Editor’s Note
This article previews key findings from Deloitte’s forthcoming “Fashion & Luxury Private Equity and Investors Survey 2025,” indicating a continued slowdown in sector M&A activity through 2025. The full report will be published on September 25.
Following the COVID period, mergers and acquisitions in the Fashion & Luxury sector have slowed over the past two years. Whether due to reduced appetite for sector gems or a shrinking pool of available brands, the trend appears to be confirmed for 2025 according to initial findings from the latest Deloitte report “Fashion & Luxury Private Equity and Investors Survey 2025,” set to be published on September 25.
Despite the economic climate, the Fashion & Luxury sector retains its attractiveness for mergers and acquisitions. The sector continues to attract nine out of ten investors in 2025, even though the threat of tariff increases under a highly unpredictable Trump administration weighs on their sentiment.
Titled “Fashion & Luxury Private Equity and Investors Survey 2025,” the latest Deloitte report was conducted globally with a panel of 60 private investors and over 114 companies active in the fields of fashion and accessories, watchmaking-jewelry, perfumes and cosmetics, luxury cars, luxury hotels, private jets, cruises, furniture, yachts, and luxury restaurants.
In 2024, the high-end segment recorded 308 transactions, compared to 333 in 2023, representing 25 fewer than the previous year. In the luxury goods segment alone, which accounts for 40.2% of total transactions, the number of deals completed in 2024 fell by 6.3%.
2024 was nevertheless marked by the acquisition of the luxury e-commerce platform YNAP (Yoox-Net-a-Porter) by the German e-commerce company Mytheresa from the Swiss luxury group Richemont.
In contrast, the merger between the American giants Capri, owner of Michael Kors, and Tapestry, owner of Coach, was blocked by US authorities in the name of combating trust formation, depriving the country of its first national luxury conglomerate.
