M&A advisory for fashion & clothing companies
Fashion M&A has bifurcated. Strategic acquirers - Kering, LVMH, Tapestry, Capri, VF, PVH - focus on brands with global potential and durable brand equity, while PE platforms have rolled up specialty apparel and accessories at the mid-market. The retrenchment of pure-play DTC apparel has reset valuations and buyers now underwrite hard on contribution after returns and on wholesale traction.
The global houses - LVMH, Kering, Tapestry, Capri, Inditex - grade on brand equity and international scalability, while Authentic Brands Group and the mid-market sponsors grade on contribution after returns and inventory discipline. The data room has to lead with markdown reserves, return rates by SKU and the wholesale-to-DTC bridge. Flow has direct access to the corp dev teams across this set.
Flow team has relevant sector experience and has worked with fashion and clothing companies across contemporary apparel, accessories, footwear, denim, activewear and DTC-only labels.
"Fashion & clothing" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing fashion & clothing M&A targets
Revenue
Gross margin
Contribution margin
Full-price sell-through
Markdown rate
Returns rate
AOV
Repeat purchase rate
Wholesale share
Days inventory outstanding
Advertising as % of revenue
LTV / CAC
Fashion & clothing valuations in May 2026
Public fashion & clothing comps trade at 1.1x EV/Revenue. Median revenue multiple across fashion & clothing M&A deals was 0.9x in the last 12 months.
1.1x
Median EV/Revenue as of May 2026 for public fashion & clothing companies
3.1x
LVMH is the highest valued public fashion & clothing company based on EV/Revenue (excluding outliers)
0.9x
Median EV/Revenue across fashion & clothing M&A deals in the last 12 months
3.7x
Median EV/Revenue across fashion & clothing VC rounds in the last 12 months
Key recent fashion & clothing M&A deals
$4.4B acquisition of Hanesbrands by Gildan was the largest fashion & clothing M&A transaction completed in the last year.
See all fashion & clothing M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Aug-25 | Hanesbrands |  | Hanesbrands is a Winston-Salem-headquartered marketer of everyday apparel including Hanes beefy T-shirts, Champion sweatshirts, and Bali undergarments sold globally. The company supplies moisture-wicking activewear, maternity lines, and legwear through retail channels in the Americas, Europe, and Asia. | Gildan | $4.4B | 1.3x | |
Dec-25 | Golden Goose |  | Golden Goose is a Venice-originated luxury brand renowned for distressed leather sneakers like the Super-Star and Ballerina models produced in Italy. The company offers apparel, bags, and eyewear through boutiques in Milan, Los Angeles, Hong Kong, and Dubai, emphasizing artisanal distressing and vintage-inspired designs distributed via Farfetch and Net-a-Porter. | HSG | $2.7B | 4.8x | |
Sep-25 | Marcolin | | Marcolin is a Longarone, Italy-headquartered manufacturer of eyeglass frames, prescription eyewear, and sunglasses sold worldwide. The company licenses designs from brands such as Tom Ford, Guess, and Bally, producing collections through factories in Italy, China, and Vietnam. Marcolin distributes to optical chains and retailers across Europe, North America, and Asia. Founded in 1961, it specializes in luxury and sport optics segments. | VSP Vision Care | $1.4B | - | |
Aug-25 | Guess | | Guess? Inc designs, markets distributes, and licenses contemporary apparel and accessories that reflect European fashion sensibilities and American Lifestyle under brands including Guess, Marciano, and G by Guess. The company has five reportable segments: Americas Retail, Americas Wholesale, Europe, Asia, and licensing. Geographically, the company derives maximum revenue from the United States. | Authentic Brands Group | $1.4B | 0.5x | |
Jul-25 | ABOUT YOU |  | ABOUT YOU is a Hamburg-based online retailer dominating fashion and lifestyle across 26 European markets with over 13 million active customers. The platform features around 750,000 items from nearly 4,000 brands, delivered via an award-winning app and aboutyou.com emphasizing personalized smartphone shopping. | Zalando | $1.2B | 0.5x | |
