The Debrief

• Fashion’s M&A Market is Heating Up

  After a prolonged slowdown, fashion’s M&A market is springing back to life. A combination of falling interest rates, shifting investor sentiment and optimism around economic policy has fuelled a wave of early 2025 deals. Within the first few weeks of the year, brands like True Religion and Kapital were acquired by private equity firms and holding companies, signalling renewed confidence in fashion investments.However, not all acquisitions are about aggressive growth. Some buyers specialise in “managed decline,” acquiring struggling brands to extend their lifespan through licensing or cost-cutting. Others, including private equity firms and strategic buyers, see opportunities to scale promising brands by injecting capital and expertise.“The key for a lot of these companies in finding buyers is proving that their brands are still worth it and can weather these economic cycles and lulls in the market,” shared e-commerce correspondent Malique Morris. Executive editor Brian Baskin and senior correspondent Sheena Butler-Young sat down with Morris to break down the latest deals, the brands poised for sale, and what it all means for fashion in 2025 and beyond.Key Insights: A number of converging factors are driving a new wave of fashion mergers and acquisitions in 2025. Falling interest rates, Trump’s re-election driving investor optimism, and shifting regulations have all played a part in fuelling new acquisitions. “Retailers reported strong holiday sales in 2024, and even though much of that was driven by discounting, it signalled that consumers were still spending,” says Morris. “That kind of activity gives investors more confidence in backing fashion businesses.”Buyers are looking for brands with strong customer loyalty, an engaged audience, and clear growth potential that can weather the ebb and flow of the market. Brands need “good stewards to help them find the best resources to expand without hurting their legacy, whether that be money, retail networks, or supplier relationships,” explains Morris. “It's important to have the resources you need to maintain relevance and compete for consumer attention.”Beauty remains a hotbed for M&A activity. “Unlike fashion, beauty hasn’t faced the same investor hesitancy,” says Morris. “Brands like Merit, Westman Atelier, and Makeup by Mario are seen as prime acquisition targets, while Rare Beauty could be the defining beauty deal of the decade.”Overall, buyers are prioritising brands with strong customer loyalty and cultural relevance. “They're seeking brands with ample customer loyalty and a passionate consumer base that will keep their names in the public consciousness, irrespective of what recent sales growth will look like,” says Morris. He adds, “The thing that is top of mind is, what is the value of your brand? That’s an honest conversation that I’m not sure all companies have with themselves, let alone with buyers.”Additional Resources:What’s Behind the 2025 M&A Wave | BoF Fashion’s Most Anticipated M&A Hot Spots in 2025 | BoF Hosted on Acast. See acast.com/privacy for more information.

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• How to Future-Proof Your Fashion Career in 2025

