Introducing the Vogue Business Funding Tracker, a running list highlighting the most notable and intriguing investment and M&A activity in fashion and beauty. From emerging disruptors to legacy giants undergoing major changes, we spotlight the deals that are shifting the dynamics of the sectors we cover, including fashion, beauty, tech and sustainability.
December 2025
Company description: Supercircle is a reverse logistics platform that helps fashion brands — including Guess, Reformation and J.Crew — implement textile recycling programs and move toward a circular economy. The platform will use the funding to expand its AI-powered operating system, grow its processing and reverse logistics footprint, improve its data systems and support the onboarding of more brands and retailers.
Funding and round: $24 million, series A.
Investor(s): Foundry (portfolio includes: Loop, Pilot, Whoop), BBG Ventures, Renewal Fund, Elemental Impact.
Investor comments: “Supercircle is giving retailers unprecedented visibility and control at the end-of-life stage, an area historically dominated by opaque, low-value liquidation,” said Foundry partner Jaclyn Hester. “Their platform is the new industry standard for waste management infrastructure, delivering regulatory readiness, measurable impact and profitable financial outcomes.”
Company description: Pharmaceutical brand Galderma was created in 1981 through a joint venture between L’Oréal and Nestlé specializing in dermatological treatments and over-the-counter or prescription skincare. The company manufactures injectable aesthetics treatments including Dysport, a Botox competitor. In 2014, L’Oréal sold all of its shares to Nestlé resulting in the launch of Nestlé Skin Health. In 2024, L’Oréal returned to acquire a 10% stake in the business.
Funding and round: Doubling stake to 20%, terms undisclosed.
Investor(s): L’Oréal Group (portfolio includes: Kiehl’s, Lancôme, Aesop).
Investor comments: “Aesthetics is a key adjacency to our core beauty business that we are keen to continue to explore. Our initial strategic investment made in 2024 in Galderma has proven very successful, and therefore we are eager to solidify and extend the partnership further,” said L’Oréal CEO Nicolas Hieronimus.
Company description: Launched in 2010, Tissa Fontaneda is a Spanish leather goods brand known for its signature bubble leather. The company has announced its first-ever external capital raise from Spanish legal and accounting consultant Daniel Codes Llamas, who also joins as CEO, bringing his knowledge of financial structuring, scalability and professional management. The company will use the funding to accelerate international expansion, digital development and positioning in key markets including North America, Japan, the Middle East and the DACH region (Germany, Austria and Switzerland).
Funding and round: Minority investment, terms undisclosed.
Investor(s): Daniel Codes Llamas.
Investor comments: “This new stage doesn’t change the soul of Tissa Fontaneda, it enhances it,” said Tissa Fontaneda CEO Daniel Codes Llamas. “The combination of Tissa’s artistic sensitivity and a modern management approach will allow us to bring the emotive experience of Tissa Fontaneda luxury products to new audiences while keeping its authenticity intact.”
Company description: Borland is a Chinese jewelry house known for its 24-karat gold designs rooted in imperial-era craftsmanship. In China, gold brands are surging, thanks to attention from young shoppers looking for exciting designs, cultural symbolism and assets they deem valuable. Kering’s investment from its venture arm also signals the importance of China within its new strategy.
Funding and round: Minority stake, terms undisclosed.
Investor(s): Kering Ventures (portfolio includes: Vestiaire Collective, Vitrolabs).
Company description: BDK Parfums is a French fragrance brand known for its niche scents. Its fragrances are inspired by traditional French perfumery, but transposed for the contemporary era. The buzzy brand’s sales are up 45% this year compared to 2024 and plans to invest the funds into growing its digital platform.
Funding and round: Minority stake, terms undisclosed.
Investor(s): LVMH Luxury Ventures (portfolio includes: Our Legacy, Lyst, Aimé Leon Dore).
Investor comments: “We are delighted to support BDK Parfums, whose high-quality compositions we hold in high regard, in its new phase of development, particularly internationally,” said Julie Bercovy, CEO of LVMH Luxury Ventures Advisors. “We are confident that the brand, led by David, will continue to maintain its unique know-how and expertize, and continue to create distinctive new fragrances that stir powerful emotions.”
November 2025
Company description: Founded in 2019 by Alexa Suter, Huha is a women’s intimates brand. Based in Vancouver, the label is known for its Mineral Undies line, which combines Tencel and Smartcel with antimicrobial zinc-oxide liners. Huha will use the investment to further product innovation and expansion into new markets.
Funding and round: $20 million.
Investor(s): District Ventures Capital (portfolio includes: Chickapea, Symbodi, Balzac’s Coffee Roasters).
Investor comments: “Alexa has developed a brand that resonates with consumers by creating underwear for modern health and comfort,” said Arlene Dickinson, founder and general partner of District Ventures Capital. “We see tremendous potential in her vision and impressive momentum, and we are thrilled to partner on and support the next chapter.”
Company description: Perelel is a doctor-founded, research-backed women’s supplement business. Launched in 2020, it was set up by Victoria Thain Gioia, Alex Taylor and obstetrician gynecologist Banafsheh Bayati. The brand’s supplements aim to support women across every stage of their hormonal journey, from fertility and pregnancy, to postpartum and perimenopause. Perelel will use the funding to accelerate innovation, invest in clinical research and expand its product offerings to continue building a comprehensive women’s health platform.
Funding and round: $27 million, growth round.
Investor(s): Prelude Growth Partners (portfolio includes: Sol de Janeiro, Summer Fridays, Tower 28, Westman Atelier), Unilever Ventures, Willow Growth Partners, Selva Ventures.
Investor comments: “Perelel’s doctor founding, coupled with its clinical validation and commitment to women’s health research, stands out in the category. We are extremely proud to partner with the team and support them in creating a powerhouse brand that is reimagining the future of women’s health,” said Neda Daneshzadeh, co-founder and managing partner of Prelude Growth Partners.
Company description: Lan is a Chinese skincare brand founded in 2019. Known for its bestselling facial oils, it was one of the earliest clean beauty lines in the Chinese market. L’Oréal Group has made a minority investment in the brand through its Bold venture capital arm.
Funding and round: Minority stake, terms undisclosed.
Investor(s): L’Oréal Bold Ventures (portfolio includes: Borntostandout, Replika, Ami Colé).
Investor comments: “We firmly believe investing in China is investing in the future, and we will continue to cultivate the Chinese market, work with more Chinese brands to create a beautiful future and meet the expectations of sophisticated Chinese consumers,” Vincent Boinay, L’Oréal North Asia president and China CEO, said in a statement.
Company description: Xinú is a Mexican luxury fragrance brand inspired by the craftsmanship, culture and storytelling of Mexico. It was founded in 2017 by Veronica Peña, Héctor Esrawe and Ignacio Cadena, and currently sells in Mexico and the US. Peña hinted that the investment from Estée Lauder Companies (ELC) will be used for expansion, saying in the press release that it marks the moment where “our unique vision for a fragrance company meets global possibility”.
Funding and round: Minority investment, terms undisclosed.
Investor(s): The Estée Lauder Companies (portfolio includes: Tom Ford Beauty, Jo Malone London, Le Labo).
Investor comments: “Mexico has become a vibrant hub of fragrance innovation — a place where craftsmanship and cultural relevance come together in remarkable ways,” said Stéphane de La Faverie, president and CEO of ELC. “Xinú embodies this spirit, redefining contemporary luxury through authenticity, artistry and storytelling.”
Company description: American outerwear company Woolrich’s European operations were acquired by Italian licensing company BasicNet Group for €40 million from its previous owner, investment fund L-Gam. Woolrich’s core markets (especially Italy and Europe) overlap with those where BasicNet has built a solid presence, per the release. The deal is expected to be finalized in December.
Funding and round: Acquisition, terms undislosed.
Investor(s): BasicNet Group (portfolio includes: Kappa, Robe di Kappa, Superga)
Investor comments: “We are thrilled to welcome Woolrich into the BasicNet family. Woolrich is an extraordinary brand, with a history and identity that make it unique in the international outerwear landscape. It represents exactly the kind of cultural and authentic heritage we aim to preserve, enhance and relaunch. This is a perfectly coherent operation with our long-term vision, based on dynamic and responsible brand management. The acquisition comes in a complex economic context, but we are convinced that the strength of our model and the experience of our team will allow us to return the brand to growth,” said Lorenzo Boglione and Alessandro Boglione, CEOs of BasicNet, in a statement.
Company description: Skims has completed a $225 million funding round, increasing the value of the company to $5 billion. Co-founded in 2019 by Kim Kardashian and Jens Grede with a focus on shapewear, the brand is expected to surpass $1 billion in net sales by the end of 2025. Skims will use the funding to further its physical retail plans and set up shop beyond the States. Currently standing at 18 owned retail stores in the US and two franchised spaces in Mexico, the brand hopes to become a predominantly physical business over the next few years. Skims will also use the investment to boost product innovation and category expansion.
Funding and round: $225 million.
Investor(s): Goldman Sachs Alternatives (portfolio includes: Navex, Trackunit), BDT MSD Partners (portfolio includes: Charlotte Tilbury, Tory Burch, Under Armour).
Investor comments: “Skims stands as a solutions-driven apparel innovator, pioneering new categories and redefining everyday wear. We look forward to partnering to pursue significant opportunities and deliver disruptive, sustained growth,” said Beat Cabiallavetta, global head of hybrid capital at Goldman Sachs Alternatives.
Company description: Founded in 2019, Trip is a beverage and wellness brand known for its sparkling drinks infused with calming ingredients such as CBD, magnesium and adaptogens. After raising $40 million, the company is now valued at $300 million.
Funding and round: $40 million, series A.
Investor(s): Coefficient Capital (portfolio includes: Oatly, Zoe, Vita Coco), Joe Jonas, Alessandra Ambrosio, Paul Wesley, Ashley Graham, Sophie Habboo.
Investor comments: “I partnered with Trip because they’re redefining what it means to find calm. The flavor is exquisite and I love the functionality. The ingredients are elite in the perfect kind of way — they really nailed it,” said Graham.
October 2025
Company description: The Outnet is an off-price retailer founded in 2009 as part of Yoox Net-a-Porter (YNAP) Group, which was acquired earlier this year by Mytheresa and folded into the newly formed LuxExperience. At the time of the acquisition, YNAP’s off-price division (which also includes Yoox) was loss-making, so Mytheresa planned to separate its operations. Now, LuxExperience has sold The Outnet to The O Group LLC, who will acquire its assets and scale it into an independent business. LuxExperience will focus on a leaner off-price model for Yoox alone.
Funding and round: $30 million, acquisition.
Investor(s): The O Group LLC.
Company description: Founded by Friends star Courteney Cox, Homecourt is a homecare brand launched in 2022 offering dish soap, surface sprays, hand soap and bodycare. The company will use the investment to propel growth by expanding its retail partnerships, strengthening brand awareness and eventually expanding internationally.
Funding and round: $8 million, series A.
Investor(s): Cult Capital (portfolio includes: Supergoop, Act + Acre, Lawless).
Company description: Founded in 2019, Whatnot is a social commerce platform that allows users to purchase unique items and collectibles via a live stream. The company’s latest funding round brings its total value to almost $11.5 billion, more than double its valuation at the start of 2025.
Funding and round: $225 million, series F.
Investor(s): DST Global (portfolio includes: Alibaba, Airbnb, Spotify), CapitalG (portfolio includes: Lyft, Duoligo, Stripe), Sequoia Capital, Alkeon Capital, Greycroft, Andreessen Horowitz, Avra, Bond.
Investor comments: “Whatnot brought the live-shopping wave to the US, the UK and Europe, and has turned it into one of the fastest-growing marketplaces. The brand’s explosive growth, loyal community and relentless execution in service of its buyers and sellers make it one of the most exciting bets in commerce today,” said Laela Sturdy, Whatnot board member and managing partner at CapitalG.
Company description: ShopMy is an affiliate and influencer marketing platform that connects brands including Rhode, Gucci and Kallmeyer with content creators, offering tools for creator commerce and streamlining partnerships. The company has raised $70 million, bringing its valuation to $1.5 billion. Its revenue has grown 200 per cent in the past year, with sustained profitability since 2024.
Funding and round: $70 million, series B.
Investor(s): Avenir (portfolio includes: Merit Beauty, Sigma), Bain Capital Ventures, Bessemer Venture Partners, Menlo Ventures, Sofia Richie Grainge, Aimee Song, Gregg Renfrew, Revolve’s Raissa Gerona, AGM Ventures’s Alex Mondre, fashion photographer Jacopo Moschin.
Investor comments: “ShopMy has cracked the code on making creator commerce work for elevated brands without diluting their positioning,” said Avenir founder Andrew Sugrue. “When we evaluated the opportunity, the explosive growth was undeniable — they’ve created a complete solution that s taken off in 2025, representing a fundamentally better version of how commerce should work.”
Company description: Kering has entered an agreement with L’Oréal Group to offload its beauty business. The deal includes a 50-year exclusive licensing agreement for the creation, development and distribution of fragrance and beauty products for Bottega Veneta and Balenciaga, as well as Gucci, after the brand’s current license with Coty expires. Kering and L’Oréal are also joining forces to explore a longevity-focused business opportunity.
Funding and round: €4 billion, acquisition.
Investor(s): L’Oréal Group (portfolio includes: Kiehl’s, Lancôme, Aesop).
Investor comments: “I am delighted to forge this long-term strategic alliance with one of the world’s most prestigious, creative and visionary luxury groups. This partnership will further solidify our position as the world’s number one luxury beauty company and allow us to explore new avenues in wellness together,” said L’Oréal Group CEO Nicolas Hieronimus. “The addition of these extraordinary brands perfectly complements our existing portfolio and significantly expands our reach into new, dynamic segments of luxury beauty.”
Company description: Finnish smart ring maker Oura has raised $900 million, valuing the business at around $11 billion. It comes after the company announced that it’s sold more than 5.5 million Oura rings since launching a decade ago. The ring has benefited from consumers’ accelerated adoption of wearable health-tracking devices. Oura doubled its revenues from 2023 to 2024, reporting more than $500 million sales, and said it’s on track to double revenues again in 2025, crossing the $1 billion annual sales threshold.
Funding and round: $900 million, series E.
Investor(s): Fidelity (portfolio includes: Nvidia, Meta, Microsoft), Iconiq, Whale Rock and Atreides.
Company description: Unilever has sold LA-based prestige skincare brand Kate Somerville to Rare Beauty Brands, which Unilever acquired in 2015. The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approvals.
