Fashion
US apparel and footwear deals surge to record $21B as brands react to tariff pressure
By
Reuters
Published
September 18, 2025
U.S. President Donald Trump’s trade war is helping push U.S. clothing and footwear acquisitions to all-time highs this year, with some companies merging to help offset tariff costs while others go private to weather the next 3-1/2 years of his presidency outside the public market, dealmakers say.
Popular sneaker company Skechers announced a $9.42 billion deal in early May to go private, days after it withdrew its annual earnings forecasts and sent a letter — along with 75 other footwear companies — to Trump, stating that the tariffs were an “existential threat” to the industry.
Sneaker seller Foot Locker, which also signed the letter to Trump, in May accelerated its $2.4 billion sale to Dick’s Sporting Goods. While both deals were in the works for months, bankers and analysts said Trump’s tariffs are creating both chaos and opportunity for retailers and brands to explore tie-ups. This has driven dealmaking in the U.S. footwear and apparel sectors to roughly $21 billion in announced deals year-to-date.
With more than three months left in the year, that figure is already a record, according to LSEG data dating back to the 1970s — particularly surprising for an industry where valuations are not nearly as lofty as those in tech or financial services. The previous record for U.S. apparel and footwear M&A was last year’s $16.1 billion, and before that, 2021’s $15.6 billion, according to LSEG.
“Scale is more important in a tariff-rich environment because you can negotiate better terms across a larger base with many of your counterparties,” said Carmen Molinos, Morgan Stanley’s global co-head of consumer retail investment banking.
Morgan Stanley advised Canadian apparel maker Gildan Activewear on its acquisition last month of U.S. underwear maker Hanesbrands for $2.2 billion.
Both companies produce more in Central America and the Caribbean than in Asia, and primarily use U.S.-grown cotton, which provides them with some protection from tariffs. The combination insulates them more from fluctuating geopolitics, and Gildan was one company looking to get bigger amid the chaos.
“We think that we’re really well aligned to take advantage, actually, of this near-shoring opportunity,” Gildan’s CEO and co-founder Glenn Chamandy said on an August investor call about the deal.
Tariffs were a shock to the system that showed retailers just how quickly their businesses could get disrupted, highlighting the importance of scale, several bankers said.
“In moments of turmoil and change, those who are in a position of strength are looking to build up on those strengths, and if they see the right strategic fit, they’re taking advantage (and buying),” said JPMorgan’s Jonathan Dunlop, co-head of North America consumer and retail investment banking.
This year, JPMorgan advised 3G Capital on Skechers and brand management firm Authentic Brands Group’s $1.4 billion deal last month for Guess. Authentic also picked up Dockers from Levi Strauss, while another brand management firm, Bluestar Alliance, announced a deal to buy Dickies from VF Corp this week.
Brand management firms typically buy a brand’s IP and then license it to operating partners that handle manufacturing, design, and sales.
“The brand management companies have been some of the most prolific acquirers of both middle-market and a handful of multi-billion-dollar retail brands,” said David Shiffman, partner and head of consumer retail at Solomon Partners. The bank advised the special committee of Guess.
Navigating the uncertainty
Going private, as in Skechers’ case, is becoming an increasingly attractive option to navigate the uncertainty without the pressure of public quarterly reporting — especially if companies feel the public market is not valuing them appropriately.
Foot Locker, meanwhile, had been in discussions about a sale since Dick’s Executive Chairman Edward Stack first reached out to rival CEO Mary Dillon in January 2024.
Trump’s April 2 self-styled “Liberation Day,” when he announced sweeping new global tariffs, helped seal the deal earlier than expected, according to an SEC filing. Foot Locker said tariffs were causing the company’s stock to drop and that it was headed for a weaker-than-expected first-quarter earnings report — a development executives feared would further depress shares.
The board decided on May 10 to try to bring “negotiations to a close quickly,” it said in a securities filing. The next four days were a flurry of paperwork and legal meetings before the companies announced their deal — with two weeks to spare before reporting earnings.
Bankers advise watching for more tie-ups later this year as stronger retailers seek deals and struggling companies look for partners.
Private equity firm Bain Capital is trying to offload its stake in Canada Goose, and Lands’ End has received offers from brand management firms.
© Thomson Reuters 2025 All rights reserved.