  The fashion workplace is evolving, shaped by a wave of technological advancements, leadership changes, and cultural dynamics. For many employees, adapting to these changes has become a challenge, while employers must navigate how to foster connection, retain talent, and drive innovation.Executive editor Brian Baskin sits with commercial features editorial director Sophie Soar and senior correspondent Sheena Butler-Young to unpack how businesses can create thriving workplaces in 2025, the role of soft skills in a tech-driven era, and what it takes to re-engage an increasingly disconnected workforce.“In the face of AI and more technology coming in, it is more important to have a human element. What does a human do well? That’s why soft skills are a huge focus,” says Butler-Young. Meanwhile, Soar highlights the growing challenges of employee disengagement, stating, “We are incredibly disengaged as a workforce. Trying to get employees to buy back into what they’re doing and be part of the workplace is going to be really challenging.”Key Insights:The turnover of leadership in fashion is reshaping workplace dynamics. “New leadership means change, even if they're using the same playbook,” explains Butler-Young. “Having someone new at the top of your company tends to affect morale for better or worse, or just makes people feel uncertain.” She adds, “Fashion workplaces are in this perpetual transition this year, which will inevitably shape culture.”In the wake of President Donald Trump’s executive orders targeting corporate DEI programmes, successful DEI strategies in 2025 will integrate horizontally across all business functions, rather than thinking about it as a vertical. “If something is horizontally integrated across the business and is a fundamental aspect of every single core pillar that this business touches upon, it's harder to roll back on those initiatives as a result,” says Soar. Butler-Young adds, “If you as a leader of any kind of organisation appear to flip-flop on your values based on the way the political winds blow, I think that's going to have a harmful effect on your workplace in the long term.”As AI becomes more prevalent, employers are placing greater emphasis on human-centric skills. “In the face of AI and more technology coming in, it is more important to have a human element to it. What does a human do really well? That’s why soft skills are a huge focus,” says Butler-Young. Soar adds, “It’s about engaging a workforce who are constantly striving to think about how they can take this particular tool or opportunity to the next stage and do so with that can-do, positive approach and attitude.”The impact of the attention economy has spread into our work lives. “We are incredibly disengaged as a workforce,” says Soar. “Trying to get employees to buy back into what it is that they're doing and be a part of the workplace is going to be really challenging, especially as they're navigating a hybrid or remote working environment.” Employers, Soar argues, need to address this to optimise their workforce for the future: “It is fundamentally changing the way that we are operating as people as well as employees.”Additional Resources:How to Future-Proof Your Fashion Career in 2025From Trump to Gen-Z, Fashion Faces a Culture QuakeBoF Careers Hosted on Acast. See acast.com/privacy for more information.

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• The Evolving Art of Brand Collaborations

  Brand collaborations were once rare, highly anticipated events that generated significant buzz. But as they have become more frequent, the challenge lies in creating partnerships that genuinely resonate with consumers and cut through the noise.This week, executive editor Brian Baskin and senior correspondent Sheena Butler-Young sit down with BoF correspondent Lei Takanashi and editorial fellow Julia Lebossé to explore the state of brand collaborations, what makes them succeed or fail, and where they’re headed next.To work, collaborations need to feel authentic. For brands, “letting their collaborators take the wheel and just do what they want to do is really key,” says Takanashi. “When brands collaborate successfully, it’s often because they give creative freedom to the collaborator, allowing them to use the materials they want and tell a story that feels true to their audience,” adds Lebossé.Key Insights: Poorly thought-out collaborations often fail to connect with audiences and just won’t cut it anymore. “When it's done lazily, consumers can tell”, explains Lebossé. “We're becoming much smarter, really looking into brands and what they're doing and what makes sense. … That's why brands really have to step up in terms of what they're doing.”It’s not just big brands that can make waves with collaborations. Lebossé pointed to a sneaker collaboration between Bimma Williams and Saucony as an example where a smaller brand excelled. “They’re showing that, hey, we can do innovation,” explains Lebossé.Brands are finding even greater value in creating physical experiences around collaborations. Takanashi points to the Corteiz x Nike collaboration, where prospective buyers participated in scavenger hunts to buy the shoes. “If someone told me that kids would be lining up to buy Huaraches in 2025, I would not believe them at all,” he says. “But that’s the thing. This brand got kids waiting for hours in the freezing cold to buy their sneakers. It’s really that IRL experience that consumers are looking for when it comes to releases these days.”Additional Resources:Why Fashion Needs the Art World More Than Ever | BoFWhy Are Sneaker Collaborations So Boring? Hosted on Acast. See acast.com/privacy for more information.

