manufacturer Gieves & Hawkes by Frasers Group Plc: The confirmation came on November 25th. Frasers Group Plc has been on a strong acquisition trajectory in recent years and has already announced several more acquisitions for 2022. The acquisition of Gieves & Hawkes “secures the future of a 250-year-old brand,” according to the Frasers press release.
Tom Ford acquired by Estée Lauder
A big headline in November was Estée Lauder’s acquisition of fashion brand Tom Ford. The fashion label was taken over by the cosmetics group for 2.8 billion US dollars. Earlier this year there were hints that the Tom Ford label was for sale. For a long time, it looked like the fight would be between Estée Lauder and Kering. A connection between Kering and Tom Ford was not unthinkable – after all, between 1994 and 2004 the designer Ford was the creative mind behind Gucci, which is part of the Kering portfolio.
The designer, founder and CEO of the label of the same name, Tom Ford, will remain with the company even after the takeover of the brand.
Tumble ‘n Dry in Danish hands
In September it was announced that children’s fashion brand Tumble ‘n Dry had a new owner: JBS Textile Group A/S. Under the Danish group, Tumble ‘n Dry will be further internationalized, according to a press release. The brand should also become more visible in stores.
Adore Me is acquired by Victoria’s Secret
The lingerie giant Victoria’s Secret takes over the lingerie brand Adore Me. At the beginning of November, the company changed hands for Adore Me for 400 million euros. The deal offers Victoria’s Secret “the opportunity to leverage Adore Me’s expertise and technology to accelerate the modernization of Victoria’s Secret & Co’s digital platform.” Originally an e-commerce company, Adore Me has expertise in online retail, monthly subscriptions and an at-home fitting service.
I Saw it First goes to Frasers Group Plc
Another acquisition by Frasers Group Plc is online fashion retailer I Saw It First. How much the British group paid for the company is not known. In announcing the acquisition, Frasers mentioned that it plans to integrate I Saw It First with the also recently acquired Missguided brand.
Next Retail Limited new owner of Made.com
In November it was announced that Next Retail will acquire Made.com. However, the takeover by Next Retail Limited does not include the 573 employees of the British online retailer. As a result, 320 employees and 79 employees who had previously resigned were dismissed with immediate effect. It remains unclear whether Made.com ever officially became the owner of the online platform Trouva, whose acquisition was announced in May. Trouva no longer appears in the official moratorium and Made.com acquisition documents. FashionUnited’s inquiries in this regard have not been answered.
The Vintage Bar is acquired by Miinto
Fashion platform Miinto will take over The Vintage Bar in summer 2022. With the acquisition, Miinto wants to increase its share of second-hand clothing. By the year 2025, the share of second-hand clothing on Miinto should account for a quarter of the total offer. At the time of the takeover, this was only five percent. The two companies will continue to operate separately, but The Vintage Bar’s products will be integrated into Miinto. Conversely, Miinto will leverage The Vintage Bar’s existing platform to eventually launch its own C2C marketplace, according to the press release.
Poshmark is acquired by technology company Naver Corp
Online marketplace for second-hand fashion, Poshmark, was acquired by Naver Corp – a South Korean company – in October. More than 1.2 billion US dollars are said to have flowed for it. Naver is a technology company that operates the Naver search engine of the same name. With the takeover, Naver wants to benefit from the booming online market for second-hand clothing.
Fashion house Leonard Paris in Japanese hands
The French fashion house Leonard Paris will be handed over to the Japanese conglomerate Sanya Seiko in the summer of 2022. Leonard Paris has worked with Sanyo Seiko for more than 50 years, which has contributed to the fashion house’s success in Asia, particularly in Japan and Taiwan.
Bonus: Patagonia goes into charity ownership
It doesn’t quite count as an acquisition, but even the Patagonia brand has changed hands in recent months. The brand has been transferred to a charity so that the company’s profits can be used to help fight climate change. The new owners of Patagonia are therefore the Holdfast Collective and the Patagonia Purpose Trust.
Little will change for Patagonia itself. The brand is said to remain focused on results and the company will continue to be run by the current management team.
This article was similarly published on FashionUnited.nl. Translation and editing: Barbara Russ