Funding and round: Acquisition, terms undisclosed.
Investor(s): Rare Beauty Brands (portfolio includes: Patchology, Dr Dana).
Investor comments: “We have long admired [Kate Somerville’s] innovative spirit and its commitment to results-driven skincare, which aligns perfectly with our mission to create products that delight, communities that empower, and brands that inspire,” said Chris Hobson, president and CEO of Rare Beauty Brands. “Together, we see a bright future ahead, with new opportunities to grow and reach even more consumers.”
Company description: BNTO is an AI-powered fashion retail platform that launched in September 2024. It offers a subscription-based service for those looking to either rent or buy new or pre-owned clothing at discounted rates. It closed a $15 million funding round in January, which it just announced publicly, coinciding with the launch of its AI styling agent, Maya.
Funding and round: $15 million, series A.
Investor(s): Notable Capital (portfolio includes: Quince, Red, Poshmark), Basis Set Ventures, NEA, and AI Fund.
Investor comments: “BNTO is building two potentially transformative AI systems: the first is a consumer-facing AI that personalises what people wear and how they access it. The second is a supply chain AI that manages the operational complexity of rental, retail and resale at scale — a new consumer model called ‘omniconsumption’,” said Hans Tung, managing partner at Notable Capital.
Company description: New York-based designer Willy Chavarria launched his eponymous brand in 2015, after working at fellow US labels Ralph Lauren and Calvin Klein. The minority investment from UAE-based Chalhoub Group isn’t Chavarria’s first capital injection: in 2024, the designer secured funding from FAE Fashion Ventures, the investment arm of entertainment company First Access Entertainment (FAE), which was not announced at the time. With this additional funding, the brand’s goals are to amp up its global retail presence with expansion into key markets, including Europe and Asia; launch new projects; and realise Chavarria’s long-term vision.
Funding and round: Minority investment, terms undisclosed.
Investor(s): Chalhoub Group (portfolio includes: Threads Styling, Christofle).
Investor comments: “Willy Chavarria is a designer who represents the evolving face of luxury – rooted in culture, identity and community,” Chalhoub Group’s chief investment officer Zahra Kassem-Lakha said in a statement. “Our partnership is grounded in a shared ambition to support brands with strong values and distinctive voices. We believe Willy’s creative vision and powerful storytelling are reshaping the fashion landscape globally.”
Company description: The Webster is a multi-brand retailer founded in Miami in 2008. It now has 13 locations across the US. Following the acquisition from Frasers Group, The Webster will continue to operate as a standalone business — managed by founder and CEO Laure Hériard Dubreuil, who will remain a shareholder — while Frasers will lend its expertise scaling luxury propositions.
Funding and round: Acquisition, terms undisclosed.
Investor(s): Frasers Group (portfolio includes: Flannels, Sports Direct, Mulberry).
Investor comments: “The luxury multi-brand landscape is currently under pressure and underinvested, creating opportunity for a proven, credible proposition like The Webster to further grow and scale,” said Frasers Group chief executive officer Michael Murray. “That’s where we come in, providing operational and digital expertise to nurture and scale this already iconic brand to fulfil its potential.”
Company description: Halfdays is an outdoor apparel and performance brand targeted at women, who often go overlooked in the outdoors industry. It was founded in 2020 by Olympian Kiley McKinnon, alongside Ariana Ferwerda and Karelle Golda, and is designed in Colorado, inspired by its mountain culture. Halfdays will use the latest funding round to grow its winter and skiwear, expand in categories such as activewear and everyday performance apparel, accelerate the wholesale channel and invest in bricks-and-mortar retail.
Funding and round: $10 million, series A.
Investor(s): Kellwood Company (portfolio includes: Parker, Briggs NY, Rebecca Taylor), DSG Ventures and model Taylor Hill.
Company description: Founded in 2009 by Laurence Newman and Andrew Showman, The Beauty Tech Group is best known for its at-home LED face masks and laser devices. The company is now poised for the next stage of growth after raising £106.5 million through its share sale as part of an initial public offering (IPO) on the London Stock Exchange, amounting to a market capitalisation of $400 million.
Funding and round: £106.5 million, IPO.
September 2025
Company description: Vylit is a startup that uses a discovery algorithm, AI-powered image generation and chat tools to allow creators to connect with fans and grow their communities while monetising content. Founded by former OnlyFans CEO Amrapali Gan and entrepreneur Kailey Magder, it helps to remove the need to accumulate a large following. The platform will launch publicly in December 2025.
Funding and round: $2.7 million, seed.
Investor(s): Windmill Chain Fund.
Company description: Founded by Phoebe Gates (Bill Gates’s daughter) and Sophia Gianni, Phia is an AI-driven shopping agent, which helps users research and track down the best price for a product across retailers, including secondhand platforms. The app and mobile browser extension launched in April 2025.
Funding and round: $8 million, seed.
Investor(s): Kleiner Perkins (portfolio includes: Amazon, Google, Snap), Hailey Bieber, Kris Jenner, Michael Rubin, Ebay Ventures.
Company description: Osea Malibu is a prestige bodycare brand founded in 1996 by Californian mother-daughter duo Jenefer and Melissa Palmer. The brand is known for its seaweed-infused products and holistic approach to wellness and skincare. The founders will retain a significant stake, allowing them to continue guiding Osea to further growth. Off the back of the investment, the company aims to expand its presence in key markets like the US, while breaking into additional regions via retail partnerships.
Funding and round: Minority investment, terms undisclosed.
Investor(s): General Atlantic (portfolio includes: Too Faced, Gymshark, Depop).
Investor comments: “At the intersection of clean, clinically proven skincare and holistic wellness, Osea has built strong momentum in prestige bodycare and established a reputation for integrity, efficacy and excellence. We look forward to supporting the team as they unlock the next phase of growth,” said Ben Sherman, principal at General Atlantic.
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Company description: Canadian makeup brand Nudestix was founded in 2014 by Jenny Frankel, a chemical engineer who has two decades of experience developing beauty products, and her daughters Taylor and Ally Frankel, who serve as chief brand officer and chief inspiration officer, respectively. Cruelty free and vegan, the brand is known for its multi-use cream makeup sticks, which can be applied for a natural finish. Nudestix will use the transaction as an opportunity to strengthen its distribution and improve its operational efficiencies while expanding internationally.
Funding and round: Acquisition, terms undisclosed.
Investor(s): Undisclosed, US-based private group.
Company description: Byoma is a Gen Z favourite skincare brand known for its formulations focused on skin barrier protection and colourful but sleek packaging. The brand was founded in 2022 by beauty entrepreneur Marc Elrick, who will continue to lead the company as CEO following the transaction. With efficiency and transparency remaining key to securing today’s discerning beauty shopper, Byoma’s inclusive and education-led approach made it a strong investment candidate.
Funding and round: Acquisition, terms undisclosed.
Investor(s): Bansk Group (portfolio includes: Amika, Eva NYC, Ethique).
Investor comments: “Byoma is redefining what skincare can be — backed by science, led by purpose and deeply connected to its community,” said Chris Kelly, senior partner at Bansk. “In what can often be a sterile and confusing category for consumers, Byoma stands apart by simplifying the skincare journey and delivering efficacious, prestige formulations at an accessible price point.”
August 2025
Company description: Sycamore Partners has taken over Walgreen Boots Alliance. As part of the deal, Sycamore will split British pharmacy and beauty retailer Boots and US-based pharmacy chain Walgreens, operating them as separate entities.
Funding and round: $10 billion, acquisition.
Investor(s): Sycamore Partners (portfolio includes: Staples, Hot Topic, Torrid)
Investor comments: “The Boots Group is a remarkable institution with deep roots in its communities around the world. We are excited that, as a healthy, successful standalone company with 17 consecutive quarters of like-for-like growth, The Boots Group will now be free to invest and grow more aggressively into the future,” said Stefan Kaluzny, managing director of Sycamore.
Company description: Paravel is a US-based luxury luggage brand known for its fashion-led designs. The company filed for bankruptcy in May and has now been acquired by British travel brand Antler, which also owns Australian luggage brand Nere, marking its ambition to build a global house of travel brands. Under Antler’s leadership, Paravel will relaunch in 2026, maintaining a separate brand identity.
Funding and round: Acquisition, terms undisclosed.
Investor(s): Antler (portfolio includes: Antler, Nere)
Investor comments: “This acquisition reinforces our ambition to become a leading global house of travel brands. With Antler, Nere, and Paravel under one roof, we now serve a diverse range of travel lifestyles and consumers internationally. Each brand offers its own unique voice, product range, and market appeal,” said Kirsty Glenne, managing director at Antler.
Company description: Debut is a biotech beauty company based in San Diego that offers a proprietary AI-based dataset for ingredients that target ageing. The platform allows Debut to predict and discover new ingredients that will enhance skin health innovation. The company will use the funding to advance its skin longevity innovation and scale its formulation business in the US and Asia.
Funding and round: $20 million
Investor(s): Fine Structure Ventures, EDBI, Wealthberry, BOLD (L Oréal’s venture fund), GS Futures, Sandbox Industries and Material Impact
Company description: Eight Sleep is a New York-based company that develops AI-powered “smart sleep” products that track sleep patterns. The company plans to use the investment to launch retail stores in 2026, boost its expansion in Asia, and develop a sleep agent that uses agentic AI large language models to interpret biometric data and adjust temperature, elevation and bedtime routines to optimise recovery.
Funding and round: $100 million, Series D
Investor(s): HSG, Valor Equity Partners, Founders Fund, Y Combinator, Charles Leclerc (Ferrari F1 driver), Zak Brown (CEO of McLaren F1)
Company description: Purvala Bioscience is a US-based biotech company that develops health and beauty ingredients inspired by naturally occurring molecules and elements like protein, lipids and peptides. In haircare, Purvala offers ingredients that incorporate biological building blocks to restore the natural structure of damaged hair. Pre-acquisition, the brand had an existing relationship with Olaplex, having transferred three of its patents to the US brand in 2023. The deal marks Olaplex’s first acquisition in its 11-year history.
Funding and round: Acquisition, terms undisclosed.
Investor(s): Olaplex.
Investor comments: “Since the very beginning, Olaplex was founded on the concept of innovation with groundbreaking bond technology that empowered stylists and their clients to achieve transformative results. What we’ve accomplished to date has already left such a meaningful impact on our industry, and we believe that with Purvala we have the potential to create the next generation of disruptive science-backed product innovation alongside our patent-protected bond-building technology,” said Olaplex CEO Amanda Baldwin.
Company description: LA fashion brand Guess has entered a partnership with US brand management firm Authentic Brands Group (ABG) to take the label private. ABG will acquire a 51 per cent stake in Guess, while rolling stockholders will own the remaining 49 per cent. The company will continue to be run by the brand’s current management team, with the transaction expected to close in the fourth quarter of Guess’s fiscal 2026 year, which falls in January.
Funding and round: 51 per cent acquisition, around $1.4 billion in cash.
Investor(s): Authentic Brands Group (portfolio includes: Reebok, Champion, Dockers).
Investor comments: “Guess is a powerhouse brand that has defined style and culture for over 40 years,” said Jamie Salter, founder and CEO of ABG. “We have tremendous respect for the [founding family] Marcianos and their team, who have built an innovative, heritage-rich brand with global reach and an established ecosystem of partners. We are excited to build on this legacy as Guess enters its next chapter within our platform.”
Company description: Hanesbrands is a US-based clothing company that owns brands specialising in underwear and basics, including Hanes, Playtex and Wonderbra. The acquisition — which is expected to close before the end of Q1 next year — will merge Hanesbrands and Canadian clothing manufacturer Gildan to “increase the scale” of their basic apparel business.
Funding and round: $2.2 billion, acquisition.
Investor(s): Gildan (portfolio includes: American Apparel, Gildan, Peds).
Investor comments: “With this transaction, our revenues will double and we will achieve a scale that distinctly sets us apart,” said Glenn Chamandy, president and CEO of Gildan. “The combination with Hanesbrands strengthens our positioning, while enhancing Gildan’s retail reach for its portfolio of brands. Also, our low-cost vertically integrated platform will be utilised to enhance efficiencies and drive additional innovation. We are excited for the next stage of growth and remain focused on supporting our customers and continuing to drive long-term shareholder value.”
Company description: Luxury jeweller Fabergé has been sold to Russian tech investor Sergei Mosunov via his US-base investment company, SMG Capital. Part of Fabergé’s heritage is rooted in the Russian Imperial Family, for which the maison crafted its ornate eggs prior to the revolution. Founded in 1842, it has been owned by gemstone miner Gemfields since 2013, when it was acquired for $142 million from private equity company Pallinghurst. The deal comes as Gemfields seeks to streamline its portfolio, to fund its mining and processing operations across Africa.
Funding and round: $50 million, acquisition.
Investor(s): SMG Capital.
Investor comments: “It is an honour for me to become the custodian of such an outstanding and globally recognised brand. Fabergé’s unique heritage, with ties to Russia, England, France and the US, opens significant opportunities for further strengthening its position in the global luxury market and expanding its international presence,” said Sergei Mosunov, CEO and owner of SMG Capital.
Company description: A skincare brand known for its peptide-infused anti-ageing products, OneSkin claims its signature OS-01 peptide can reverse the skin’s biological age by preventing senescent or “zombie” cells, which are alive but damaged. The brand was founded by four PhD scientists: Carolina Reis de Oliveira, Alessandra Zonari, Mariana Boroni and Juliana Carvalho. The company previously raised $7 million in series A funding in November 2024. This new strategic investment buys out a former investor, so it will not dilute any other shareholder equity.
Funding and round: $20 million, series A.
Investor(s): Prelude Growth Partners (portfolio includes: Sol de Janeiro, Summer Fridays, Banza).
Investor comments: “OneSkin’s cutting-edge science, novel proprietary technology, leadership in skin longevity and compelling brand are unique in the category,” said Alicia Sontag, co-founder and managing partner at Prelude Growth Partners. “We are proud to have the opportunity to partner with the team at OneSkin and support them in creating an iconic, powerhouse brand.”
Company description: Adanola is a Manchester-founded women’s activewear brand, launched in 2015 by Hyrum Cook. The brand has grown a cult following, worn by the likes of Kendall Jenner and Rosie Huntington-Whiteley, and stocked in various retailers including Selfridges. The investment, which values Adanola at approximately $530 million, will support the brand’s international expansion and its slowly growing retail presence, with long-term plans to open a standalone store.
Funding and round: Minority investment, terms undisclosed.