Published
September 18, 2025
After showing at New York Fashion Week (NYFW), Portuguese footwear now takes to the catwalks of London Fashion Week (LFW) in partnership with the London College of Fashion (LCF), unveiling the first made in Portugal collection by Portuguese Footwear Award (PFA) winner Annie Purdy, to be presented at the Portuguese Embassy in London on September 18.
According to the press release sent by APICCAPS – the Portuguese Footwear, Components and Leather Goods Manufacturers’ Association, this collaboration with LCF, part of University of the Arts London (UAL), began in early 2025 with a masterclass on Portuguese footwear, as part of the Bioshoes4all project.
The Bioshoes4all project has enabled Portuguese footwear brands to team up with leading international designers to create exclusive collections which, since 2023, have been gracing the catwalks of New York, London and Paris for several seasons.
Aimed at master’s students, this awareness and knowledge-building session on the talent of Portuguese artisans and the industry landscape was led by Portuguese industry experts and award-winning designer Bianca Saunders, who has long been involved in Portuguese savoir-faire.
This was followed by the first edition of the PFA, designed to introduce future designers to production possibilities in Portugal, in which Annie Purdy won and went on to develop her first collection in Portugal, which has now been unveiled.
According to the young designer, a graduate of LCF-UAL: “The inspiration arose from the relationship between ‘craftsmanship’ and innovation, exploring how traditional skills can coexist with experimental and avant-garde design.”
“Access to in-depth knowledge of materials and high-quality manufacturing expertise allowed me to expand my concepts, knowing they could be realised with precision and durability,” she continued. “It gave me the freedom to experiment, without losing sight of feasibility and ‘craftsmanship’.”
“I learnt to consider a product’s longevity, function and life cycle from the outset,” she added in regards to her collaboration with APICCAPS. “From now on, I will continue to integrate these concerns into my practice, ensuring that my work always balances narrative, design integrity and sustainable responsibility.”
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Copyright © 2025 FashionNetwork.com All rights reserved.
By
Reuters
Published
September 18, 2025
The sale of diamonds through tenders and auctions is opaque and inefficient and should be revamped for producers to earn more and to survive the current price slump, a leading gem trader said on Thursday.
Oded Mansori, co-founder and managing partner of Belgian gem trader HB Antwerp, said the impact on producers could be reduced by doing away with inefficiencies in the industry.
The diamond market is currently going through a prolonged downturn with demand hurt by global economic uncertainty and the rising popularity of lab-grown stones.
Producer countries such as Botswana have been hard hit by lower revenues, while miners such Burgundy and Lesotho’s biggest diamond mine Letseng have had to lay off workers.
“For years, miners relied on tenders and auctions, systems that look efficient on paper but in practice resemble a casino,” Mansori said in a statement, as the industry battles a crisis considered to be its deepest in history.
“Rough stones are pushed into opaque markets where value is anyone’s guess. When global demand softens, as it has in cycles over the last decade, producers are left exposed. Workers pay the price, while shareholders watch assets decline,” he added.
Rough diamonds are typically sold through a competitive bidding system where buyers place confidential bids on individual stones or parcels.
Mansori, whose company operates a profit-sharing model with miner Lucara Diamond Corp, says producers’ revenues should be tied to the eventual polished value of its stones “rather than gambling on rough sales in opaque auctions”.
Under its partnership with Lucara, HB Antwerp buys stones of 10.8 carat quality and above from the Toronto-listed company’s Karowe Mine in central Botswana at prices based on the estimated polished value of each diamond.
HB Antwerp accounted for 72% of Lucara’s $74 million diamond revenue in the six months to June 30, up from 65% the year before.
The trader says producers can earn up to 40% more revenue if they sell through this model.
© Thomson Reuters 2025 All rights reserved.
Rieter Holding Ltd. is publishing the final details of the agenda of today’s Extraordinary General Meeting, as announced in the invitation of August 25, 2025. This does not involve any new motions, merely serving instead to clarify the existing motions. It also represents publication of the final terms and procedure for the proposed issuing of subscription rights in the amount of around CHF 400 million (~$505.9 million) and the proposed private placement in the amount of around CHF 77.4 million (~$97.90 million) .
Rieter has confirmed final Extraordinary General Meeting (EGM) agenda details, clarifying motions on a ~$505.9 million rights issue and ~$97.90 million private placement to fund its planned Barmag acquisition.
Major shareholders Peter Spuhler (33 per cent) and Martin Haefner (10 per cent) back the deal.