May-26 | Marc Jacobs | | Marc Jacobs is a designer and retailer of apparel and accessories for men and women. Founded in 1984 and based in New York, the company maintains a broad portfolio that includes ready-to-wear lines, footwear, eyewear, fragrances, and a children’s collection. It operates more than 300 stores worldwide after opening its first location on Boston’s Newbury Street in 2004 and later expanding into Los Angeles, Paris, and additional markets. | G-III Apparel Group | $850M | 1.7x | |
Jul-25 | OrthoLite | | OrthoLite is an Amherst, Massachusetts-headquartered supplier of open-cell foam technology for footwear. The company's polyurethane and recycled rubber foams appear in athletic, casual, dress, work, and outdoor shoes from brands like Nike, Clarks, Adidas, ASICS, New Balance, Vans, and Timberland. OrthoLite maintains sales offices in the United States, Vietnam, Asia, and Europe alongside manufacturing in China, Vietnam, Indonesia, and Korea. Applications extend to clothing, sporting goods, backpacks, and furniture. | Coats Group | $770M | 3.0x | |
Sep-25 | Dickies | | Dickies produces workwear including twill pants, Eisenhower jackets, chore coats, and thermal-lined hoodies. Dallas-originated and now under VF Corporation, the brand equips construction workers, mechanics, and service industry teams with flame-resistant options and hi-vis gear sold globally. | Bluestar Alliance | $600M | - | |
Dec-25 | NKD Group | | NKD Group is a Germany-headquartered retailer specializing in affordable textiles, clothing, and home accessories, operating hundreds of stores across Europe with a focus on everyday fashion and household goods. | Mr Price Group | $526M | 0.7x | |
Dec-25 | Joie |  | Joie is a global apparel company offering ready-to-wear women's clothing, denim, and accessories through brands like Joie and Current/Elliott, distributed via retail, wholesale, and e-commerce channels. | Republic Brands Group | $336M | - | |
Sep-25 | Claire's | | Claire's functions as a global retailer of fashion jewelry, accessories, and ear-piercing services targeting teens and young women through 2,300 stores in 17 countries across North America and Europe, plus 190 ICING stores and thousands of concessions. Headquartered in Hoffman Estates, Illinois, the company also operates over 300 franchised locations in the Middle East and South Africa. Claire's sells products online via its platform and emphasizes trendy, affordable items under its core and ICING brands. | Ames Watson | $140M | 0.1x | |
Oct-25 | NOX Sports |  | NOX Sports is a Madrid-based brand specializing in padel equipment. The company manufactures rackets, paddles, balls, apparel, bags, and accessories for professional and amateur players. NOX equips teams on the World Padel Tour, with models like the AT10 Genius by Agustín Tapia featuring carbon fiber frames and EVA cores. Its production occurs in Spain, distributing to over 40 countries. | Oakley Capital | $108M | - | |
May-26 | Everlane | | Everlane is a San Francisco-headquartered apparel brand that designs and manufactures essentials for men, women, and children using sustainable materials. Its collections include organic cotton basics, cashmere sweaters, denim, and leather goods produced in factories in China, Vietnam, and Portugal. Everlane emphasizes radical transparency by disclosing factory costs and pricing breakdowns on product pages. Founded in 2010, the company operates an e-commerce site and select retail stores in major US cities, shipping worldwide. | Shein | $100M | 0.6x | |
Dec-25 | R | Redback Boot Company Australia |  | Redback Boot Company Australia manufactures durable work boots designed for rugged Australian conditions and industrial use. | Ares Management | $100M | - |
Aug-25 | Faberge Services Ltd. |  | Fabergé Ltd crafts luxury high jewelry incorporating colored gemstones, diamonds, and intricate enameling techniques. London-headquartered, it draws from the heritage of 19th-century imperial Easter eggs created for Russian tsars. Modern collections feature pieces with Zambian emeralds, Mozambican rubies, and rare sparklers, distributed through boutiques in London, Geneva, and New York. | SMG Capital | $50M | - |
Most active buyers of fashion & clothing companies
Authentic Brands Group, American Exchange Group and Galls are the most active acquirers of fashion & clothing companies in the last three years.