Investor(s): Story3 Capital Partners (portfolio includes: Perry Ellis, Saks, True Religion).
Investor comments: “Adanola has garnered uniquely strong and authentic relationships with consumers, and we believe the business is in the early stages of powerful global growth. We are honoured to serve as a trusted partner to Hyrum and [CEO] Niran [Chana] given our long track record of supporting founders and entrepreneurial executive teams,” said Peter Comisar, founder and managing partner of Story3, in a statement.
Company description: Dishoom is a UK-based restaurant group serving Bombay-inspired food with interiors inspired by the city s Irani cafés. The investment will support Dishoom’s international expansion plans, including the launch of its first US location in 2026 following a successful New York pop-up last summer. L Catterton’s investment highlights a growing interest in high-growth hospitality opportunities.
Funding and round: Minority investment, terms undisclosed.
Investor(s): L Catterton (portfolio includes: Ganni, Etro, Birkenstock).
Investor comments: “We are absolutely delighted to be partnering with Dishoom. What the team has created is a truly exceptional business by all measures — whether standout food, warm service, a unique and amazing culture, or enduring popularity with queues outside every one of its locations,” said L Catterton partner Miray Topay in a statement. “We look forward to leveraging our deep understanding of consumers and our experience in the restaurant industry to support Dishoom as they expand.”
July 2025
Company description: The Italian luxury company owns Zegna, Thom Browne and Tom Ford Fashion, and recorded €1.95 billion in revenue in 2024. It has agreed to sign over 14.1 million shares at $8.95 per share to Singaporean investment firm Temasek and will receive $126.4 million in cash once the purchase is completed. The deal is expected to close by 30 July 2025. Once the transaction closes, Temasek will own a total 10 per cent stake in Ermenegildo Zegna Group, following a prior acquisition of 12.7 million shares, and Nagi Hamiyeh, Temasek’s head of EMEA, will join the group’s board of directors in June 2026.
The group says it plans to use the cash injection to accelerate growth across its brand portfolio and into new markets (it highlighted Temasek’s expertise in the Asian market where its presence is currently “underdeveloped”).
Funding and round: $126.4 million in cash, amounting to a 10 per cent stake.
Investor(s): Temasek (portfolio includes: Amazon, Alibaba, Blackrock, Nvidia, Mastercard).
Investor comments: “Ermenegildo Zegna Group has successfully established itself in the high-end luxury segment and presents significant long-term value creation opportunities across each brand,” Hamiyeh said. “Our investment in them underscores our ongoing commitment to support leading European businesses with strong track records and global potential. We look forward to being a thoughtful, long-term partner to the Zegna family and management team, empowering them to execute on their growth strategy and supporting their vision to elevate their iconic brands and global footprint.”
Company description: Uni is a luxury bodycare brand founded by Australian LA-based tech entrepreneur Alexandra Keating. The brand is known for its clinical-grade formulations and buzzy partnerships, including with Soulcycle and Mr Chow restaurants. Uni will use the funding to expand internationally, including entering the US via a deal with retailer Ulta Beauty.
Funding and round: Minority investment, terms undisclosed.
Investor(s): Break Trail Ventures (portfolio includes: Fitlab, Guest House), Bold (L’Oréal’s corporate venture capital fund, portfolio includes: Ami Colé, Borntostandout), Milk founder Mazdack Rassi, model Adwoa Aboah.
Company description: Co-owned by influencer Chriselle Lim, Phlur is a fragrance brand known for its sensory fragrances and emotive marketing. Lim will continue in her role as creative director will retain a “meaningful” stake following the acquisition, as will beauty accelerator The Center, which has worked with Phlur since 2021.
Funding and round: Acquisition, terms undisclosed.
Investor(s): TSG Consumer (portfolio includes: Elf Cosmetics, IT Cosmetics, Smashbox Cosmetics).
Investor comments: “Today’s fragrance shopper is looking for more than scent — they’re seeking identity, emotion and discovery,” said Colin Welch, managing director and head of New York at TSG Consumer. “Phlur’s rapid growth and devoted customer base reflect its remarkable ability to meet that demand. Together, we will work to drive continued loyalty with existing consumers and introduce new fragrance lovers to the brand.”
Company description: Flexjet is the world’s second largest private jet company. The deal is the largest equity investment in the history of private aviation. Flexjet chair Kenn Ricci highlighted in a statement that the investment from private equity firm L Catterton, which is backed by LVMH’s Bernard Arnault, offers an opportunity to collaborate across areas like consumer insights and luxury product delivery.
Funding and round: $800 million, 20 per cent stake.
Investor(s): L Catterton (portfolio includes: Ganni, Etro, Birkenstock).
Investor comments: “Flexjet epitomises our category-first approach, and although it is celebrating its 30th anniversary this year, Flexjet’s history is one of never settling in pursuit of thoughtful innovation to best fulfil the desires of consumers within a unique and exciting marketplace,” said Scott Dahnke, global CEO of L Catterton, in a statement.
Company description: Tapestry has signed a $50 million three-year material supply agreement with Gen Phoenix, a recycled leather fibre material manufacturer. The partnership also involves an increased investment from Tapestry as part of Gen Phoenix’s $15 million investment round led by VC firm Material Impact. As a result, Tapestry’s equity stake in Gen Phoenix has increased to 9.9 per cent. This latest investment will allow Gen Phoenix to accelerate R&D, expand in new categories and markets and scale its UK production facility. Tapestry and Gen Phoenix have been working together since 2022.
Funding and round: $15 million.
Investor(s): Material Impact (portfolio includes: Infinite Cooling, Nanograf), Tapestry (portfolio includes: Coach, Kate Spade)
Investor comments: “Gen Phoenix’s platform enables circularity at scale — delivering high-quality materials that meet the style, performance, and impact expectations of today’s consumer,” said Scott Roe, Tapestry chief financial officer and chief operating officer. “As a global leader in quality leather goods, we see a significant opportunity to be a catalyst of next-generation materials that are consistent with our heritage of craftsmanship. This partnership reinforces our commitment to leading the fashion industry in sustainable innovation and ensuring a resilient, future-ready supply chain.”
Company description: Molli is a heritage knitwear brand founded in 1886. Based in Paris, the brand is known for its craftsmanship, collaborating with suppliers in France and Italy. This marks the first-ever funding round for Molli since it was taken over and relaunched by current CEO Charlotte de Fayet in 2014. The investment will be used to support the brand’s development and promote its heritage in knitwear, according to the company.
Funding and round: Minority stake, terms undisclosed.
Investor(s): LVMH Luxury Ventures (portfolio includes: Our Legacy, Lyst, Aimé Leon Dore)
Investor comments: “Molli is ideally positioned to become a lasting reference in the luxury sector, with its signature silhouette, its legacy craftmanship and its high-end workshop partners in France and Italy. Through this partnership, symbolising a solid mutual trust, we are proud to support Molli in this new phase of growth and international expansion, while preserving its singularity and the values that drive its strength and relevance,” said Julie Bercovy, CEO of LVMH Luxury Ventures Advisors.
Company description: British beauty retailer Space NK stocks Rare Beauty, Glossier, Aesop and more, offering a range of cult products alongside emerging brands. Ulta Beauty acquired Space NK — which opened as a standalone store in London in 1993 — from beauty sector specialist investor Manzanita Capital. The deal marks the end of a 23-year chapter with the London investment firm, as well as Ulta’s expansion into the UK market. Space NK plans to open five more stores this year across the region.
Funding and round: Acquisition, terms undisclosed.
Investor(s): Ulta Beauty.
Investor comments: “We are excited to enter the UK market via the Space NK banner,” said Kecia Steelman, president and CEO of Ulta Beauty, in a statement. “International expansion is an integral part of our Ulta Beauty Unleashed Plan, and the acquisition of Space NK offers a unique and strategically compelling opportunity to enter the growing UK market with a successful and established brand.”
Company description: California-based Swatchbook is a cloud-based platform with a wide database of fabrics and materials, which allows brands to source from suppliers and visualise products digitally. The company has been acquired by CLO, a 3D fashion design software company that delivers virtual garment visualisation from design and manufacturing to marketing and styling. The two businesses have held a technical partnership since 2017.
Funding and round: Acquisition, terms undisclosed.
Investor(s): CLO Virtual Fashion.
Investor comments: “Our shared vision to accelerate 3D implementation in the fashion industry makes this union particularly powerful. We look forward to leveraging unique opportunities, including our AI efforts in fabric technology, to better serve our users and clients in the industry,” said Simon Kim, CEO of CLO Virtual Fashion.
Company description: Facegym is a facial fitness and skincare brand that offers facial workouts accompanied by tools and products that help to sculpt and tone the face. The partnership with Indian conglomerate Reliance will allow Facegym to expand in the region (which it identified as a major growth market), with the former leading local operations and development. Facegym plans to use the investment to open 25 locations in India, along with additional studios in London, Manchester, New York and LA, and further expansion in Europe.
Funding and round: Minority investment, terms undisclosed.
Investor(s): Reliance Retail Ventures (portfolio includes: Hamleys, Campa Cola).
Investor comments: “Facegym sits at the unique intersection of beauty, wellness and fitness, creating a category of its own. This aligns perfectly with the discerning beauty consumer in India who is experience oriented and increasingly drawn to science-backed, innovative concepts,” said Bhakti Modi, co-founder and CEO of Reliance Retail’s omnichannel beauty platform Tira.
June 2025
Company description: Color Wow is a cult haircare brand founded in 2013 by Gail Federici, who is best known for co-founding John Frieda. The brand made a name for itself through its viral Dream Coat anti-frizz treatment. Once acquired by L’Oréal, it will join the group’s professional products portfolio.
Funding and round: Acquisition, terms undisclosed.
Investor(s): L’Oréal Group (portfolio includes: Kérastase, Redken, Aesop).
Investor comments: “We are delighted to welcome Color Wow to the L’Oréal family. As a premium haircare brand, with high levels of proven efficacy at an accessible price point, this acquisition will give us an increased foothold in haircare and in the styling category. Convinced of its strong potential, our ambition is to make Color Wow a powerful brand worldwide,” said Omar Hajeri, president of L’Oréal’s professional products division.
Staud
Company description: Staud is an LA-based fashion brand founded in 2015 by Sarah Staudinger and George Augusto. The brand is known for its quirky handbags at accessible price points, and also offers ready-to-wear, footwear and accessories.
Funding and round: Minority investment, terms undisclosed.
Investor(s): A consortium of multibillion-dollar family offices.
Company description: Dr Squatch is a men’s grooming brand known for its natural soaps and body washes, deodorants, haircare and skin products. The brand has grown thanks to its buzzy collabs, social-first marketing and partnerships with influencers and celebrities (the brand recently went viral for developing a limited-edition soap with Sydney Sweeney, containing her actual bath water). Unilever has acquired the brand from equity firm Summit Partners and the deal is expected to close later this year, subject to regulatory approvals.
Funding and round: Acquisition, terms undisclosed.
Investor(s): Unilever (portfolio includes: Axe, Dove, Dermalogica).
Investor comments: “Dr Squatch has built a solid foundation and loyal following with highly desirable products and clever digital engagement strategies. Building on its success in the US, we are excited to scale the brand internationally and complement our offering in the fast-growing men’s personal care segment,” said Fabian Garcia, president of Unilever’s personal care division.
Company description: Founded in 2016 by California-born sisters Margaret and Katherine Kleveland, Dôen has established itself as a fashion-favourite lifestyle brand, known for its floral print dresses and billowy blouses. The brand has scaled fast to a $100 million-plus revenue business, with 40 per cent year-on-year growth in e-commerce and wholesale bookings up 110 per cent year-to-date, according to the company. Previously, Dôen had raised $1 million in pre-seed funding.
Funding and round: Undisclosed, series A.
Investor(s): Silas Capital (portfolio includes: Makeup by Mario, Vacation, Ilia Beauty, Sakara Life).
Investor comments: “Dôen is truly an exceptional brand — seamlessly blending its timeless appeal with product that offers both sophistication and practicality,” said Brian Thorne, partner at Silas Capital. “We see tremendous potential to help grow their deeply loyal community by amplifying e-commerce momentum and further scaling the highly productive retail footprint. We are thrilled to partner with Margaret and Katherine at such a pivotal moment in their journey.”
Company description: Alta is an AI personal styling and shopping app founded by Jenny Wang that bases its recommendations on a user’s closet, lifestyle and budget along with the occasion they’re dressing for and the weather. Users can try recommended outfits on their virtual avatars and mix and match shoppable items with those they already own. Its proprietary generative AI model is trained in-house on fashion data.
Funding and round: $11 million, seed.
Investor(s): Menlo Ventures (portfolio includes: Warby Parker, Uber, Poshmark), Aglaé Ventures (an investment firm backed by the Arnault family), Doordash CEO Tony Xu, model Karlie Kloss, model Jasmine Tookes, stylist Meredith Koop, MSCHF founder and CEO Gabriel Whaley, Rent the Runway co-founder Jenny Fleiss, and Poshmark founder and CEO Manish Chandra.
Investor comments: “For years, personalised styling was a luxury reserved for the rarest occasions. Alta is breaking that mould with AI models that can decode fashion and understand personal taste at scale. We were looking to work with a founder who could bridge deep technical expertise with an intuitive grasp on fashion and consumer behaviour. Jenny Wang is exactly that. We’re thrilled to back her and join Alta’s journey to reimagine how people shop and dress,” said Amy Wu Martin, partner at Menlo Ventures.
Company description: Try Your Best (TYB) is a digital rewards platform founded in 2022 by Ty Haney. The mobile pay-to-earn platform allows consumers to build status through “challenges”, like mini games from over 200 brands, including Rare Beauty and Glossier, collecting coins that can be used as loyalty rewards for discounts on products or exclusive access to drops. The idea is that the gamified experience will increase community engagement and loyalty. According to TYB, members on the rewards platform purchase 43 per cent more products than non-members. The company will use the investment to onboard more brands and fans.
Funding and round: $11 million, series A.
Investor(s): Offline Ventures (portfolio includes: Smashing, Bloom, Merkle Manufactory), Strobe Ventures (portfolio includes: Ledger, Chronicle, Vlayer), Coinbase Ventures, Castle Island Ventures and Unusual Ventures.
Investor comments: “The future of brand isn’t broadcast, it’s belonging,” said Dave Morin, co-founder and managing partner at Offline Ventures. “TYB is turning customers into community, and transactions into trust. In a world where attention is fleeting, participation is the new loyalty. Ty and her team are building the infrastructure for a new kind of commerce, one powered by meaning, not just marketing.”
