Anti Social Social Club (“ASSC”), a streetwear label in Los Angeles, founded by Neek Lurk in 2015, was sold to Marquee Brands, a licensing and brand management firm.
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When Swiss-based footwear company On Running debuted on the New York Stock Exchange Wednesday morning, it did so in style—while also staying true to its mission and brand. On’s founders, along with about 100 other runners, jogged along the Hudson River en route to Wall Street, where the company’s leaders rang the NYSE’s opening bell, officially making their business a publicly traded company.
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adidas has entered into a definitive agreement to sell Reebok to Authentic Brands Group (“ABG”) for a total consideration of up to EUR 2.1 billion, with the majority to be paid in cash at closing of the transaction and the remainder comprised of deferred and contingent consideration.
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Louis Vuitton Möet Hennessy bought a 60% stake in Off-White, boosting LVMH deeper into the sportswear markets with ties to its unrivaled roster of brands. Abloh is one of the rare Black designers with a leading role at the top of the fashion pyramid as head of menswear for Louis Vuitton.
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Montreal-based retailer SSENSE has received minority investment from Sequoia Capital that values the ecommerce platform at more than CAD 5 billion. This marks Sequoia Capital’s expansion into the fashion industry, and comes after the company took a controlling stake in AMI earlier this year. The company, which specialises in high-end fashion and streetwear, said it’s the first round of external funding in its 18-year history. The capital will allow the company to focus on its global growth strategy, especially it will help to further accelerate its trajectory in China.
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A Bathing Ape has now undergone the successful completion of investment from private equity firm CVC, looking to accelerate BAPE’s global expansion. With the official delisting of I.T from the Hong Kong Stock Exchange, BAPE went on to become an independent company, but will now be co-controlled by CVC with its recent investment into the fashion brand.
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Depop, the fashion resale marketplace beloved by Generation Z, will be acquired by Etsy for USD 1.6 billion, underscoring the growing influence of clothing resale platforms. Etsy aims to advance its leadership in community-driven and differentiated marketplaces within the rapidly growing resale sector, especially serving the upcomingGen Z audience, offering an ideal fit with Etsy's marketplace M&A criteria.
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UK-based online luxury retailer END Clothing has agreed to divest a majority stake to global investment firm Carlyle Group, valuing the company at more than USD 1 billion. Venture capital firm Index Ventures, which currently holds a minority stake in END, will fully exit from the company after the acquisition, while END founders and CEOs Christiaan Ashworth and John Parker will become minority stakeholders.
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Moncler and Sportswear Company, which holds the Stone Island brand, announced that they have reached an agreement as a result of which Stone Island joins Moncler to develop a new shared vision of luxury. With this transaction, united by their "beyond fashion, beyond luxury" philosophy, these two Italian brands will strengthen their ability to interpret the evolving cultural codes of the new generations and the meaning of luxury fashion.
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When former V magazine art director Peter Poopat and brand consultant Flavio Girolami founded Common Projects ten years ago, the market for premium-priced sneakers was relatively underdeveloped. However, their prescience was soon to be proven by a boom in the luxury sneaker category, which has seen designer labels like Balenciaga, Givenchy and Saint Laurent selling sneakers everywhere from Sneakerboy to Bergdorf Goodman.
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Multi-fashion player VF Corporation and streetwear brand Supreme announced that they have signed a definitive merger agreement. VF is buying Supreme from private equity firm Carlyle Group and investors including Goode Partners. The Carlyle Group paid USD 500 million in 2017 for a roughly 50% stake in the fashion brand, an investment that could double in value based on the latest transaction. VF jumped the most in 33 years after agreeing to buy Supreme for USD 2.1 billion to bolster its portfolio of apparel and footwear brands. The cash transaction is expected to be completed by year end and marks VF’s largest acquisition since it bought Timberland in 2011 for USD 2.3 billion.
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GOAT Group, a Los Angeles, California-based apparel and sneaker retailer, has raised USD 100 million in a Series E round from D1 Capital Partners, continuing to accelerate the company's growth across its product categories and geographies.
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Gymshark, the fitness community and apparel brand, has announced it will enter a strategic partnership with General Atlantic, a leading global growth equity firm, in its first-ever fundraise, valuing the business at over GBP 1 billion, benefiting from the latest trends in the fitness industry and among direct-to-consumer brands.
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The demand for a more sustainable food system is global and growing fast, with much of the shift being led by Millennials and Generation Z. Startups like Perfect Day, Oatly and Califia Farms that are offering alternatives to animal-made protein as well as milk, have long touted their animal and environmentally friendly bona fides.
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The 20-time Grand Slam tennis champion is taking a big step toward life after tennis with On Running, a Swiss running brand with a cult following and global ambitions. Despite stressing that he is far from finished playing on the World tour, Federer has started to look at what comes next as he has become an investor in On, which was started in 2010 in Zurich.
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In 2009 Yael Aflalo, a model turned fashion entrepreneur, opened a vintage clothing resale business she ran part time from the back room of a Los Angeles retail store. Called Reformation, it sold stylish secondhand items or garments made from re-purposed materials. In 2013, the brand was scaled into an e-commerce business with a downtown factory and three boutiques — a vision honed by Ms. Aflalo’s experience, gained earlier in her career, of the environmental and human toll the global fashion industry was taking.
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The world of streetwear was previously based on authenticity and reputation, but since its unprecedented growth in popularity, the scene has grown used to see new players entering the market. Earlier this month, Massachusetts-based footwear and streetwear retailer Concepts quietly confirmed “a relationship” with Amazon’s Zappos subsidiary. “We have been engaged with our friends at Zappos and finalized a relationship that will help Concepts achieve our mission to elevate the customer experience within the boutique industry,” said Tarek Hassan, CEO of Concepts International, in a statement.
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Investor interest in the streetwear space is growing rapidly. After Supreme joined forces with The Carlye Group, highly influential streetwear and youth culture title Highsnobiety has raised an USD 8.5 million Series A round led by London-based venture firm Felix Capital, with additional details on the deal remaining undisclosed. Highsnobiety plans to use the new funding to help scale its branded content, e-commerce and events businesses.
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