Skip to content
PwC: Global fashion M&A volume down 26% in first five months of 2025

According to PwC’s latest Global Consumer Markets M&A Trends – Mid-Year 2025 Outlook, mergers and acquisitions in the fashion and luxury sector remain active but are slowing due to macroeconomic headwinds and rising investor caution.

Globally, M&A activity in consumer goods declined 9% year-on-year from January to May, with fashion deals in Italy down 26%. While overall deal volume has dropped, total transaction value rose 32%, driven by seven deals exceeding $5 billion.

Regional trends vary: Asia-Pacific saw a 7% decline in deal count but a 25% increase in value, led by major supermarket mergers in Japan; EMEA posted modest declines; and the Americas experienced a 22% drop in volume but a 71% surge in deal value. Longer deal timelines and wider valuation gaps reflect increased caution from both strategic buyers and private equity firms. Investors are now prioritizing stable, cash-generating assets, while digitization and retail tech remain key drivers of strategic acquisitions.

Despite the broader slowdown, major moves — such as Prada’s acquisition of Versace — underscore continued interest and confidence in the sector.

Luxury’s personalized toolkit for business in China. Join now to sharpen your focus.

Subscribe now

Have an account? Login