Company description: Healf is a UK-based online retailer selling premium wellness products such as supplements, protein powders and superfoods, alongside publishing blog posts on wellness topics like managing your blood sugar levels and how to make the most of red light therapy. It was founded in 2020 by brothers Lestat McCree and Max Clarke.
Funding and round: Minority investment, terms undisclosed.
Investor(s): Iris Ventures (portfolio includes: Superlativa, Olistic, Apricity).
Investor comments: “With smart retail curation, personalised tech and habit-forming products, wellness is no longer an add-on — it’s seamlessly woven into everyday life. We’re seeing a powerful shift from reactive fixes to proactive strategies. Max and Lestat recognised this early on and have rapidly built an exceptional business. We’re proud to partner with them and to help shape the future of well-being together,” said Montse Suarez, founder and managing partner of Iris Ventures.
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Company description: Lenti is an Italian eyewear manufacturer headquartered in Bergamo, which specialises in moulding and lens surface treatments for eyewear, visors and components across the automotive and motorcycle industries. The supplier employs around 100 people. The acquisition comes as Kering Eyewear bulks out its industrial development to establish more in-house capabilities.
Funding and round: Acquisition, terms undisclosed.
Investor(s): Kering Eyewear (brand portfolio includes: Gucci, Cartier, Saint Laurent; manufacturer portfolio includes: UNT, Mistral, Visard).
Investor comments: “We have appreciated the excellence of Lenti’s products for many years, and we are very proud to see it now joining Kering Eyewear, providing an additional area of expertise to our platform of best-in-class manufacturing skills, facilities, and, more than anything else, talents,” said Roberto Vedovotto, founder and CEO of Kering Eyewear.
Company description: Medik8 is a British dermatological skincare brand known for its science-driven formulations. Founded in 2009 by Elliot Isaacs, the brand is known for its popular Crystal Retinal line, of which is manufactured entirely in-house. Medik8 last reported pre-tax profits of £15.6 million in the year ended September 2023, per filings with UK Companies House.
Funding and round: Majority acquisition, terms undisclosed.
Investor(s): L’Oréal (portfolio includes: La Roche-Posay, SkinCeuticals, Kiehl’s, Cerave).
Investor comments: “We are delighted to welcome Medik8 to the L’Oréal family. As a premium skincare range, with high levels of proven efficacy at an accessible price point, Medik8 perfectly complements our existing skincare portfolio,” said Cyril Chapuy, president of L’Oréal Luxe, in a statement. “We share a strong belief in Medik8’s global potential and are excited to embark on this journey together, to build a powerful and impactful brand presence worldwide.”
Company description: Rino Mastrotto is an Italian leather supplier that produces for the luxury, automotive and interior design sectors. Prada Group has acquired a 10 per cent stake in the company, and as part of the deal will transfer 100 per cent ownership of two of its leather tanneries, Concerta Superior and Tannerie Limoges, to the group. The transaction is expected to close between the end of Q2 and Q3 this year.
Funding and round: 10 per cent stake purchased in cash, other terms undisclosed.
Investor(s): Prada Group (brand portfolio includes: Prada, Miu Miu, Versace; manufacturer portfolio includes: Superior, Luigi Fedeli e Figlio, Filati Biagioli Modesto).
Investor comments: “Investing in Rino Mastrotto allows our group to strengthen its control over a highly strategic phase of the production process. Our groups share a passion for quality, innovation and sustainability; we are proud to foster synergies and promote consolidation along the value creation chain and ‘Made in Italy’,” said Prada Group chair Patrizio Bertelli.
May 2025
Company description: Founded by Hailey Bieber in 2022, Rhode has scaled quickly, reaching $212 million in sales in the year ended 31 March 2025, according to the company, and more than doubling its consumer base over the past year. The brand has scaled primarily direct-to-consumer, but announced plans last week to launch in Sephora before the end of this year. Boosted by Bieber’s influence, the brand has set trends such as the “strawberry girl” aesthetic and the glazed donut dewy look, and is known for its skincare-infused products such as the Peptide Lip Treatment as well as its viral phone case that holds a Rhode lip treatment. Following the acquisition, Bieber will continue as founder and step into an expanded role as chief creative officer and head of innovation.
Funding and round: $1 billion, acquisition.
Investor(s): Elf Beauty (portfolio includes: Elf, Naturium).
Investor comments: “Elf Beauty found a like-minded disruptor in Rhode,” said e.l.f. Chairman and CEO Tarang Amin. “Rhode further diversifies our portfolio with a fast-growing brand that makes the best of prestige accessible. We are excited by Rhode s ability to break beauty barriers, fully aligning with Elf Beauty’s vision to create a different kind of company. Rhode is a beautiful brand that we believe is ready for rocketship growth.”
Company description: Jupiter is a premium scalpcare brand known for its focus on dandruff treatment. The brand was founded by Robbie Salter, Ross Goodhart and Alexa Adler in 2020 and is stocked at Bergdorf Goodman and Target, as well as various dermatology clinics.
Funding and round: Minority stake, terms undisclosed.
Investor(s): True Beauty Ventures (portfolio includes: K18 Hair, Crown Affair, Maude), Melitas Ventures, Willow Growth Partners, Springdale and Swat Equity Partners.
Company description: Veminsyn is a Chinese biotech startup founded in 2021 by four doctoral students — Yaran Zhao, Jiayue Chen, Yufan Li and Xiaomei Lin — at Peking and Tsinghua University in Beijing. The startup uses AI to create bio-active skincare ingredients that can be used to tackle ageing. Veminsyn will use the investment to develop bioactive ingredients, scale production and invest in low-carbon biomanufacturing technologies to generate cosmetic raw materials.
Funding and round: $13.8 million, series B.
Investor(s): Shanghai Meicifang Investment (L’Oréal’s China fund), Bold (L’Oréal’s corporate venture fund) and Nice Group (Chinese cleaning and personal care product manufacturer).
Investor comments: “Veminsyn impressed us with their unique biotech capabilities, which we believe will be instrumental in developing new sustainable ingredients. We’re confident that leveraging the dynamism of the Chinese startup ecosystem will enable us to achieve this with unprecedented speed and efficiency,” said Vincent Boinay, president of L’Oréal North Asia Zone and CEO of L’Oréal China.
Company description: Cambridge-based startup Sparxell develops plant-based colourant technology. By transforming cellulose from materials such as wood pulp and agricultural waste into vibrant biodegradable pigments, Sparxell allows brands to dye fabrics without using fossil-based or synthetic chemicals. The company joined LVMH’s La Maison des Startups accelerator programme in 2023 and has since worked with brands including Louis Vuitton, Dior and Loewe, and is now approaching its first million in sales. Sparxell is planning further expansion of its facilities, with the aim of doubling production capacity.
Funding and round: €1.9 million grant.
Investor(s): European Innovation Council (portfolio includes: Lili.AI, Tilkal).
Company description: Little is known about tech hardware startup Io, but it was founded by Jony Ive, an Apple designer who was one of the first architects of the iPhone. OpenAI has not released any hardware products yet, but this acquisition points in that direction. The partnership has been two years in the making, according to a blog post from OpenAI, and is the ChatGPT maker’s biggest known acquisition to date. Ive himself will not join OpenAI, but Io will merge with the company to work “more intimately with the research, engineering and product teams”, according to the blog post.
Funding and round: $6.4 billion, acquisition.
Investor(s): OpenAI (portfolio includes: ChatGPT).
Investor comments: “AI is an incredible technology, but great tools require work at the intersection of technology, design and understanding people and the world. No one can do this like Jony and his team; the amount of care they put into every aspect of the process is extraordinary,” said Sam Altman, co-founder and CEO of OpenAI. “What it means to use technology can change in a profound way. I hope we can bring some of the delight, wonder and creative spirit that I first felt using an Apple computer 30 years ago.”
Company description: Dockers is an American brand known for its casual and comfortable clothing. The brand was created by Levi’s in 1986 to offer an alternative to denim. Some of Dockers’s most popular products are chinos and khakis.
Funding and round: $311 million, acquisition.
Investor(s): Authentic Brands Group (portfolio includes: Reebok, Champion, Juicy Couture, Ted Baker).
Investor comments: “Dockers is a natural fit for the Authentic model,” said Jamie Salter, founder, chair and CEO of Authentic Brands Group. “It’s a brand with deep roots, high awareness and a solid foundation in licensing — all things we look for when acquiring brands. Dockers played a key role in shaping casual workwear as we know it today and we see significant potential to build on that legacy and grow the brand across a variety of categories.”
Company description: Foot Locker is a global footwear and sports apparel retailer, which is best known for its sneaker offering. The company has 2,400 stores across 20 countries in North America, Europe, Asia, Australia and New Zealand, along with licenced stores in Europe, the Middle East and Asia. Its portfolio of brands includes Foot Locker, Kids Foot Locker, Champs Sports, WSS and Atmos. In 2024, net sales were at $8 billion, according to a statement, though its weak stock price made it a takeover target. Through the acquisition, Dick’s Sporting Goods aims to gain a competitive advantage in the Nike sneaker market.
Funding and round: $2.4 billion, acquisition.
Investor(s): Dick’s Sporting Goods.
Investor comments: “We have long admired the cultural significance and brand equity that Foot Locker and its dedicated Stripers [ambassadors] have built within the communities they serve,” said Ed Stack, executive chair of Dick’s Sporting Goods. “We believe there is a meaningful opportunity for growth ahead. By applying our operational expertise to this iconic business, we see a clear path to further unlocking growth and enhancing Foot Locker’s position in the industry. Together, we will leverage the complementary strengths of both organisations to better serve the broad and evolving needs of global sports retail consumers.”
Company description: Touchland is a buzzy, fast-growing hygiene brand that offers fragrance mists and hand sanitisers known for their colourful packaging and skincare-infused formulations. In the year ended 31 March 2025, sales were around $130 million, according to the brand.
Funding and round: $700 million, acquisition.
Investor(s): Church Dwight (portfolio includes: Arm Hammer, Trojan).
Investor comments: “Touchland has built a loyal consumer base through its differentiated consumer proposition and is driving growth in the hand sanitiser category. The brand skews towards younger consumers and already has a high level of brand loyalty and repeat purchases in line with category leaders,” said Rick Dierker, CEO of Church Dwight.
Company description: Terminal 9 is a Paris-based production company, which was founded in 2013 by Claude Lacaze. The company is known for producing a series of behind-the-scenes documentaries with luxury brands, such as Dior (on Inside the Dream, pinned to the creation of its J’adore fragrance), Bvlgari (documenting the development of jewellery creative director Lucia Silvestri’s high jewellery collections) and Mugler (following former creative director Casey Cadwallader from concept to catwalk).
Funding and round: Acquisition, terms undisclosed.
Investor(s): The Independents (portfolio includes: Karla Otto, Lefty, Lucien Pagès Communication).
Company description: Blank Beauty is a beauty-tech company based in the US, which offers on-demand beauty customisation using artificial intelligence and robotics — for instance, custom shades or formulations for nail polish. The series A raise brings the company’s total funding to over $12 million.
Funding and round: $6 million, series A.
Investor(s): Evolution VC Partners (portfolio includes: Beyond Meat, Masterclass, Sandbox), Kirker Enterprises, Epson.
Company description: Wonderskin is a beauty brand that is best known for its peel-off lip stain, after the product went viral on TikTok. The brand says it will use the investment to accelerate retail expansion and product innovation.
Funding and round: $50 million, series A.
Investor(s): Insight Partners (portfolio includes: Shopify, Quince, Prose).
Investor comments: “We believe Wonderskin is reshaping the beauty landscape with patented innovation, bold product design and a deep connection to today’s consumer,” said Rebecca Liu-Doyle, managing director of Insight Partners. “Their ability to fuse science, creativity and cultural relevance is rare — and we’re excited to support them as they build the next iconic beauty brand.”
Company description: VitroLabs is a laboratory-grown leather startup, which received investment from Kering in 2022 as part of a $46 million series A fundraise — though it struggled to reach commercial scale. The company has now been acquired by rival lab-grown leather startup Faircraft, which raised €15.8 million in series A funding in December 2024. Faircraft’s plan is to access Vitrolabs’s research and development in order to commercialise its product. As part of the deal, Vitrolabs will cease operations.
Funding and round: Acquisition, undisclosed.
Investor(s): Faircraft.
Investor comments: “This acquisition represents a real strategic turning point for us: we are now the leader in the production of high-quality In Vitro leather,” said Faircraft co-founder and CEO Haïkel Balti. “Our objective is clear: to make In Vitro leather a mark of prestige for the world’s leading fashion houses.”
April 2025
Company description: Founded by beauty expert, author and qualified aesthetician Caroline Hirons in 2022, Skin Rocks is a skincare brand known for its science-backed formulas and vibrant packaging. The brand will use the latest funding round to invest in product innovation and expand internationally.
Funding and round: Series A, terms undisclosed.
Investor(s): Redrice Ventures (portfolio includes: By Rotation, Luna), JamJar (portfolio includes: Deliveroo, Oatly), Saffie Investments.
Investor comments: “We’re huge fans of Skin Rocks — an expert-driven brand on a mission to demystify beauty and make skincare make sense. With its formula-first approach and high-quality products, it’s clear why the brand has such a strong following,” said JamJar investor Emily Bullman.
Company description: Eeden is a German textile-to-textile recycling startup based in Münster. The series A fundraise will be used to commercialise its recycling process, with plans to go live next year.
Funding and round: €18 million, series A.
Investor(s): Forbion Bioeconomy Fund (portfolio includes: Novameat, Solasta Bio), Henkel Ventures, NRW.Venture.
Investor comments: “Eeden has developed a pioneering solution that can make large-scale textile recycling not only technologically feasible, but also commercially viable in the near future. We see tremendous potential in their approach and are excited to support the team as they bring this breakthrough technology to industrial scale,” said Alex Hoffmann, general partner at Forbion.
Company description: Kult is an Indian beauty-tech startup that uses AI to offer tailored skincare solutions via a visual catalogue of products suited to a diverse range of Indian skin tones. The company plans to use the funding to scale its growth, onboarding more products to the platform and expanding its team.
Funding and round: $20 million, series A.
Investor(s): M3M Family Office, Venture Catalysts.
Company description: Skin Sapiens was founded in 2018 by James Jardella and is known for its gentle skincare products that are formulated for sensitive skin.
Funding and round: Acquisition, terms undisclosed.
Investor(s): Beautypro (portfolio includes: Wildtree Skincare).
