In Review 2025: The major M&A deals in fashion

The fashion industry has spent the past year navigating turbulence - from shifting consumer habits and inflationary pressures to supply chain disruptions and the ongoing challenge of high street relevance.

Amid this volatility, major players have been seizing opportunities. Giants like Frasers and Prada Group and others have snapped up struggling businesses, expanding portfolios and reshaping the market.

Here, we round up the most significant deals of the past 12 months and look ahead to the moves that could define 2026.

Prada Group acquires Versace from Capri Holdings

Versace acquiring the Prada Group is certainly one for the history books. This year was defined by Versace's homecoming, joining Italian-based Prada Group, which paid $1.375 billion (£1.06 billion) in cash.

The deal, finalised on 2 December, positions the Milan-based group as a more powerful competitor to European luxury giants such as LVMH and Kering, while cementing Versace’s return to Italian ownership.

Capri originally bought Versace in 2018 for €1.8 billion (£1.49 billion), and the sale forms part of the company’s strategy to strengthen its balance sheet and prioritise investment in Michael Kors.

Matches came back from the grave after being acquired from Frasers by Mile founders

In December, it was revealed that Matches is set to return to the luxury fashion landscape, almost two years after collapsing into administration. This followed its acquisition by Joe Wilkinson and Mario Maher, the founders of members-only shopping app Mile.

The duo have bought both Matches and its in-house label Raey from Frasers Group in an undisclosed deal, bringing the businesses under a newly formed luxury group, Hulcan.

The group now operates Mile, Matches and Raey, positioning itself as a next-generation luxury platform that aims to unite commerce, culture, media and fashion within a single ecosystem, rather than operating as a traditional multi-brand retailer.

But we'll have to watch this space to see these ambiguous plans come to fruition.

 
Frasers made its first North American move, acquiring a majority stake in cult retailer The Webster

Out of character, Frasers Group had been suspiciously quiet in terms of acquisitions this year. That was until October, when the British fashion conglomerate acquired a majority stake in The Webster, the Miami-founded luxury multibrand retailer known for its fashion curation.

Financial terms were not disclosed, however, the company confirmed that founder and CEO Laure Hériard Dubreuil would retain a significant share in the business and continue to lead the brand through its next phase of growth.

Founded in 2008, The Webster began as a 20,000-square-foot flagship in Miami’s South Beach, transforming a historic Art Deco hotel into an intimate luxury environment that felt more like a private residence than a store. Hériard Dubreuil’s vision - to present fashion as a personal wardrobe, mixing brands by mood and lifestyle - has since evolved into a powerful retail platform with 13 stores across North America, including key sites in New York, Las Vegas and Austin.

Club L London acquired Lavish Alice in seven-figure deal

In February, Club L London announced it had acquired occasionwear competitor Lavish Alice in an undisclosed seven-figure deal. This comprehensive integration set out to "strengthen Club L London's market position and accelerate global expansion".

This deal marked Club L London's first acquisition, which includes all aspects of Lavish Alice's operations - intellectual property rights, website, inventory, social media accounts and customer data.

This followed a year of exceptional growth for Club L, which achieved a £44 million turnover in 2024 with a 51% year-on-year revenue increase.

Katie Randev, Founder and CEO of Club L London, said: "Bringing Lavish Alice into the Club L London Group strengthens our market presence and reinforces our position in the premium fashion space. It’s a brand I’ve always respected for its design integrity and strong identity, and we’re excited about the opportunities ahead. We are committed to building on its legacy and taking it to the next level."

NEXT acquired Seraphine out of administration

Maternity fashion brand Seraphine was bought out of administration in July by NEXT, which purchased certain assets of the business, including the brand and intellectual property.

The move came after the brand entered administration just weeks before, following failed attempts to secure new investment. As a result, the majority of its 95 employees were made redundant. Advisors from Interpath were appointed as administrators on 7 July 2025, after the business ceased trading with immediate effect.

It followed a difficult trading period for Seraphine, worsened by weak consumer confidence that significantly affected sales.

The deal places Seraphine among several brands that NEXT has invested in or acquired in recent years. The high street giant typically takes significant stakes in third-party brands, allowing them to operate independently while integrating them into its Total Retail omnichannel platform.

It previously became the largest shareholder in Reiss and also acquired fellow baby and maternity retailer JoJo Maman Bébé, as well as fashion and lifestyle brands Joules, Cath Kidston and FatFace.

Scotch & Soda owner acquired Dickies in $600 million deal

Bluestar Alliance, the owner of Scotch & Soda and Palm Angels, acquired American heritage brand Dickies for $600 million in cash.

Bluestar Alliance acquired Dickies from VF Corporation, known for its portfolio of global outdoor, active, and workwear brands, including The North Face, Vans, and Timberland.

Founded in 1922, Dickies operates at the intersection of workwear and streetwear, with distribution in 55 countries. The US-based business is recognised for its focus on durability and functionality, while maintaining a presence in both professional and lifestyle markets. Its products have found relevance across various age groups, regions, and subcultures.

Castore acquired Belstaff to accelerate international growth

British premium sportswear brand Castore acquired 100% of Belstaff, the heritage fashion label, in August. The deal brought together two homegrown names to accelerate international growth.

The transaction, completed on a debt-free, cash-free basis, will also see Belstaff’s parent company INEOS make a significant strategic investment in Castore at holding company level. Financial details of the deal were not disclosed.

The deal marks a significant step for Castore, which has rapidly scaled in recent years through partnerships with leading sports teams and an expanding retail footprint, as it looks to cement its position in the premium sportswear market.

Authentic Brands Group acquired Dockers from Levi’s

Authentic Brands Group continued its brand acquisition strategy with the takeover of Dockers from Levi Strauss & Co. for $311 million (£232 million).

The news came after it was revealed in April that Authentic, which owns Ted Baker, Reebok, Nautica, Brooks Brothers, Juicy Couture, Quiksilver and Sperry, amongst other brands, is exploring a potential takeover offer for American fashion label Guess. In 2024 it also acquired Champion, and in 2023 it took control of British heritage brand Hunter.

The addition of Dockers, which has been a staple in American wardrobes since 1986 and is best known for its chinos and khakis, aligns with Authentic Brand Group’s strategy to grow its portfolio through "brands with strong heritage, loyal consumers and global recognition".

Jack Wolfskin acquired by Arc’teryx owner Anta Sports

Jack Wolfskin was acquired by Anta Sports for $290 million from sports equipment company Topgolf Callaway, marking another step forward in the group’s global expansion strategy.

The transaction allows Topgolf Callaway to focus on its core business of golf, with CEO and President Chip Brewer revealing that the proceeds from the deal will further enhance its balance sheet and liquidity.

"We believe Anta Sports will be a good steward of Jack Wolfskin and we thank our employees who have worked diligently to right-size the business and prepare it for this next chapter," Brewer said.

The acquisition by Anta Sports aligns with its "single-focus, multi-brand, globalisation" strategy and presents opportunities to further strengthen and to grow the group’s outdoor sports segment.

It complements the company's existing brand portfolio, including Arc’teryx, Salomon and Wilson, extending its outdoor product offering from premium to mass market while enriching product solutions for a broader set of outdoor activities.