Fashion.VC Global Fashion Brand Investment Weekly | 2024 Issue 11

3月 20, 2024

In 2024, Fashion.VC launched the “Global Fashion Brand Investment Weekly,” timely aggregating brand investments and mergers and acquisitions in the domains of luxury goods, fashion, and lifestyle both domestically and abroad, as well as IPO events. The coverage spans luxury goods, apparel, footwear, bags, jewelry, watches, beauty, personal care, perfumes, sports, outdoor activities, hotels, electronics, health, maternity and baby products, and sustainable fashion across various sub-sectors.

The 11th issue of the “Global Fashion Brand Investment Weekly” for 2024 includes four brand investment and merger and acquisition news items from March 12, 2024, to March 18, 2024, comprising one from China and three from overseas.

—China (1)—

Beauty (1)

1) Light medical beauty chain brand “Shuiguangmao” completes an angel round of financing worth tens of millions of yuan

On March 12, the light medical beauty chain brand Shuiguangmao announced the completion of an angel round of financing worth tens of millions of yuan, with investment from Digi Citrus Group Limited Venture Capital. This round of financing will support Shuiguangmao’s goal of expanding to 150 stores. Shuiguangmao is a chain brand specializing in hydration treatments, adhering to a 5S skin management philosophy of safety, depth, stability, flexibility, and uniformity, to solve skin problems for users.

—Overseas (3)—

Apparel (2)

1) Italian luxury brand Trussardi acquired by Italian fashion and fabric manufacturer Miroglio

On March 13th, the Italian fashion and fabric manufacturer Gruppo Miroglio officially announced the completion of its acquisition of the Italian luxury brand Trussardi, with the transaction amount undisclosed. This strategic investment allows Miroglio to enter the high-end market, while Trussardi ensures the continuity of its operations and production. Founded in 1911 by Dante Trussardi, the brand initially focused on making leather gloves. Over three generations, the family expanded its product range to include various leather goods, ready-to-wear, perfumes, and denim apparel. Beginning in the 1990s, it expanded globally and is now in its fourth generation. In 2017, after five years of growth, Trussardi’s performance declined and it fell into loss. Eventually, in 2019, the family decided to sell the majority of its shares to the Italian private equity fund QuattroR to reverse the situation. However, the unexpected COVID-19 pandemic severely impacted the brand, leading to increasing debt and eventually applying for a court restructuring process.

2) Indian internet underwear brand Bummer completes $1.1 million Pre-A round of financing

On March 13th, the Indian internet underwear brand Bummer announced the completion of a $1.1 million Pre-A round of financing, led by Gruhas Collective Consumer Fund with participation from existing investor Fluid Ventures. Founded in 2020, Bummer primarily targets the millennial generation with fashionable, comfortable, and soft eco-friendly underwear products. Currently, Bummer estimates that 50% of its revenue comes from India’s major first-tier cities, with future expansion focusing on second, third, and fourth-tier cities.

Beauty (1)

1) French natural acne care brand Skin and Out receives €1.5 million investment from founders of Caudalie

On March 15th, the French natural acne care brand Skin and Out announced receiving a €1.5 million investment from the founders of the French grape-derived natural skincare brand Caudalie. This investment will be used to maximally expand the brand’s retail market presence in France, especially in pharmacies, and to broaden its product range. Founded four years ago, Skin and Out primarily offers natural solutions for treating acne, including topical formulas, dietary supplements, and personalized guidance provided by experts in natural acne treatments or nutritionists. In 2023, Skin and Out’s sales exceeded €1 million.

Supplementary report on brand investment news from January to March 2024:

Sports (2)

1) American golf startup Eastside Golf completes $3.4 million seed funding

On January 18th, the American lifestyle golf brand Eastside Golf completed a $3.4 million seed round of funding, led by EP Golf Ventures. Founded in 2019 and based in Atlanta, Eastside Golf targeted youth and non-traditional golf enthusiasts as its primary customers, initially starting as a golf apparel startup. It has since grown into one of the renowned brands dedicated to promoting diversity in the sport of golf. In its first year, Eastside Golf’s sales were $100,000, which had grown to an estimated $4 million by 2023.

2) New York luxury fitness brand Equinox secures approximately $1.8 billion in new financing

On March 8th, the New York luxury fitness brand Equinox announced the completion of a new financing round of approximately $1.8 billion, led by Sixth Street and Silver Lake, with participation from Ares Management, HPS Investment Partners, L Catterton, and executives from the involved companies. Equinox currently operates 107 luxury fitness lifestyle clubs globally, with more than 25 new locations added in 2023. Moreover, in 2019, Equinox expanded into the luxury hotel sector with the launch of the Equinox Hotel brand. The Equinox Group’s brand ecosystem now includes Equinox fitness clubs, Equinox Hotels, the cycling brand SoulCycle, the budget fitness brand Blink Fitness, and the fitness club brand E by Equinox.

Footwear (1)

1) American sandal brand Hari Mari completes $10 million in equity financing

On March 6th, the American sandal brand Hari Mari announced the completion of $10 million in equity financing, led by financial services entrepreneur, former founder and CEO of Riveron, Landon Smith, with participation from Montgomery Capital Advisors and DWBI Investments. Founded in 2012 and headquartered in Dallas, Texas, Hari Mari initially aimed to create a flip-flop brand focused on comfort, introducing a patented technology called MemoryFoamToe™ to reduce or eliminate the discomfort of wearing new shoes. Since its inception, Hari Mari’s product line has expanded to include a full range of footwear products, as well as sportswear and joggers, with prices ranging from $60 to $160. Beyond its official website, Hari Mari products are also available in over 800 retail stores across the United States, Mexico, Canada, and the Bahamas.

Note: The financing amounts mentioned are based on company announcements or online news and are subject to further verification.

| Editor: Lezhi