Company description: Resale company Trove has acquired German resale platform Reverse.supply, which was founded in 2020 by Janis Kunkler and Max Grosse Lutermann. Reverse.supply works with European brand partners including Bergzeit, Decathlon, Armedangels, Hessnatur and 10Days. Its clients will gain access to Trove’s full suite of technologies following the acquisition; and will aid Trove’s international platform rollout.
Funding and round: Undisclosed terms, acquisition.
Investor(s): Trove (portfolio includes: Recurate)
Investor comments: “The acquisition comes at a strategic time as changing European legislation around producer responsibility and right-to-repair creates urgency for brands to establish effective resale, repair and recycling programmes,” said Terry Boyle, CEO of Trove. “By establishing our European headquarters in Berlin with a team that’s been operating in resale for nearly five years, we’re positioned to serve European and global brands seamlessly across regions and provide them with the full capabilities they need to launch and scale successful resale programmes.”
Company description: Founded in 1978 by Gianni Versace, the Italian brand is known for its bold and glamorous designs. Following Gianni’s death in 1997, his sister Donatella Versace took over at the helm. In 2018, the company was acquired by Michael Kors, which became Capri Holdings. Following a failed merger plan with Coach-owner Tapestry, Capri has been looking to sell off Versace. Versace joins Prada with a new chief creative officer, too — Dario Vitale, who joined from Prada-owned Miu Miu to take over from Donatella.
Funding and round: €1.25 billion, acquisition
Investor(s): Prada Group (portfolio includes: Prada, Miu Miu, Church’s, Car Shoe, Marchesi 1824, Luna Rossa)
Investor comments: “We aim to continue Versace’s legacy celebrating and re-interpreting its bold and timeless aesthetic; at the same time, we will provide it with a strong platform, reinforced by years of ongoing investments and rooted in longstanding relationships. Our organisation is ready and well positioned to write a new page in Versace’s history, drawing on the Group’s values while continuing to execute with confidence and rigorous focus,” said Prada Group chairman and executive director Patrizio Bertelli.
Company description: Lyst is a fashion shopping platform that allows customers to search for items from a selection of over 27,000 brands and stores. The discovery tool is powered by AI. The platform is known for its Lyst Index, which ranks the hottest brands and products each quarter. The acquisition is expected to close by the end of April 2025. Following the acquisition, Lyst will continue to operate as a standalone business in London, with CEO Emma McFerran maintaining her position.
Funding and round: $154 million, acquisition.
Investor(s): Japanese e-commerce platform Zozo (portfolio includes: Zozotown, Zozomat, Zozoglass, Zozofit)
Investor comments: “Lyst has built an exceptional platform that aligns perfectly with our vision of creating more inspiring, joyful shopping experiences. Lyst’s industry credibility and unique brand voice, coupled with market-leading technology and scale, means they are uniquely positioned to redefine the space. Together, we will transform the future of fashion shopping online, as part of our ambition to ‘Inspire the world. Deliver joy every day’,” said Zozo executive director Utahiro Inui.
Company description: Blng AI applies generative AI to jewellery design, transforming jewellery sketches into photorealistic designs and streamlining the prototyping process. The startup will use the funding to scale its teams in Europe and the US and expand its commercial capabilities.
Funding and round: $3 million, seed.
Investor(s): Speedinvest (portfolio includes: Wefox, Bitpanda, Curve), Cove Fund, eSeed, Focal.
Investor comments: “We fell in love with BLNG when they showcased their solution with infectious passion combined with a pipeline of the top tier luxury brands. Operating in the luxury and jewellery industry requires highest quality, innovation and trust — three components the founders executed extremely well on,” said Max Wilhelm, investor at Speedinvest.
Company description: True Classic is a direct-to-consumer menswear brand known for its essentials. The brand, which was founded in 2019, is best known for its fitted T-shirts.
Funding and round: Minority investment, terms undisclosed.
Investor(s): 1686 Partners (portfolio includes: Ahlem, MSCHF)
Company description: Fairly Made is an SaaS platform that helps brands trace their supply chains and assess their environmental impact. The company has worked with LVMH, Balmain and SMCP. The funding will be used to accelerate Fairly Made’s international expansion.
Funding and round: €15 million, Series B.
Investor(s): BNP Paribas Solar Impulse Venture Fund (portfolio includes: Phenix, NatureMetrics), GET Fund, ETF Partners and Frenchfounders.
Investor comments: “What used to be a simple advantage is now a necessity: ensuring supply chain visibility is a crucial first step in adopting sustainable practices,” said Laura Wirsztel, partner at the BNP Paribas Solar Impulse Venture Fund.
Company description: Markmi uses AI to help fashion retailers with their markdown strategy, using data to give pricing recommendations with the aim of improving margins during markdown periods. The startup is planning to develop a fully AI-powered pricing platform for fashion retailers, expanding into areas like full-price optimisation and promo management.
Funding and round: €1.1 million, seed
Investor(s): Luc Van Mol, the Torfs family, Lorenz Bogaert, Matthias Geeroms, Jan Teerlinck, Roeland Delrue, Jonas Deprez, and PMV.
Company description: Wild is a UK-based brand known for its natural deodorants, which come in refillable, plastic-free packaging. It also offers lip balms, bodywashes and handwashes.
Funding and round: Acquisition, terms undisclosed.
Investor(s): Unilever (portfolio includes: Dove, Dermalogica, Paula’s Choice).
Investor comments: “The brand’s innovative approach to formulations and packaging, and social-first marketing, has made Wild an unmissably superior brand, as well as a perfect complement to our personal care portfolio,” said Fabian Garcia, president of personal care at Unilever.
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March 2025
Company description: Yepoda is a K-beauty brand known for its innovative, clean formulations. The company, which was founded in 2020, made over €65 million in revenue in 2024. The funding will be used to accelerate the brand’s Europe-wide rollout at Sephora, while supporting its launch in the US.
Funding and round: Series B, terms undisclosed.
Investor(s): Verlinvest (portfolio includes: Oatly, Vita Coco, Tony’s Chocolonely), V3 Ventures and Jamjar Investments.
Investor comments: “Leading K-Beauty pioneer Yepoda is the first graduate from our venture fund, V3 Ventures, into the main Verlinvest vehicle. We are excited to continue partnering with co-founders Sander [Dyun-Jang] and Veronika [Strotmann] in bringing their natural, efficacious, fun and sustainable approach to K-beauty to a mainstream and Gen Z audience. We believe Yepoda will continue to lead this trend in Europe, particularly with the rollout into Sephora, and will invest in expanding beyond Europe, to position the brand for long-term success on a global basis,” said Ben Black, executive director at Verlinvest.
Company description: Founded by makeup artist and product developer Tisha Thompson, LYS Beauty is known for its clean product formulations and inclusive shade range. It was the first Black-owned clean beauty brand at Sephora.
Funding and round: Series A, terms undisclosed.
Investor(s): Encore Consumer Capital (portfolio includes: Supergoop, Tarte).
Investor comments: “LYS’s product is truly innovative, its marketing strategies are on point, and the white space ahead is tremendous. We choose our partners carefully and believe that Lys has every bit as much potential as two other transformational beauty brands that Encore has been privileged to partner with, Tarte and Supergoop,” said Encore Consumer Capital director Jamie Schwartz.
Company description: Covision Media uses AI and 3D scanning technology to create digital twins of products that can be scanned and integrated into brands’ e-commerce sites for virtual try-on. The platform has previously worked with Gucci, Adidas and Inditex.
Funding and round: €5 million, seed.
Investor(s): CDP Venture Capital’s (portfolio includes: Italie, Nexus, Vino.com) Artificial Intelligence Fund, Redstone VC, Euregio+ and The Techshop.
Investor comments: “Covision is transforming how visual content is created and utilised across multiple industries. This is by far the best technology globally we have seen. We are thrilled to support their journey as they strive to develop more groundbreaking tools and products,” said Michael Brehm, founding partner at Redstone VC.
Company description: Arcade is a generative AI marketplace that allows shoppers to input text prompts or image references and receive an AI-generated design that can be customised, then manufactured into a physical product the customer can buy. Initially launching with jewellery, Arcade released home goods after announcing the fundraise.
Funding and round: $25 million, series A.
Investor(s): Canaan Partners (portfolio includes: The RealReal, Match.com), Forerunner Ventures (portfolio includes: Glossier, Curology, Oura), Adverb Ventures, Factorial Funds, and current investors including Reid Hoffman, Offline Ventures, Sound Ventures (Ashton Kutcher), Inspired Capital and Torch Capital.
Investor comments: “Today, every category is up for reimagination, with AI fundamentally reshaping consumer product experiences and business models. One immediate and profound opportunity is to truly deliver on personalisation for consumers, proactively surfacing the best possible options tailored to someone’s unique taste, budget and intent,” said Kirsten Green, founder and managing partner at Forerunner Ventures. “Arcade is delivering on the premise and taking it one step further by enabling the consumer to participate in the creative process through a dynamic co-creation experience that provides entirely customisable end products.”
Company description: Pickle is a US-based peer-to-peer fashion rental app. The startup will use the funding to scale its same-day and on-demand offering, enhance product and community experiences and expand its team across marketing, engineering and logistics.
Funding and round: $12 million, series A.
Investor(s): FirstMark (portfolio includes: Discord, Upwork, Airbnb), Craft Ventures (portfolio includes: Airbnb, Uber, Meta), Burst Capital and FJ Labs.
Investor comments: “At FirstMark, we rarely double down this early, but Pickle is proving to be one of those rare marketplaces where virality, organic growth and deep consumer love are creating extraordinary network effects — it reminds us of the early days of Instagram when a community-first approach and simple-yet-sticky product drove explosive engagement. The retention, engagement and community-driven expansion we’ve seen are signals of a truly category-defining business,” said Rick Heitzmann, co-founder and partner at FirstMark.
Company description: Purple Style Labs is an Indian luxury fashion company founded in 2015 that aims to scale local brands internationally. The group owns minimalist resortwear brand Wendell Rodricks, luxury label Hemant Trevedi (founded by the eponymous Indian designer), multi-brand e-commerce platform Pernia’s Pop-Up Shop and First Look magazine.
Funding and round: $40 million, series E.
Investor(s): Sage One (portfolio includes: Aditya Birla, REC Jindal Stainless), Alchemy Long Term Ventures Fund, Bajaj Holdings Investment, Minerva Ventures Fund.
Company description: Circ is a US-based textile-to-textile recycling startup, which has worked with Zara, Mara Hoffman, Christian Siriano and more. The funding will allow Circ to launch its first industrial-scale, blended textile recycling plant.
Funding and round: $25 million.
Investor(s): Taranis (portfolio includes: Cool Planet Technologies, Econic Technologies), Inditex, Avery Dennison.
Investor comments: “Circ has developed and demonstrated a breakthrough solution for circularity in fashion, and we believe our industrial expertise can help take it to the next level. Our goal is to support scalable, pragmatic technologies that reduce waste and emissions. Circ’s vision aligns perfectly with that mission, and we’re excited to support Circ in its journey towards a more circular and responsible fashion industry,” said Emmanuel Colombel, CEO of Taranis.
Company description: Leo France is a Florence-based manufacturer that produces costume jewellery among other metal accessories.
Funding and round: 20 per cent stake, terms undisclosed.
Investor(s): Chanel.
Company description: Founded in 2021 by influencer Diipa Büller-Khosla and her husband Oleg Büller-Khosla, Indē Wild is a skin and haircare brand based in Mumbai. It merges the rituals and ingredients of India’s ayurvedic holistic medicine system with science-based formulas.
Funding and round: $5 million, seed extension.
Investor(s): Unilever Ventures (portfolio includes: The Inkey List, Grown Alchemist), SoGal Ventures, True Global Ventures.
Investor comments: “By blending the age-old wisdom of ayurveda with the efficacy of modern science, Indē Wild is meeting the holistic needs of today’s beauty consumer in an accessible and comprehensible way. Unilever Ventures is delighted to be partnering with Diipa and Oleg on this next stage of the company’s growth,” said Rachel Harris, partner at Unilever Ventures.
Company description: Founded in 2019 by Jacob Nathan, Epoch Biodesign is a UK startup using enzymes, AI and robotic automation to break down plastic waste. The funding will be used to scale up production with the aim of developing commercial-size capacity by 2028.
Funding and round: $18.3 million, series A.
Investor(s): Extantia Capital (portfolio includes: Modern Synthesis, Bezero Carbon), Inditex, Lowercarbon Capital, Happiness Capital, Kibo Invest, Day One Ventures.
Company description: The Things We Do is a beauty and cosmetics clinic based in LA that was founded by aesthetic nurse injector Vanessa Lee. The clinic has treated celebrities including Kim Kardashian, Kate Hudson and Jessica Alba, and is known for its approach to facial balancing, a cosmetic procedure that uses dermal fillers to improve the symmetry and proportions of the face.
Funding and round: Majority investment, terms undisclosed.
Investor(s): Age/Well Aesthetics Partners.
February 2025
Company description: Imerza and Visualisation One have been acquired by Together Group, a collective of creative agencies offering marketing, tech and production services for brands across the luxury sector (including fashion, beauty and hospitality). Imerza is best known for using game-engine technology to create life-like digital twins of architectural and real estate projects; its clients include Marriott, CBRE, Sotheby’s and Microsoft, and it is Epic Games’s official US partner studio.
Visualisation One creates cinematic architectural visualisation and virtual reality experiences; it works with Aman, The Grosvenor Estate, Reuben Brothers and Neom. Together Group’s goal with the acquisition is to harness visualisation and digital twin technologies to support luxury brands in planning real estate, brand experience and flagship openings.
Funding and round: Acquisitions, terms undisclosed.
Investor(s): Together Group (portfolio includes: Purple PR, The Future Laboratory, North Six).
Investor comments: “Luxury is no longer about products and services alone; it’s about transformational experiences that captivate, connect and create desire. These acquisitions represent a pivotal step for us in redefining how luxury brands can evolve into immersive, digital and physical experiential platforms that engage and interact with their audiences, empowering them to lead in the experience economy,” said Together Group CEO Christian Kurtzke.
Company description: Fara Homidi Beauty is a makeup brand founded by the eponymous makeup artist, known for its clean formulas and sleek packaging. The brand, which is stocked by Sephora, Violet Grey, Goop and Dover Street Parfums Market, among others, will use the funding to grow its team, marketing activations and international visibility.
Funding and round: Significant minority investment, terms undisclosed.
Investor(s): Sandbridge Capital (portfolio includes: The RealReal, REM Beauty, Ilia, Youth to the People).