UBS will underwrite the rights issue, with trading of new shares set for October 2, 2025.
In addition to bank financing, the planned capital increase in two tranches will fund the planned acquisition of OC Oerlikon’s Barmag division. The two largest Rieter shareholders support the transaction. The largest Rieter shareholder, Peter Spuhler via his ownership of PCS Holding AG (approx. 33% shareholding), has committed to participate in the subscription rights issue on a pro rata basis by exercising his subscription rights and investing additional capital as part of the private placement. After completion of the capital increase – tranche A and tranche B – Peter Spuhler will continue to hold a stake of approx. 33% through his PCS Holding AG. The second largest Rieter shareholder, Martin Haefner via his ownership of BigPoint Holding AG (approximately 10% shareholding), has also committed to participate in the subscription rights issue on a pro rata basis by exercising his subscription rights and to invest additional capital as part of the private placement. The acquisition of the Barmag division is expected to be completed by the end of the 2025 financial year, subject to regulatory approval.
With reference to the invitation to the Extraordinary General Meeting sent on August 25, 2025, the Board of Directors of Rieter Holding Ltd. has set the final details of the proposals concerning the ordinary capital increase in tranche A (rights issue) and tranche B (private placement) as well as the reintroduction of the capital band in accordance with agenda items 2.1, 2.2 and 3. of the invitation as follows:
With regard to agenda item 2.1 Ordinary capital increase – tranche A (rights issue), the Board of Directors has decided to submit a definitive proposal to increase the share capital, which is to be reduced to CHF 46 723.63, by CHF 116 809.75 to CHF 1 214 814.38 by issuing 116 809 075 registered shares at a nominal value of CHF 0.01.
With regard to agenda item 2.2 Ordinary capital increase – tranche B (private placement), the Board of Directors has decided to submit a definitive proposal to increase the share capital from CHF 1 214 814.38 by CHF 145 762.70 to CHF 1 360 577.08 by issuing 14 576 270 registered shares at a nominal value of CHF 0.01.
With regard to agenda item 3. (reintroduction of the capital band), the Board of Directors has decided to submit a definitive proposal to create a capital band in accordance with Art. 653s et seq. of the Swiss Code of Obligations (CO) with a lower limit of CHF 1 292 548.23 and an upper limit of CHF 1 496 634.78 and to authorize the Board of Directors to increase the share capital within this band until September 18, 2030 (capital band) by issuing up to 13 605 770 registered shares with a nominal value of CHF 0.01 each or by increasing the nominal value of the existing registered shares and/or by canceling 6 802 885 registered shares with a nominal value of CHF 0.01 each or by reducing the nominal values of the existing registered shares.
If the proposal of the Board of Directors regarding agenda item 2.1 Ordinary capital increase – tranche A (rights issue) is approved, existing shareholders will each receive one subscription right for each registered share they hold on September 22, 2025 after the close of trading.
The new registered shares will be offered to existing shareholders at a ratio of 25 new shares for 1 subscription right held, subject to legal restrictions and the approval by the Extraordinary General Meeting of the capital increase proposed by the Board of Directors. The subscription rights will be admitted to trading on the SIX Swiss Exchange and can be traded from September 23, 2025 to September 29, 2025. The subscription rights can be validly exercised from September 23, 2025 until October 1, 2025 at 12:00 noon (CEST) and thereafter expire without compensation.
Shares that are not subscribed by existing shareholders exercising their subscription rights may be offered to other investors. The number of new shares acquired by existing shareholders and the maximum number of shares to be placed under the share offer are expected to be announced on October 1, 2025 after the close of trading on the SIX Swiss Exchange.
The offer price for the new shares in tranche A (rights issue) is CHF 3.43. The offer price for the new tranche B shares (private placement) is CHF 5.31. The listing and first trading day of the new registered shares from the ordinary capital increase, tranche A and tranche B, on the SIX Swiss Exchange are expected to take place on October 2, 2025 while the completion and settlement of the subscription rights issue and the share offering are expected to take place on October 6, 2025.
Rieter Holding Ltd. has mandated UBS to carry out the rights issue, which has underwritten the rights issue.
Expected schedule of capital increase tranche A (rights issue):
Details of the rights issue and private placement can be found in the prospectus, which is expected to be available today after the close of trading following the Extraordinary General Meeting.
Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.
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