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• How to Choose a PR Agency

  Public relations in fashion has transformed drastically from securing magazine features to managing 360-degree brand storytelling. PR agencies now navigate everything from influencer partnerships to event management, social media strategies, and beyond. However, choosing the right PR agency is no small feat, especially for smaller brands or those at critical growth stages.“Having a PR agency that really feels like a genuine organic extension of your team … is what's going to enable you to plan together and collaboratively work on goals that you're super aligned on,” shared marketing correspondent Haley Crawford. Executive editor Brian Baskin and senior correspondent Sheena Butler-Young sit down with Crawford to discuss how brands can evaluate potential PR partners, the challenges and opportunities in the modern PR space, and how to ensure a successful collaboration.Key Insights: The PR industry has evolved significantly. In the past, PR agencies focused on securing mentions in traditional editorial formats, with the ultimate goal being a feature in Vogue or Harper’s Bazaar. Today, their capabilities have expanded. As Crawford explains, “this allows them to represent brands across the full spectrum of physical and digital spaces where shoppers are really interfacing with them and discovering them. … The agency's role is to facilitate telling a cohesive story across all these facets.”Building relationships remains central to PR success. “The ability to build and maintain relationships has always been such a central skill in PR, but it looks totally different today than it did a couple of years ago,” says Crawford. “Today, publicists really have to go above and beyond to use those relationship building skills to build communities around the brand. And I think what really helps is being passionate about the brands that you choose to work with as well.”As artificial intelligence increasingly influences brand strategies, PR agencies must adopt innovative, human-centric approaches to distinguish themselves. This involves “facilitating an unexpected partnership … bringing events to life that really bring consumers that much closer to the brands they love” and helping brands “ to get in front of new audiences that might be unexpected.”When you're meeting with a potential PR partner, Crawford advises to think of it as a job interview. “Could you see them being part of your in-house team? Are they clearly passionate about developing your brand story and taking it to the next level?” Additional Resources:How to Choose a PR Agency | BoFWhat Fashion PR & Communications Professionals Need to Know Today | BoF Hosted on Acast. See acast.com/privacy for more information.

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• BoF’s Top Stories of 2024

  Background:As the year comes to a close, BoF’s executive editor Brian Baskin and senior correspondent Sheena Butler-Young look back on some of their favourite articles from 2024. The stories include topics that dominated industry conversations throughout the year, as well as some that have had key updates since publication.The four articles they discuss are “How Nike Ran Off Course” by sports correspondent Daniel-Yaw Miller, Butler-Young’s three-part Black beauty series, “The Fight for Influencer Marketing Dollars Heats Up” by senior news and features editor Diana Pearl and “Inside Luxury’s Italian Sweatshops Problem” by sustainability correspondent Sarah Kent. The conversation wraps up with a set of predictions for what’s to come in 2025.Key Insights:Miller’s “How Nike Ran Off Course” topped the list of key stories from 2024. It was a trying year for the brand, marred by declining sales quarter after quarter. Many pointed to former CEO John Donahoe as the source, with marketing and product feeling stale since he joined in 2020. “This was the year where it really crystallized that there were viable alternatives to Nike in the market,” said Baskin, with competitors encroaching from all sides. Looking ahead, Butler-Young said “Nike is not resting on its laurels” and is doing a lot to try to “turn around a very large ship,” starting with selecting a new CEO, longtime Nike executive Elliott Hill.Sarah Kent’s story, “Inside Luxury’s Italian Sweatshops Problem,” digs into this year’s viral scandal surrounding luxury brands’ labour practices. “It found that luxury brands that manufacture in Italy…routinely turn a blind eye to labour exploitation in their supply chain,” said Butler-Young. “They ignore red flags raised by audits and sustainability teams for the sake of convenience and cost.” Dior in particular faced social media backlash for “the disparity between what people pay for products and then some of the things that happen in the supply chain,” said Butler-Young. Next year, brands will face penalties for failing to comply with new European due diligence regulations.Baskin and Butler-Young shared predictions for the industry in 2025. For Butler-Young, ESG and DEI will be key to watch as they “attempt to continue to take shape in a very hostile political environment,” said Butler-Young. Early adopters of DEI who stick with it despite ebbs and flows might benefit by being the most innovative in the space down the line. For Baskin, “My prediction is one of these big struggling brands … is going to successfully pull out of its slump,” he said, pointing to Nike as a potential winner. Hosted on Acast. See acast.com/privacy for more information.

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