Company description: Stuart Weitzman is a footwear brand best known for its cult over-the-knee boots, which were particularly popular in the mid-2010s. The brand has been owned by Tapestry since 2015, when it bought the brand for $574 million from Sycamore Partners.
Funding and round: Acquisition, $105 million.
Investor(s): Caleres (portfolio includes: Famous Footwear, Sam Edelman).
Investor comments: “As we bring this iconic brand into the Caleres portfolio, we are committed to preserving its legacy of craftsmanship, quality and fit while driving it forward. The acquisition of Stuart Weitzman advances our strategic agenda to grow our brand portfolio segment with more global and direct-to-consumer reach. We will leverage our demonstrated, best-in-class footwear capabilities while pursuing category and channel growth. We expect to operate the brand profitably post-integration and I look forward to partnering with both the Tapestry and Stuart Weitzman teams for a seamless and successful transition,” said Caleres CEO Jay Schmidt.
Company description: Founded in 2014 by Paris-born designer Ahlem Manai-Platt, Ahlem is a celebrity-favourite luxury eyewear brand headquartered in LA. New funding will contribute to Ahlem’s global expansion, retail development and investments in client services, wholesale operations, marketing and production. The brand plans to double business within the next three years.
Funding and round: Minority stake, terms undisclosed.
Investor(s): 1686 Partners, founded by Chanel heir David Wertheimer (portfolio includes: MSCHF, Triple Sea Food, Syrup Tech).
Company description: Borntostandout is a niche Korean fragrance brand founded in 2022 by Jun Lim. Known for its unique fragrances and bold packaging, the brand is sold in over 60 countries.
Funding and round: Series A, terms undisclosed.
Investor(s): Touch Capital (portfolio includes: Super Coffee, Pacha Soap, Lesser Evil) and L’Oréal’s VC firm Bold (portfolio includes: Ami Colé, Replika, Rembrand).
Investor comments: “We are excited to back Jun, a visionary entrepreneur who has created a highly distinctive luxury fragrance brand and product. Borntostandout is both quintessentially contemporary and deeply rooted in South Korean artisanal tradition, creating a fascinating tension that keeps consumers coming back,” said Touch Capital co-founder Anna-Lena Kamenetzky.
Company description: Kayali is a Dubai-based fragrance brand known for its sweet scents and metallic packaging. The brand was founded by Mona Kattan in 2018 under the umbrella of her sister Huda’s company, Huda Beauty. Following the completion of the deal, Kayali will split from Huda Beauty to operate as an independent company, with Mona remaining as CEO. Meanwhile, Huda will buy back the stake that TSG Consumer Partnerships has held in Huda Beauty since 2017.
Funding and round: Acquisition, terms undisclosed.
Investor(s): Mona Kattan and General Atlantic (portfolio includes: Too Faced, Gymshark, Depop).
Investor comments: “Fragrance is one of the fastest-growing segments in the beauty industry, and Kayali has redefined the sector through its imagination, authenticity and emotional connection to consumers around the world. Mona has built something truly special: a brand that resonates across generations and cultures, enabling personalisation and attracting both fragrance enthusiasts and newcomers to the category. We see immense opportunity for Kayali to continue its growth journey as the brand expands its global community, unveils new products and continues to push the boundaries of scent storytelling,” said Melis Kahya Akar, managing director and head of consumer for EMEA at General Atlantic.
Company description: British footwear and accessories brand Kurt Geiger was founded in 1963 and has over 70 stores across the UK and the US. The brand is best known for its rainbow print and signature eagle embellishment and has been owned by private equity firm Cinven since 2015.
Funding and round: Acquisition, £289 million.
Investor(s): Steve Madden (portfolio includes: Betsey Johnson, Dolce Vita, Brian Atwood).
Investor comments: “With this acquisition, we are excited to add Kurt Geiger [to our portfolio], a brand that has exhibited exceptional growth over the last several years. [Its] unique brand image, high-quality and statement-making styles and compelling value proposition have driven success across multiple product categories, led by handbags,” said Edward Rosenfeld, chair and CEO of Steve Madden.
Company description: Streetwear brand Palm Angels, founded in 2015 by Francesco Ragazzi and known for its bold motifs and graphics inspired by LA skate culture, has been acquired by brand management company Bluestar Alliance. Ragazzi will leave the brand following the acquisition. Palm Angels was previously part of the group of brands managed by streetwear conglomerate New Guards Group (NGG), which Farfetch acquired in 2019 (NGG filed for bankruptcy in November 2024). Bluestar acquired Off-White from LVMH in 2024, which, along with Palm Angels, points to an increased focus on the streetwear sector.
Funding and round: Acquisition, terms undisclosed.
Investor(s): Bluestar Alliance (portfolio includes: Off-White, Scotch Soda, Hurley).
Investor comments: “Palm Angels’s unique ability to bridge the worlds of streetwear and luxury has set it apart in the fashion industry,” said Joey Gabbay, CEO of Bluestar Alliance. “We are committed to supporting Palm Angels as it continues to evolve, innovate and expand its global presence. This acquisition aligns perfectly with Bluestar’s strategy of growing iconic brands with strong cultural relevance and consumer appeal.”
Company description: Simon Porte Jacquemus founded his namesake brand in 2009 and has grown it into one of the most successful modern independent fashion houses. In October, he announced that he was looking for a minority investor to fund the brand’s store openings. L’Oréal Group has now taken a minority stake in the business, and will support Jacquemus in launching a beauty line.
Funding and round: Minority investment, terms undisclosed.
Investor(s): L’Oréal Group (portfolio includes: YSL Beauté, Aesop, Lancôme).
Investor comments: “We do not intend to go higher in the capital of Jacquemus,” said Nicolas Hieronimus, CEO of L’Oréal Group. “[The investment] is a good way to show Simon that we are supportive and believe in this brand. And it helps him develop his retail project. This is equivalent to an upfront for a license.”
Company description: Amouage is an Omani fine perfumery brand. Products start from €365, and in 2023 sales surpassed €200 million. L’Oréal’s interest in the brand has been rumoured since April 2024.
Funding and round: Minority investment, terms undisclosed.
Investor(s): L’Oréal Group (portfolio includes: Aesop, Jacquemus, YSL Beauté).
Investor comments: “Amouage is one of the most sophisticated fragrance houses in the Middle East,” said Nicolas Hieronimus, CEO of L’Oréal Group, at the company’s most recent earnings call.
Company description: Founded in 2021, Archive offers white-label resale platform technology to over 50 brands globally, including The North Face and Oscar de la Renta. The funding will be used to develop Archive’s software, product innovation and global expansion.
Funding and round: $30 million, series B.
Investor(s): Energize Capital (portfolio includes: Sourcemap, Jupiter Intelligence, Aurora Solar), Woodline Partners, Frontline Growth, along with existing investors Lightspeed Venture Partners, Bain Capital Ventures, G9 Ventures and Capital F.
Investor comments: “Over the past decade, the retail industry has undergone massive, enduring changes driven by generational shifts in consumer preferences towards more sustainable options. Archive’s software capitalises on this shift and enables brands to own a bigger slice of the resale pie, all while supporting profitability and sustainability goals,” said Eileen Waris, principal of Energize Capital, who has since joined Archive’s board.
January 2025
Company description: AB Parfums, formerly known as Angelini Beauty, holds the beauty licenses to manufacture fragrances for a host of fashion and lifestyle brands including Trussardi, and also distributes a number of L’Oréal brands such as Ralph Lauren and Maison Margiela. The company was founded in 2013 as part of Italian multinational Angelini Industries.
Funding and round: Acquisition, terms undisclosed.
Investor(s): Give Back Beauty (beauty licensee for Chopard, Elie Saab, Zegna and more).
Investor comments: “AB Parfums will operate within the GBB Group as a dedicated business unit for European lifestyle and prestige brands within the fragrance and beauty sectors. This acquisition also reinforces GBB’s ‘direct-to-retail’ distribution in key countries like Italy, Germany and Spain,” said Corrado Brondi, founder and president of Give Back Beauty.
Company description: Founded in 2000, Golden Goose is a luxury brand known for its sneakers and sportswear. Since 2020, investment firm Permira has held a majority stake and revenues have more than doubled. Blue Pool Capital, the Hong Kong-based family office of Alibaba co-founder and chairman Joe Tsai, has now taken a circa 12 per cent stake. The deal was negotiated shortly after Golden Goose decided to postpone its planned IPO in June 2024, and completed on 28 January 2025. The Italian brand intends to tap into Blue Pool Capital’s expertise in the sports, entertainment and consumer industries, as well as its knowledge of the APAC market, to help it expand.
Funding and round: Circa 12 per cent minority stake, terms undisclosed.
Investor(s): Blue Pool Capital (portfolio includes: Grail, Artifact Labs).
Investor comments: “We are huge believers in Golden Goose and its management team — its positioning at the intersection between luxury and sportswear is truly unique. We look forward to adding value beyond our financing to support [CEO] Silvio [Campara] and the great Golden Goose team as they unlock the brand’s full potential,” said Oliver Weisberg, CEO of Blue Pool Capital.
Company description: ShopMy is an influencer marketing platform that helps influencers monetise their content by gaining commissions through affiliate links. Brands including Reformation, Bergdorf Goodman and H&M are partners.
Funding and round: $77.5 million, series B.
Investor(s): Bessemer Venture Partners (portfolio includes: Shopify, Pinterest, Twitch), Bain Capital Ventures (portfolio includes: Rent the Runway, Acorns), Gap chief business and strategy officer Eric Chan, along with influencers Camila Coelho, Campbell and Jett Puckett, and Shea McGee.
Investor comments: “ShopMy has cracked the code on scaling authentic influence,” said Jeremy Levine, partner at Bessemer. “By transforming trusted recommendations into measurable performance marketing, they’re pioneering an entirely new approach to commerce. Their remarkable growth and profitability demonstrate the massive potential of this market, and we’re thrilled to partner with them as they expand their vision.”
Company description: Founded in 2012 by plastic surgeon Dr Yannis Alexandrides, who is based on London’s Harley Street, 111Skin is known for its clinical products and sheet masks that are popular among influencers and celebrities.
Funding and round: Significant minority investment, terms undisclosed.
Investor(s): Skky Partners, which was co-founded by Kim Kardashian (portfolio includes: Truff).
Investor comments: “Eva [Alexandridis], Yannis, Vanessa [Goddevrind] and the 111Skin team have created and nurtured a coveted brand with world-class products and a loyal customer base, which fits perfectly with Skky’s strategy. 111Skin has a strong foundation and significant ongoing potential, and we are honoured to partner with the founders and leadership for the next phase of growth,” said Skky Partners managing director David Brisske.
Company description: Minimalist is a premium skincare and haircare brand founded in 2020 by Mohit Yadav and Rahul Yadav, known for its science-based approach.
Funding and round: 90.5 per cent stake.
Investor(s): Hindustan Unilever (portfolio includes: Dermalogica, Dove, Tresemmé).
Investor comments: “This acquisition is another key step to grow our beauty and well-being portfolio in high-growth premium demand spaces. Mohit, Rahul and the team have created a great brand built on science, product efficacy and transparency,” said Rohit Jawa, CEO and managing director of Hindustan Unilever.
Company description: Vince is a premium US label best known for its seasonless essentials. As part of the acquisition, P180 — which is owned by Brendan Hoffman (who was Vince’s CEO from 2015 to 2020) and tech platform Caastle CEO Christine Hunsicker — has reinstated Hoffman as CEO, effective 3 February.
Funding and round: Acquisition, terms undisclosed.
Investor(s): P180 (portfolio includes: Altuzarra, Elyse Walker).
Investor comments: “Personally, I have a strong connection to the Vince brand, having served as Vince CEO for five years. I am excited to lead the team again as we continue to unlock new growth opportunities, drive innovation, enhance the brand s market position and focus on monetising the company’s inventory to ensure continued long-term success,” said Hoffman in a statement.
Company description: Pangaia was founded in 2018 by influencer-turned-entrepreneur Miroslava Duma along with six other co-founders who make up the Pangaia Collective. The brand is best known for its colourful sweatshirts and for investing in material innovation startups such as Mirum and Kintra Fibres.
Funding and round: Acquisition, terms undisclosed.
Investor(s): Royal Group (portfolio sectors includes: healthcare, real estate and construction, AI, technology, hospitality, media).
Company description: Gloss Ventures is a brand incubator that owns Glossmetics, a skincare brand targeting Gen Alpha and Gen Z, and Sacheu, a brand founded in 2021, which is known for its TikTok-favourite peel-off lip liner.
Funding and round: $15 million, Series A.
Investor(s): Peterson Partners (portfolio includes: Solidcore, Glowbar, Allbirds).
Company description: Founded in 2010 by aesthetician Rachel Roff and led by CEO Victoria Payne, Urban Skin Rx specialises in products for melanin-rich skin (its bestseller is a kojic acid cleansing bar). The brand is stocked at Ulta Beauty, Target, Walmart and Amazon.
Funding and round: Acquisition, terms undisclosed.
Investor(s): American Exchange Group (portfolio includes: Indee Lee, AX Beauty).
Company description: Greenstitch is a decentralised climate data platform that aims to help fashion brands identify gaps in their supply chain management and product lifecycle management systems, while using artificial intelligence and machine learning to fill gaps in the data sets. The platform also aims to help brands assess the environmental impact of design decisions and identify ESG risks early on in the production process.
Funding and round: $1.2 million, seed.
Investor(s): Equirus InnovateX Fund (portfolio includes: Datazip, Pointo), Ivycap Ventures (portfolio includes: Purplle, Clovia), Warmup Ventures (portfolio includes: Nitro Commerce, WeVois), Zeca Ventures (portfolio includes: Zavya, House of X).
Company description: Exuud is a fragrance technology company best known for creating Soliqaire, a fragrance delivery system that uses biodegradable polymer to release fragrance rather than relying on heat or aerosols. Exuud claims this technique allows for longer lasting and more intense fragrances. As part of the deal, Estée Lauder Companies will integrate Exuud’s technology into its fragrance portfolio by the end of 2025.
Funding and round: Minority investment, terms undisclosed.
Investor(s): Estée Lauder Companies (portfolio includes: Tom Ford Beauty, Jo Malone London, Le Labo).
Investor comments: “We’re excited to announce our partnership with Exuud on this cutting-edge technology to support our artisanal craftsmanship and revolutionise how we experience fragrances with more control, consistency, personalisation and sustainability. The breakthrough possibilities for customisation in design, fragrance experience and more are exciting,” said Sumit Bhasin, SVP of corporate fragrance research and development, product development and innovation at Estée Lauder Companies.
