Fashion
Luxury: mergers and acquisitions slow in 2024 but still appeal to investment funds, says Deloitte
Published
September 17, 2025
After the post-Covid recovery, mergers and acquisitions in the fashion and high-end sectors have slowed over the past two years. Even so, despite the economic climate, the sector continues to attract nine out of ten investors in 2025, although most are concerned about customs duties.
These are the findings of Deloitte‘s latest report, “Fashion & Luxury Private Equity and Investors Survey 2025″, which previews the main trends ahead of its publication on September 25.
The survey was conducted worldwide across a panel of 60 private equity investors and more than 114 companies active in the fields of Clothing & Accessories, Watches & Jewellery, Cosmetics & Fragrances, luxury automobiles, luxury hotels, private jets, cruises, furnishings, yachts and luxury restaurants.
In 2024, the high-end segment recorded 308 deals, compared with 333 in 2023, that is 25 fewer year on year. Notably, last year saw the acquisition of luxury platform YNAP by German e-commerce firm Mytheresa from Swiss luxury group Richemont, while the planned merger between US giants Capri, owner of Michael Kors, and Tapestry, owner of Coach, fell through. The first half of 2025, marked by the acquisition of Versace by the Prada Group for €1.25 billion, confirms the general slowdown, with only 162 transactions compared with 188 a year earlier, a decline of 14%.
In the luxury goods segment alone, which accounts for 40.2% of total transactions, the number of deals closed last year fell by 6.3%. Breaking it down: clothing & accessories, the most attractive M&A sector, totalled 85 transactions in 2024, 20 fewer than the previous year. Similarly, watches & jewellery saw 15 deals in 2024, compared with 17 a year earlier. Only cosmetics & fragrances bucked the trend, jumping from 21 to 34 deals in one year (+13).
Leading the overall ranking for 2024, as usual, are luxury hotels, with 145 transactions (+1), followed by clothing & accessories (an industry that remains attractive nonetheless), then furnishings with 23 deals (+10), and yachts and automobiles with 11 each (-5 for the former and -13 for the latter between 2023 and 2024).
For 2025, “despite a macroeconomic and geopolitical context that remains marked by high uncertainty, the fashion and luxury sector continues to attract investor interest. 92% of funds are considering transactions in this sector, albeit more cautiously than last year,” said Elio Milantoni, a partner at Deloitte, in a press release.
“More than half are directing their strategies towards medium-sized companies, with the aim of encouraging a process of consolidation in the sector. At the same time, we are seeing a shift in investment preferences towards segments complementary to the world of fashion and luxury goods”, he continued.
In terms of size, the average value of M&A deals completed in 2024 is around €260 million, slightly down on 2023 (-4%), with an ever-greater focus on medium-sized targets, confirming the growing interest in medium-sized transactions.
Another trend identified by the consultancy is the concern around customs duties. Eight out of ten investors surveyed believe this issue will have a negative impact on the market, with North America (35%), Europe (33%) and Asia (29%) seen as the regions most exposed to rising trade barriers.
Geographically, investors still see Europe (75%) as the region with the greatest potential for luxury transactions, followed by North America (23%). In 2024, Europe accounted for the highest number of deals (210), 14 more than in 2023, while North America recorded only 54 (-23) and Asia-Pacific just 33 (-29).
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The deals came as the Chancellor led the largest UK delegation ever to the Future Investment Initiative (FII).
The package includes up to £5 billion in financing support from UK Export Finance for projects in Saudi Arabia that will unlock supply contracts for British suppliers, and a new Barclays regional headquarters in Riyadh.
British business and jobs will gain from an $8.4-billion boost after UK Chancellor of the Treasury Rachel Reeves helped secure a major two-way trade and investment package during a visit to Saudi Arabia.
The package includes up to £5 billion in financing support from UK Export Finance for projects in Saudi Arabia that will unlock supply contracts for UK suppliers, and a new Barclays office in Riyadh.
Other major deals include a £37-million investment from Saudi cybersecurity firm Cipher to launch its European office London, and a £75-million investment from Saudi investors and bankers into British digital bank Vemi, a uK government release said.
Reeves and Saudi Minister of Investment Khalid bin Abdulaziz Al-Falih co-chaired a growth and investment roundtable with UK and Saudi businesses leaders where she showcased UK investment opportunities.
The Chancellor also met ministerial counterparts from Saudi Arabia, Qatar to accelerate progress on a trade deal between the UK and the Gulf Cooperation Council.
She made clear that securing such trade deals is important for reversing the damage caused by decline of the past, including Brexit, austerity and the mini-budget, and is key to delivering more money in the pockets of working people through growth opportunities for business.
A trade deal with the Gulf is expected to increase trade between both nations by 16 per cent, add £1.6 billion to UK gross domestic product every year, and contribute an additional £600 million to UK workers’ annual wages in the long term.
This developed built on last month’s UK-Saudi Great Futures Summit in London that celebrated over £4.1 billion in deals, creating more than 4,100 UK jobs and bringing the total value of two-way trade and investment to over £10 billion in under 18 months.
Fibre2Fashion News Desk (DS)
Published
November 3, 2025
Rare Beauty and BÉIS have joined forces to release a limited-edition “Beauty On-the-Go” collection, announced across their verified Instagram and TikTok pages. The collaboration unites founders Selena Gomez and Shay Mitchell, longtime friends who expressed their excitement online, emphasizing their shared passion for beauty and travel.
The collection includes three essentials — the Blush Case (US$28), the Makeup Brush Pouch (US$24), and the Large Cosmetic Pouch (US$74). Each item blends BÉIS’s functional travel design with Rare Beauty’s minimalist aesthetic.
The Blush Case features a built-in mirror and key clip, while the Makeup Brush Pouch includes elastic loops and a wipe-clean lining. The Large Cosmetic Pouch features brush holders, adjustable dividers, and an insulated pocket — a detail showcased in Rare Beauty’s official TikTok video.
Inspired by Rare Beauty’s best-selling Soft Pinch Liquid Blush shade Worth, the collection is described on the brands’ social media as “designed for early drives, unexpected detours, jet lag, wrong turns, and every mile in between.”
The BÉIS × Rare Beauty collaboration launches November 3 exclusively online at rarebeauty.com and beistravel.com.
Copyright © 2025 FashionNetwork.com All rights reserved.
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