See all fashion & clothing acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Authentic Brands Group | | Authentic Brands Group is a New York-headquartered brand management firm founded in 2010 that acquires, develops, and licenses global trademarks in fashion, sports, and entertainment sectors. The company oversees brands such as Reebok, Forever 21, Sports Illustrated, and Vince, partnering with manufacturers and retailers from luxury department stores like Saks Fifth Avenue to mass-market chains including Walmart. ABG extends brand value through product licensing, content creation, and experiential marketing across physical and digital platforms worldwide. | GuessDockersChampion Europe+2 | 5 | |
American Exchange Group | | American Exchange Group is a New York-headquartered apparel company producing denim jeans, sportswear, and casual clothing lines. The brand distributes products through major retailers including Macy's, Nordstrom, and Kohl's, emphasizing premium fabrics and contemporary fits for men and women. Established in the early 2000s, it operates wholesale divisions alongside direct-to-consumer e-commerce via axnygroup.com, serving the $400 billion U.S. apparel market with seasonal collections and licensed sportswear partnerships. | AllbirdsVENUS FashionIsland Surf Company+1 | 3 | |
Galls | | Galls is a Kentucky-headquartered supplier of public safety equipment and apparel serving law enforcement, fire, EMS, and corrections professionals across North America. The company stocks over 50,000 items including duty gear, tactical vests, uniforms, and footwear from brands like 5.11 Tactical and Under Armour. Operating 11 retail outlets and a network of service centers, Galls processes millions of orders annually through its catalog, website, and dedicated account managers. Established in 1967, it holds contracts with federal agencies and major police departments. | Action UniformUniform WorksHer BlueWear Uniforms+2 | 3 | |
Bluestar Alliance | | Bluestar Alliance is a New York-based owner and licensor of consumer brands in fashion, footwear, and accessories including Kate Spade, Nine West, and Easy Spirit. The company revitalizes portfolios through retail partnerships, e-commerce, and international licensing in Asia and Europe. Bluestar Alliance manages over 30 trademarks with distribution in 100 countries. Acquired by Marquee Brands in select categories, it focuses on category expansion since 2008. | DickiesPalm AngelsOff White | 3 | |
Fullbeauty Brands | | Fullbeauty Brands is a New York-headquartered retailer of plus-size apparel and home goods through brands like Woman Within, Roaman’s, Jessica London, KingSize, and Brylane Home. Relaunched in 2015, it operates fullbeauty.com with thousands of styles in sizes 12W-44W and ships to customers across the United States and Canada. | AvenueDia&CoCUUP+1 | 3 | |
BuDhaGirl | | BuDhaGirl is a fashion accessories brand specializing in bangles that blend style with mindfulness themes, available through its online and retail channels. | KumaliShanShan | 2 | |
Gordon Brothers | | Gordon Brothers is a Boston-headquartered global advisory and investment firm focused on retail, wholesale, industrial, and real estate sectors. Founded in 1903, the family-owned company manages over $30 billion in annual transactions and appraisals. Gordon Brothers provides asset purchases, lease mitigation, valuations, and operational management for healthy and distressed businesses worldwide, with offices in North America, Europe, and Asia. | Chinese LaundryL.K.BennettRachel Zoe | 2 | |
Northern Reflections | | Northern Reflections is a Canadian apparel retailer targeting women aged 45 and older with moderately priced, figure-flattering clothing suitable for various occasions. The brand emphasizes stylish, comfortable designs in easy-care fabrics produced by an in-house team focused on on-trend collections, sustainability, and optimal fit for mature silhouettes. Toronto-headquartered Northern Reflections distributes its collections nationwide through physical stores and online platforms accessible via northernreflections.com. | CleoRicki's | 2 | |
Hulcan | | Hulcan is a brand incubator and operator that develops media, e-commerce, retail, and fashion labels aimed at younger audiences. | Matches FashionRAEY | 2 | |
Vida Shoes International | | Vida Shoes International is a footwear company founded in 1973 and headquartered in Montreal, Canada. The firm designs, manufactures, and distributes women's shoes under brands like Vince, Camper, and its private labels. Vida operates factories in China and Vietnam and distributes products to over 50 countries through department stores and specialty retailers. Its portfolio includes casual, athletic, and dress shoes in sizes 5 to 12. The company maintains showrooms in New York and Las Vegas for North American markets. | Munro ShoesAquatalia | 2 |
Founders and investors we've worked with
We've supported winning builders across fashion & clothing and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
See moreRecent M&A advisory track record
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