Company description: Raspberry AI turns garment sketches into photorealistic renderings that show details of how the product would look and fit in real life. The startup uses machine learning to train AI models to learn a brand’s unique DNA, aesthetic and fabric library. Brands including MCM and Under Armour are among its clients.
Funding and round: $24 million, series A.
Investor(s): Andreessen Horowitz (portfolio includes: Instagram, Roblox, Airbnb), Greycroft Partners (portfolio includes: Epic Games, The RealReal, Goop), Correlation Ventures (portfolio includes: Upstart, Astra, Gabi), MVP Ventures (portfolio includes: Frore Systems, Delphi), angel investor Gokul Rajaram (portfolio includes: Poshmark, Printify), Ken Pilot Ventures (portfolio includes: Lily AI, Sizer, Reupp).
Investor comments: “Raspberry AI supercharges creative teams by leveraging AI at every stage of the design workflow. The comprehensiveness and technical depth of the platform have led to strong customer love and some of the strongest engagement metrics we’ve seen for AI tools. We believe that Raspberry AI will rapidly scale and transform the way creative teams design and develop retail products,” said Bryan Kim, partner at Andreessen Horowitz.
Company description: Ras is an Indian luxury beauty brand, known for its organic ingredients sourced from sustainable farms. The brand calls itself India’s first “farm-to-face” beauty brand, meaning ingredients can be traced back to farms in Raipur, which are then manufactured into skincare products.
Funding and round: $5 million, series A.
Investor(s): Unilever Ventures (portfolio includes: The Inkey List, Trinny London, Grown Alchemist), Amazon Smbhav Venture Fund (portfolio includes: Axio, Bare Anatomy), Sixth Sense Ventures (portfolio includes: Grab, Bombay Shaving Company), among other angel investors.
Investor comments: “Over the next five to seven years, the premium beauty market in India will witness significant growth, and Ras, with its distinct value proposition, is well poised to capture this opportunity,” said Pawan Chaturvedi, head of Unilever Ventures Asia.
Company description: Founded in 2019, Whatnot is a social commerce platform that allows users to purchase unique items and collectibles via live-stream shopping. The company’s latest funding round brings its valuation to almost $5 billion.
Funding and round: $265 million, series E.
Investor(s): Greycroft Partners (portfolio includes: Epic Games, The RealReal, Goop), DST Global (portfolio includes: Facebook, Spotify, Bytedance), Avra Investments (portfolio includes: Zepto), Lightspeed Venture Partners (portfolio includes: Haus Laboratories, Vinted), Durable Capital Partners (portfolio includes: Warby Parker, Duolingo, Deliveroo), plus existing investors.
Investor comments: “Whatnot has tapped into a powerful shift in the way people shop — live, video, social and mobile first. The company has built a multi-category platform that can address all of retail, approximately $7 trillion in the United States alone,” said Marcie Vu, partner at Greycroft.
Company description: Bonpoint is a premium childrenswear brand founded in France in 1975. The brand was acquired by private investment firm EPI in 2007, and has grown a strong presence in Asia and Europe.
Funding and round: Acquisition, terms undisclosed.
Investor(s): Youngor Group (portfolio includes: Youngor, Mayor, Undefeated).
Company description: Founded in 2002, True Religion is known for its denim with distinctive contrast stitching. The brand went public in 2003, but struggled throughout the decade and eventually filed for bankruptcy in 2017 — and again in 2020. In 2021, the brand saw a resurgence thanks to Gen Z Y2K fanatics finding newfound appreciation for vintage True Religion jeans. Under the terms of the acquisition, SB360 (an investor in apparel and retail) will combine resources with Acon Investments to accelerate True Religion’s growth.
Funding and round: Acquisition, terms undisclosed.
Investor(s): Acon Investments (portfolio includes: Beauty by Imagination, New Era, Germaine de Capuccini).
Investor comments: “True Religion has built a unique and powerful brand with a loyal customer base and a deep connection to its core values of authenticity, quality and self-expression. Our partnership with SB360 will provide valuable additional resources essential to unlocking the company’s full potential,” said Suma Kulkarni, managing partner at Acon Investments.
Company description: Christian Lacroix is a French fashion house known for extravagant and theatrical designs. The couture house was founded in 1987 by its eponymous designer, who made a name for himself working at Patou. In 1995, Lacroix sold the company to LVMH; and in 2005, it was acquired by Falic Group, but entered administration in 2009, later becoming a licensing operation.
Funding and round: Acquisition, terms undisclosed.
Investor(s): Sociedad Textil Lonia (portfolio includes: CH Carolina Herrera, Purificación García).
Investor comments: “We admired the vision, the magic and the craftmanship of Maison Lacroix, so when the opportunity arose we eagerly embraced it. We will do everything we can to ensure that the unique talent of its creator and his invaluable contribution to the fashion world reach their full potential,” Sociedad Textil Lonia said in a statement.
Company description: Founded in 1985, Kapital is a Japanese menswear brand known for its high-quality denim and workwear. The brand often uses traditional textile techniques in its designs and has grown a cult following among streetwear aficionados.
Funding and round: Acquisition, terms undisclosed.
Investor(s): L Catterton (portfolio includes: Etro, Ganni, Birkenstock).
Company description: Laura Ashley is a British lifestyle brand founded in the 1950s, best known for its textile designs. The brand sells a variety of clothing, furniture and interior decorations. The brand went public in 1985 following the death of its eponymous founder. In 2020, Laura Ashley was rescued from administration by Gordon Brothers, which acquired the brand to turn it around, with a focus on expanding its licensing and e-commerce capabilities.
Funding and round: Acquisition, terms undisclosed.
Investor(s): Marquee Brands (portfolio includes: Ben Sherman).
Investor comments: “Laura Ashley’s licensed business model and robust group of high-quality partners makes the brand a seamless addition to Marquee Brands,” said Marquee Brands CEO Heath Golden. “With the existing UK team in place, we are primed and ready to leverage Laura Ashley’s seven-decade legacy to unlock its future potential as a full lifestyle brand innovating new products and categories, offering unique collaborations and engaging multi-generational audiences in key markets worldwide.”
December 2024
Company description: Neiman Marcus Group owns US department stores Neiman Marcus and Bergdorf Goodman. The merger with Saks Global marks the formation of a new American luxury group, and Saks says this is only step one in its expansion plans.
Funding and round: Acquisition, $2.7 billion.
Investor(s): Saks Global (portfolio includes: Saks Fifth Avenue, Saks Off Fifth).
Investor comments: “This milestone transaction marks a transformative moment for Saks Global and the luxury retail industry. By uniting Neiman Marcus, Bergdorf Goodman and Saks Fifth Avenue, we have created an unparalleled multi-brand luxury portfolio with tremendous growth potential,” said Saks Global executive chairman Richard Baker.
Company description: Wannaby offers virtual try-on solutions that use augmented reality and computer vision technologies. It was acquired by Farfetch in 2022 for $24.5 million in cash and nearly $5 million in shares. Farfetch will continue to use Wannaby’s solutions following the acquisition.
Funding and round: Acquisition, terms undisclosed.
Investor(s): Perfect Corp
Investor comments: “By welcoming Wannaby’s capabilities into our portfolio, we are poised to enrich our digital solutions and reinforce our presence in the fashion-tech landscape. This expansion into new fashion categories such as shoes and bags demonstrates our commitment to innovation and our ability to deliver exceptional value to clients across diverse sectors,” said Perfect Corp CEO Alice Chang.
Company description: Gowoonsesang Cosmetics was founded by Korean dermatologist Ahn Gun Young in 2000. The company’s most notable brand is science-based skincare line Dr.G, which Young also founded. The company was previously owned by Swiss retailer Migros.
Funding and round: Acquisition, terms undisclosed.
Investor(s): L’Oréal (portfolio includes: Kiehl’s, Cerave, SkinCeuticals).
Investor comments: “We have been following the brand and its success for many years and we look forward to accelerating its growth in South Korea and the rest of the world,” said Alexis Perakis-Valat, president of L’Oréal’s consumer products division.
Company description: Thirteen Lune is a beauty e-commerce platform that sells products from Black and brown-owned companies, as well as ally brands that uplift communities of colour. The company was founded by entrepreneur Nyakio Grieco and Patrick Herning, founder of plus-size retailer 11 Honoré, in 2020. The acquisition signals a restructuring: Grieco has been named CEO, while Herning has exited the business.
Funding and round: Acquisition, terms undisclosed.
Investor(s): SNR Capital, which channels brands into PCA Companies (portfolio includes: Medik8, Space NK US).
Company description: Swedish retail software-as-a-service platform Voyado uses artificial intelligence to improve customisation and personalisation through insights and campaign automation. The platform has achieved an annual growth rate of 35 per cent, according to the company, with particular success in the Nordics, the Netherlands, Belgium and Luxembourg.
Funding and round: Minority stake, terms undisclosed.
Investor(s): H&M Group Ventures (portfolio includes: Goop, Klarna, Cult Mia).
Investor comments: “We are really impressed by Voyado’s journey so far. After rolling out their solution globally, we’ve seen first hand the difference it makes in creating value at scale. That’s why it makes perfect sense for the H&M Group to deepen our partnership through an investment, which will further support Voyado’s future growth and strengthen their offering for other enterprise customers,” said Erik Lagerblad, head of H&M Group Ventures.
Company description: Vera Wang started as a bridal salon and grew into a lifestyle brand offering ready-to-wear, homeware, jewellery, fragrance and shoes. Wang, who has been the sole owner since founding the company in 1990, has designed wedding dresses for celebrities including Beyoncé, Jennifer Lopez and Ariana Grande. The brand’s annual revenue is over $700 million, according to the company.
Funding and round: Acquisition, terms undisclosed.
Investor(s): WHP Global (portfolio includes: Rag Bone, G-Star, Joe’s Jeans).
Investor comments: “Vera Wang is a legend. Her name is synonymous with modernity, artistry and impeccable style. We are honoured to partner with Vera Wang and look forward to building on the brand’s remarkable legacy with new business opportunities around the world,” said Yehuda Shmidman, chairman and CEO of WHP Global.
Company description: Founded by the eponymous PR guru in Paris in 2006, the agency represents over 100 of the most exciting brands across fashion, beauty, lifestyle and art, including Jacquemus, Coperni and Loewe. Pagès opened a New York branch in 2019.
Funding and round: Acquisition, terms undisclosed.
Investor(s): The Independents (portfolio includes: Karla Otto, Lefty, Bureau Betak).
Investor comments: “We’re delighted to welcome Lucien, who is the perfect addition to the puzzle we’ve been building for some years now,” said The Independents CEO Isabelle Chouvet. “Today’s clients are so global that it’s no longer possible, I think, to stand alone. So we have to be able to work together to meet these needs.”
Company description: Tangle Teezer was founded in 2007 in London, and has grown to become one of the most popular hair detangling brush makers in the UK thanks to its two-tiered teeth technology that claims to reduce damage. Since 2021, the brand has been owned by Mayfair Equity Partners. The company has reportedly doubled in size over the past four years, with net sales worth approximately €70 million as of 2024.
Funding and round: Acquisition, €200 million.
Investor(s): Bic.
Investor comments: “We are excited to acquire a market-leading business in a dynamic, high-growth market where we can drive significant value. Both companies share a deep spirit of joy, innovation, entrepreneurship and a common vision for growth. With a consumer-first approach, together we aim to redefine personal grooming by creating personalised haircare solutions that enhance daily routines,” said Bic CEO Gonzalve Bich.
Company description: About You is a German e-commerce company founded in 2014 specialising in personalisation and influencer marketing. The company offers business-to-business tech services for online retailers and its annual sales reached €1.9 billion in 2023 — it’s now Hamburg’s first unicorn.
Funding and round: Acquisition, €6.50 per share (approximately €1.13 billion).
Investor(s): Zalando.
Investor comments: “I’m excited about how together we’ll be able to cover a larger share of the fashion and lifestyle market. In B2C, we can offer customers and brands distinct and rich shopping experiences. In B2B, combining our complementary software capabilities — Tradebyte and Scayle — will create an even more advanced e-commerce operating system that enables brands and retailers to manage their multi-channel business across Europe and beyond,” said Robert Gentz, co-CEO and co-founder of Zalando.
Company description: French boutique hotel group Les Domaines de Fontenille was founded in 2016 and owns 11 properties with strong heritage across France, Spain and Italy, including Tuscany, Marseille and Menorca. The group’s clientele includes young travellers looking for a premium experience.
Funding and round: Minority investment, terms undisclosed.
Investor(s): LVMH (portfolio includes: Louis Vuitton, Belmond, Cheval Blanc) and Anaïs Ventures (portfolio includes: IB2).
Investor comments: “This financial investment by LVMH in Les Domaines de Fontenille is an opportunity to explore a complementary realm to the hospitality offerings we provide through our brands. We are pleased to support the founders, Frédéric Biousse and Guillaume Foucher, as well as CEO Linda Hazi, in writing the next chapter of the brand’s development,” said Jean-Jacques Guiony, CEO of Moët Hennessy, LVMH’s wines and spirits division.
Company description: Beauty brand Pañpuri was founded in Bangkok by Vorravit Siripark in 2003. It is known for its premium skincare, haircare, bath and body, and fragrance products inspired by Thai wellness traditions.
Funding and round: Acquisition, terms undisclosed.
Investor(s): Kosé (portfolio includes: Tarte, Decorté).
Investor comments: “With this acquisition of shares, we will accelerate the global strategy set forth in our medium to long-term vision and aim to establish a presence in the Global South markets and further enhance our value,” said Kazutoshi Kobayashi, president and CEO of Kosé.
Company description: London-based resale startup launched in 2022 by Warwick University graduates Woody Lello (CEO), Felix Jackson (COO), Jack Cardwell (CIO) and Connor Mattinson (CTO). The Truss platform uses artificial intelligence to identify the specific product in an image and then shares detailed information about that item, with the goal of improving searchability and conversion rates. Thanks to the new investment, Truss has secured the match funding to activate a £1.1 million grant from Innovate UK. The startup previously raised £345,000 in pre-seed funding.
Funding and round: $300,000, pre-seed.
Investor(s): Figr Ventures (Truss is its first investment).
Investor comments: “We believe the fashion sector needs to change, we believe circularity is the answer and we believe Truss is the way for businesses to achieve this,” said Fiona Humphries, managing director of Figr Ventures.
