Never Fully Dressed sells stake to Refined Capital Partners
Contemporary womenswear brand Never Fully Dressed (NFD) has sold a stake in the business to Refined Capital Partners, the London-based private equity and venture capital firm, to support its continued growth.
The transaction completed on 15 July 2026, and financial terms were not disclosed.
According the brand it marks an exciting milestone, bringing together long-term investment and strategic support to support future growth for the business.
Up until Refined Capital Partners acquired a stake in the brand, Founder Lucy Aylen held full ownership of the company. Following the transaction, Aylen ceased to be registered as a person with significant control of the company, according to filings on Companies House.
According to the brand this does not change her position within the company, however. In a statement the brand specified that it remained the "same female-founded brand, led by the same leadership team, designing every print in-house with the same passion, creativity and attention to detail."
Aylen is also still listed as CEO of the company on NFD's website and in her biography on LinkedIn.
Nfd Holdco Limited became the company’s new person with significant control, according to Company House filings, which were published on 20 July. Nfd Holdco was incorporated in London on 18 May 2026 and lists Refined Capital Partners Founding Partner Benjamin Barnett as a Director.
Barnett was also appointed to the Never Fully Dressed board on 15 July. Refined Capital Partners Founding Partner Anastasia Fadeeva and investor Helgi Thor Bergs joined the business as Directors at the same time.
The published filings do not specify the percentage acquired, although it states that the relevant legal entity holds, directly or indirectly, 75% or more of the shares and voting rights in the company.
Aylen founded Never Fully Dressed in 2009, initially operating the label from her parents’ attic. The business now sells through its own website and stores in Essex and New York, alongside wholesale partners including John Lewis, Frasers and Harvey Nichols.
"This partnership gives us the opportunity to invest in the future of Never Fully Dressed and our continued commitment to do better for our people and planet. We’ll continue to be open, honest and transparent as we grow, listening to our community every step of the way," Never Fully Dressed added in the statement.
Refined Capital expands its fashion portfolio
Refined Capital Partners provides growth funding and operational support to consumer brands and retail technology businesses. Its stated investment model covers transactions of between £5 million and £25 million, although that range does not confirm the value of the Never Fully Dressed deal.
Recently, the firm also invested £4.75 million in British luxury womenswear brand The Fold London. It also owns a minority holding in Disturbia, a fashion and lifestyle brand, which has been expanding in the US.
Its wider fashion portfolio includes Celtic & Co and childrenswear brand Frugi. Refined Capital also backs Kettlewell Colours and recycled cashmere specialist Turtle Doves.
Barnett previously led Phase Eight through its £238 million sale to South African retail group TFG in 2015. Refined Capital's other Founding Partner Fadeeva also held senior finance and operations roles across TFG London, including at Hobbs, before the pair established Refined Capital Partners.
