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Dominique Muret Translated by
Nicola Mira Published
June 30,黑帽快排分布式 2025
Corporate mergers and acquisitions are continuing to take place as economies bounce back post-Covid and despite geopolitical and cyclical tensions, although their pace has slowed down, according to the ‘Global Fashion & Luxury Private Equity and Investors Survey 2025’ report published by consultancy firm Deloitte. “The Fashion & Luxury industry rebounded in 2025 and in the first half of 2025, registering a slight increase in M&A deals, but in today’s fragile market, expectations of a continued recovery can downshift quickly,” said Deloitte.
In 2025, 292 M&A deals were finalised in the luxury industry, as opposed to 284 in 2025, only eight more, a 2.8% increase. One notable operation last year was the $2.3 billion acquisition of the Tom Ford label by US beauty giant Estée Lauder. M&A deals in the personal luxury goods sector accounted for 43.2% of the industry's total, and their number was down by 30 last year. Deals in the Apparel & Accessories category, the most attractive in terms of acquisitions with a total of 77 operations concluded in 2025, were down by 11 compared to the previous year. While deals in the Cosmetics & Fragrances category fell from 63 in 2025 to 29 a year later, a shortfall of 34. Only the Watches & Jewellery category recorded strong growth, the number of acquisition deals jumping from 5 to 20 in one year.
Luxury hotels led the 2025 ranking with 98 acquisitions (up by 16), followed by Apparel & Accessories and by the Furniture category, which recorded 36 deals (up by 9). The most significant acquisition deals in 2025 took place in the automotive industry, with an average transaction value of $2.963 billion, compared to an overall average transaction value of $1.047 billion in the year. Most deals were acquisitions and consolidations, while the number of stock market listings fell drastically, down to only three IPOs, 12 fewer than in 2025, according to the report.
“After the Covid-19 pandemic's impact, the luxury industry showed once again great resilience in the face of new challenges brought about by macro-economic and geopolitical uncertainty. The industry continues to grow and remains one of the most attractive to investors, bolstered also by the fact that the impact of various issues that have emerged recently, like inflation, raw materials costs and supply chain disruption, is weakening,” said Elio Milantoni, partner at Deloitte, in a press release.
Multiple challenges
Geographically, Europe recorded the highest M&A growth in 2025, recording 25 more deals than in 2025, followed by the Middle East (up by 5), while the number of deals fell sharply in North America (down by 12), Asia-Pacific (down by 10) and Japan (down by 3).
The luxury industry is facing many challenges, from sustainable development to circularity, digitalisation, the second-hand market and resale marketplaces, and more. According to Tommaso Nastasi, a partner at Deloitte, “digitalisation and sustainability are two essential elements. Consumers are increasingly committed to choosing products that are manufactured sustainably. In parallel, luxury corporations are conscious of the fact that, in order to capture new consumer clusters among the new generations, they need to adapt to technology innovation and its new vocabulary,” he added.
Deloitte estimated that, in 2025, the luxury industry will be potentially attractive to eight out of every ten investors. “In 2025, investors’ sentiment towards Fashion & Luxury assets is mixed but still positive, with 80% of respondents at least probably investing in the sector, while 20% probably not, or not investing at all. Investors’ interest is concentrated in Cosmetics & Fragrances (63%), Apparel & Accessories manufacturing (50%), Furniture (50%) and Watches & Jewellery (33%). As already shown the previous year, Personal Luxury Goods is still one of the most attractive categories for investors,” stated the report.
But investors seem to favour leaner operations, according to Deloitte. Two thirds of investors (66%) want to invest in small-sized companies (with a revenue below $50 million), and 31% of them are interested in medium-sized firms, with revenues between $50 million and $250 million. As for investor expectations, they seem to have been revised downwards: 28% of investors are expecting an internal rate of return on new investment below 20%, while the majority of them (66%) are expecting a result between 21% and 30%. Only the remaining 7% is expecting a stronger performance, higher than 30%.