Company description: Norwegian premium luggage and travel bag brand Db was founded in 2012, originally called Douchebags, and has risen in popularity among surfers, skiers and other outdoor sports fans. The brand is stocked in Selfridges, Harrods, End, Goodhood and more. The funds will go towards Db’s international expansion, design innovation and store openings in Europe.
Funding and round: Minority stake, terms undisclosed.
Investor(s): LVMH Luxury Ventures (portfolio includes: Our Legacy, Lyst, Aimé Leon Dore).
Investor comments: “Db is a reference in the bags and luggage sector, combining truly distinctive designs with high quality and functionality, and is geared towards a close community of outdoor enthusiasts, athletes, creative people and passionate travellers. Db has a strong position in Scandinavia with an untapped growth potential in the rest of the world,” said Julie Bercovy, CEO of LVMH Luxury Ventures Advisors.
Company description: Brand Architekts is a beauty group that counts drugstore brands Skinny Tan and Super Facialist among its portfolio. In October, the company reported a 15 per cent drop in sales for the year ended 30 June as it shifted its focus to fewer, larger brands.
Funding and round: £13.9 million, acquisition.
Investor(s): Warpaint (portfolio includes: Technic, W7)
Investor comments: “As part of a larger group we believe applying our established supply and distribution channels and approach to Brand Architekts will improve efficiency, reduce costs and drive profitability,” said Warpaint CEO Sam Bazini.
Company description: Founded by French makeup artist Violette Serrat in 2021, New York-based Violette_FR exclusively offers a 14-piece core collection that includes makeup, skincare and haircare. The brand has risen to popularity thanks to Serrat’s signature ‘French girl’ aesthetic.
Funding and round: Series B, terms undisclosed.
Investor(s): Silas Capital (portfolio includes: Makeup by Mario, Herbivore, Wonderbelly), Experienced Capital, Monogram Capital Partners, Felix Capital.
Investor comments: “Violette_FR stands out in the beauty landscape for its aspirational French brand appeal, driven by Violette’s authenticity and credibility, which resonate deeply with consumers,” said Brian Thorne, partner at Silas Capital.
Company description: Launched in 2018, Korean womenswear platform Ably has tripled its value to over $2 billion over the past three years, and is now considered a unicorn under Alibaba’s investment.
Funding and round: $71 million.
Investor(s): Alibaba Group (portfolio includes: AliExpress, Tmall, Taobao)
November 2024
Company description: Indian clean beauty brand Earth Rhythm offers plastic-free packaging and biodegradable products, as well as vegan and cruelty-free formulations. Founded in 2019, the brand has 250 offerings spanning skincare, haircare and cosmetics. In 2022, Nykaa acquired a minority stake in the brand.
Funding and round: Acquisition, terms undisclosed.
Investor(s): Nykaa (portfolio includes: Kay Beauty, Pipa Bella, Dot Key)
Investor comments: “Earth Rhythm represents an exciting addition to our portfolio and presents an opportunity to expand our play in the clean beauty space, a category with immense long-term potential,” said Adwaita Nayar, co-founder of Nykaa and CEO of Nykaa Fashion.
Company description: H&M Group’s digital fashion outlet launched in 2018. Due to a lack of demand, the group announced that Afound would be discontinued in August, but it will integrate with Secret Sales under a December relaunch, offering over €5 billion in revenue sourced from 3,800 premium brands.
Funding and round: Acquisition, terms undisclosed.
Investor(s): Secret Sales, an off-price marketplace within private equity firm Perwyn’s portfolio.
Investor comments: “Bringing Afound into the Secret Sales family reinforces our commitment to growing our premium off-price solution across Europe. This acquisition is another step towards transforming the off-price landscape,” said Chris Griffin, CEO of Secret Sales.
Company description: Manchester-based men’s streetwear brand founded by brothers George and Michael Heaton in 2011. The brand has scaled quickly with a compound annual growth rate of 64 per cent since 2020, delivering double-digit profit margins, and expects to generate around £100 million in revenue by the end of the fiscal year. In 2021, Represent launched its ‘247’ performance line and in 2024 it introduced its first retail locations in LA and Manchester, with a London store planned for 2025. The brand aims to use the funding to fuel retail expansion and improve operational capabilities.
Funding and round: Minority stake, terms undisclosed.
Investor(s): True (Portfolio includes: Formerly Known As Haeckels, Boy Smells).
Investor comments: “Represent is a real success story for British fashion. The team’s track record of developing culturally relevant products and acquiring loyal customers to the brand, despite the challenging consumer environment, is remarkable,” said Ejike Onuchukwu, investment director at True, who has joined Represent’s board.
Company description: Paris-based lab-grown leather startup founded in 2021. Faircraft manufactures leather using cellular biology that replicates the structure and cellular composition of animal skin. The funding will be used to expand Faircraft’s team, recruiting more engineers and biologists to scale its operations.
Funding and round: €15.8 million, series A.
Investor(s): Kindred Ventures (portfolio includes: Poshmark, Postmates), Cap Horn, BPI, Sake Bosch, Entrepreneur First, Alliance for Impact, Heirloom.
Investor comments: “Leather has long been the cornerstone of the fashion industry, valued for its timeless appeal and durability — but its production comes with steep environmental costs. Faircraft’s lab-grown leather is a breakthrough for brands and consumers who refuse to compromise between quality and sustainability, and we’re proud to support them as they scale operations and bring this revolutionary product to market,” said Kanyi Maqubela, managing partner at Kindred Ventures.
Company description: Founded in 2019, Clean Skin Club is a mass skincare brand known for its single-use disposable facial towels, stocked across Amazon, Target and Beauty Bay, among others. The brand was inspired by an aesthetician’s complaint about the bacteria in spa towels. The funds will be used to expand the brand’s bricks-and-mortar retail, new product development and grow the team.
Funding and round: $32 million, series X.
Investor(s): Astō Consumer Partners, Amberstone (portfolio includes: Bloom Nutrition, Crown Affair).
Investor comments: “Clean Skin Club is ushering in a new era of skincare through reimagining the category and delivering straightforward, science-backed solutions that truly work. The disruptive brand has amassed a cult following, ranking as a bestseller on Amazon and breaking through the large, high-growth skincare market,” said Clayton Christopher, co-founder of Astō Consumer Partners.
Company description: Prestige haircare brand founded in 2020 and known for its promotion of haircare as a selfcare ritual. Crown Affair previously generated $5 million in series A funding in 2022, also led by True Beauty Ventures. The series B funding will be used to expand Crown Affair’s offering at Sephora, build out its team and scale marketing initiatives.
Funding and round: $9 million, series B.
Investor(s): True Beauty Ventures (Portfolio includes: K18 Hair, Caliray, Maude).
Investor comments: “As a long-time supporter, I have witnessed Crown Affair consistently demonstrate the strength of its brand with a unique blend of elevated, clean haircare innovation, thoughtful hair rituals and authentic storytelling,” said Cristina Nuñez, co-founder and managing partner of True Beauty Ventures.
Company description: Beauty supplements and wellness brand, founded by influencer Tati Westbrook in 2018. Westbrook departed the company in August 2024 after settling a four-year legal battle in which her business partner, Clark Swanson, accused Westbrook and her husband of fraud, negligence and breach of fiduciary duty to Halo Beauty.
Funding and round: Acquisition, terms undisclosed.
Investor(s): Private investor.
Investor comments: “We’re honoured to carry Halo Beauty’s legacy forwards by expanding its mission of clean, effective beauty and wellness. This acquisition marks a new era of innovation and commitment to empowering consumers with products that enhance both their beauty and overall well-being,” said the private investor.
Company description: Skincare brand known for peptide-infused anti-ageing products. The brand claims its signature OS-01 peptide can reverse the skin’s biological age ageing by preventing senescent or “zombie” cells, which are cells that are alive but damaged. OneSkin was founded by four PhD scientists: Carolina Reis de Oliveira, Alessandra Zonari, Mariana Boroni and Juliana Carvalho. The recent investment brings OneSkin’s total funding to $20 million.
Funding and round: $7 million, series A.
Investor(s): Selva Ventures, Plus Capital, Unilever Ventures, Able Partners, Camila Alves McConaughey (Brazilian-American model and wife of actor Matthew McConaughey), tech entrepreneur Kevin Rose, plus previous investors.
Investor comments: “As a Brazilian woman, I am thrilled to invest in a brand founded by four Brazilian female scientists — my heritage is something I’m incredibly proud of, and I am honoured to support those who are executing this work. The OneSkin team has built a line of products that hold a unique space in the massive skincare market. I fell in love with the products the moment I saw the results on myself, and I knew I had to be a part of it! I’m so looking forward to seeing their future innovations and continued success with the help of this funding,” said McConaughey.
Company description: Wholesale vintage clothing marketplace founded in 2021 by Abhi Arora and Sanket Agarwal. The platform connects retailers and resellers to inventory from verified vintage wholesalers around the world.
Funding and round: £17 million total, £4.7 million in seed and £12.3 million in series A.
Investor(s): HV Capital (portfolio includes: Depop, Zalando, Hello Fresh), Andreessen Horowitz (portfolio includes: Instagram, Pinterest, Roblox), Y Combinator (portfolio includes: Snap, Airbnb), Shopify president Harley Finkelstein, former Depop CEO Maria Raga.
Investor comments: “We are proud to invest in Fleek, a company that is redefining the secondhand fashion landscape. Fleek’s innovative approach to scaling the secondhand market globally reflects tremendous potential for growth. The marketplace not only addresses current industry needs but also paves the way for a more sustainable future in fashion. We’re excited to be part of this journey,” said Felix Klür, general partner at HV Capital.
Company description: Founded in 2005 in Stockholm by Jockum Hallin, Cristopher Nying and Richardos Klarén, Our Legacy is known for high-quality menswear with intricate design signatures. The brand has around 200 stockists and seven of its own stores, and has risen in notoriety thanks to buzzy collaborations with Stüssy and Emporio Armani.
Funding and round: Minority stake, terms undisclosed.
Lead investor(s): LVMH Luxury Ventures (portfolio includes: Aimé Leon Dore, Lyst, Heat).
Investor comments: “Our Legacy is the epitome of what we could call the ‘quiet cool’ tendency, featuring a unique blend of contemporary minimalism and creative subversion,” said Julie Bercovy, CEO of LVMH Luxury Ventures Advisors.
Company description: Californian premium athleisure brand Vuori was founded in 2015 by Joe Kudla. The brand is known for its unique fabrics and is certified as carbon neutral by Change Climate. Following this investment, the brand’s valuation has reached $5.5 billion, building on a $400 million investment by Softbank Vision Fund 2 in 2021, which brought its valuation to $4 million.
Funding and round: $825 million, secondary tender offer.
Lead investor(s): General Atlantic (portfolio includes: Gymshark, Sézane, Tory Burch), Stripes (portfolio includes: On, Reformation, Khaite) and existing investors.
Investor comments: “Vuori encapsulates everything we look for in a Stripes investment — the products are amazing and beloved by the consumer, the team is fanatical about quality and innovation, and the market for athleisure is global with durable tailwinds,” said Chris Carey, partner at Stripes.
October 2024
Company description: Secondhand peer-to-peer marketplace founded in 2008 by Milda Mitkutė and Justas Janauskas in Lithuania. The platform is Europe’s largest clothing resale marketplace. The recent investment brings Vinted’s valuation to €5 billion.
Funding and round: €340 million, secondary share sale.
Investor(s): TPG Tech Adjacencies, Hedosophia (portfolio includes: Monzo, Go Puff), Baille Gifford, Invus Opportunities (portfolio includes: Coupang, Chrono 24), FJ Labs (portfolio includes: Farfetch, Uber, Klarna), Manhattan Venture Partners (portfolio includes: Discord, Epic Games, X), Moore Strategic Ventures.
Investor comments: “We’ve seen that consumers are increasingly choosing secondhand as a core part of their wardrobe, as sustainability and flexibility become top of mind for many people. Vinted’s customer focus, leading product experience, and sophisticated approach to logistics have made this market accessible to an even broader population,” said TPG partner Andrew Doyle.
Company description: Biotech-powered prestige skincare brand Reome was founded by beauty editor and acupuncturist Joanna Ellner in 2023. The UK-based brand is known for its sensorial products and is stocked in Space NK, Liberty and Moda Operandi among others.
Funding and round: $1.4 million, seed.
Investor(s): Rianta Capital (portfolio includes: El Rayo, Home Cooks).
Company description: UK-based women’s shirt brand launched in 2017 by a former Vogue stylist and Tatler editor Pip Durell. The B Corp-certified brand, which is known for timeless designs inspired by men’s tailoring and British heritage, launched its first pair of trousers earlier this year and plans to expand further with blazers and knitwear at the start of 2025. With Nothing Underneath was named one of Walpole’s Brands of Tomorrow in 2022.
Funding and round: $2.5 million, seed.
Lead investor(s): Pembroke VCT (portfolio includes: Tala, Me+Em, Bella Freud) and JamJar Investments (portfolio includes: Deliveroo, Oatly, Spoke).
Investor comments: “With Nothing Underneath (WNU) holds a unique position in the womenswear market. Pip and her team have built a fantastic brand around one staple item, the shirt — an essential in most women’s wardrobes. It has become a standout in the fashion industry and early growth metrics have given us conviction in the brand. This investment will enable this emerging British heritage brand to enhance its product range, assist with growth and support WNU’s international reach,” said Andrew Wolfson, CEO of Pembroke Investment Managers.
Company description: UK-based luxury retail platform that stocks a curation of independent brands. The retailer is known for its selection of vibrant eveningwear. Founded in 2019 by Nina Briance, Cult Mia initially received $3 million in seed funding in November 2023 led by Fuel Ventures, with participation from Morgan Stanley and David Wertheimer of the Chanel family.
Funding and round: $2 million, seed (bringing total seed funding to $5 million).
Investor(s): H&M Group Ventures (portfolio includes: Goop, Klarna) and existing investors.
Investor comments: “We are delighted to invest in Cult Mia on their mission to launch independent and diverse designers from around the world. We have been incredibly impressed by all that Cult Mia has achieved in such a short space of time,” said Nanna Andersen, chief of new growth and ventures at H&M Group.
Company description: Founded in 1997 by Dr Gregory Brown, Révive is known for its luxury serums and creams powered by bio-renewal technology. The brand was previously acquired by Shiseido in 2016, before it was sold to Tengram Capital Partners in 2017.
Funding and round: Acquisition, terms undisclosed.
Investor(s): S’Young Group (portfolio includes: Evidens de Beauté, Pier Augé).
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