M&A advisory for luxury goods companies
Luxury M&A is concentrated around a small set of strategic buyers. LVMH, Kering, Richemont, Capri, Tapestry and a number of family-controlled houses run the bulk of acquisitions, with selective PE in emerging and accessible luxury. Buyers underwrite on brand equity, distribution control and the credibility of global expansion under the acquirer's platform.
The buyer pool is genuinely small: LVMH, Kering, Richemont, alongside Tapestry, Capri and Prada Group at the accessible-luxury end, plus a set of family-controlled houses. A luxury process is run as four to eight focused conversations, not a market broadcast - diligence runs through brand heritage, distribution control across own boutique and wholesale, and internationalisation credibility. Flow has direct access to the corp dev teams across this set.
Flow team has relevant sector experience and has worked with luxury goods companies across leather goods and accessories, ready-to-wear, jewellery and watches, fragrance and cosmetics, and emerging luxury.
"Luxury goods" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing luxury goods M&A targets
Revenue
Gross margin
Sales per square foot
Full-price sell-through
Repeat client share
AOV
Direct retail share of revenue
Days inventory outstanding
Region mix
Wholesale share
Luxury goods valuations in May 2026
Public luxury goods comps trade at 1.5x EV/Revenue. Median revenue multiple across luxury goods M&A deals was 3.3x in the last 12 months.
1.5x
Median EV/Revenue as of May 2026 for public luxury goods companies
3.1x
LVMH is the highest valued public luxury goods company based on EV/Revenue (excluding outliers)
3.3x
Median EV/Revenue across luxury goods M&A deals in the last 12 months
12x
Median EV/Revenue across luxury goods VC rounds in the last 12 months
Key recent luxury goods M&A deals
$3.1B acquisition of Raselli Franco by Kering was the largest luxury goods M&A transaction completed in the last year.
See all luxury goods M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Dec-25 | Raselli Franco |  | Raselli Franco is an Italian luxury jewelry manufacturer founded in 1969 and headquartered in Valenza, Italy. Operating under the Gruppo Errepi umbrella, the company provides end-to-end high jewelry and fine jewelry production for major luxury brands, covering the full value chain from raw material and precious stone sourcing through R&D, design, prototyping, component manufacturing, assembly, and quality control. The firm employs both casting and CNC machining techniques across its production facilities and maintains a direct international presence with offices in France, the United States, Hong Kong, China, and Canada. Raselli Franco has served as a long-standing strategic manufacturing partner to Kering's jewelry houses, including Boucheron, Pomellato, Dodo, and Qeelin. In December 2025, Kering signed an agreement to acquire an initial 20% stake in the family-owned group for EUR 115 million, with a defined pathway toward full ownership by 2032. | Kering | $3.1B | - | |
Dec-25 | Golden Goose |  | Golden Goose is a Venice-originated luxury brand renowned for distressed leather sneakers like the Super-Star and Ballerina models produced in Italy. The company offers apparel, bags, and eyewear through boutiques in Milan, Los Angeles, Hong Kong, and Dubai, emphasizing artisanal distressing and vintage-inspired designs distributed via Farfetch and Net-a-Porter. | HSG | $2.7B | 4.8x | |
Dec-25 | K | Kering (5th Avenue property) |  | Kering's 5th Avenue property is a prime retail asset in New York City owned by the French luxury conglomerate Kering. The space houses flagship boutiques for Kering's portfolio brands including Gucci, Saint Laurent, and Balenciaga in a high-traffic location on Manhattan's iconic shopping avenue. | Ardian | $1.5B | - |
May-26 | Marc Jacobs | | Marc Jacobs is a designer and retailer of apparel and accessories for men and women. Founded in 1984 and based in New York, the company maintains a broad portfolio that includes ready-to-wear lines, footwear, eyewear, fragrances, and a children’s collection. It operates more than 300 stores worldwide after opening its first location on Boston’s Newbury Street in 2004 and later expanding into Los Angeles, Paris, and additional markets. | G-III Apparel Group | $850M | 1.7x | |
Aug-25 | Faberge Services Ltd. |  | Fabergé Ltd crafts luxury high jewelry incorporating colored gemstones, diamonds, and intricate enameling techniques. London-headquartered, it draws from the heritage of 19th-century imperial Easter eggs created for Russian tsars. Modern collections feature pieces with Zambian emeralds, Mozambican rubies, and rare sparklers, distributed through boutiques in London, Geneva, and New York. | SMG Capital | $50M | - | |
Jul-25 | Lilou |  | Lilou is a Warsaw-based online boutique selling fine jewelry and accessories. Its collection includes personalized bracelets, pendants, handbags, card holders, and key rings crafted for gifting occasions. | W.KRUK | $26M | - | |
Jun-25 | E | European Boutique (watch and jewellery unit) |  | European Boutique is the watch and jewellery division acquired by Birks Group in 2021. Headquartered in Montreal, Canada, it retails luxury timepieces from brands like Rolex and Omega alongside fine jewellery collections. The unit operates boutiques in major European cities including Paris and London, sourcing from Swiss manufacturers. Birks Group integration expanded its North American presence through flagship stores in Toronto and Vancouver. | Birks Group | $7.0M | - |
Jan-26 | Russell and Bromley | | Russell and Bromley is a London-based luxury footwear and accessories retailer curating collections of shoes, boots, handbags, and leather goods for men and women since 1880. | - | $3.4M | - | |
Mar-26 | Pat McGrath Labs | | Pat McGrath Labs is a luxury cosmetics brand offering high-pigment makeup including Mothership palettes, BlitzTrance lipstick, and Sublime Perfection foundation. New York-headquartered and launched in 2015, the line graces runways for Versace, Prada, and Louis Vuitton shows. Sold at Sephora, Saks, and patmcgrath.com worldwide, Pat McGrath Labs holds over 100 shades across products with formulations featuring skin-matching technology and long-wear finishes. | GDA Luma | - | - | |
Mar-26 | Sunseeker International | | Sunseeker International is a Poole-headquartered builder of luxury motor yachts ranging from 48 to 155 feet. The company constructs flybridge yachts, sport yachts, and super yachts equipped with bespoke interiors and advanced navigation systems. Distributed through a global network of 60 dealers in 40 countries, Sunseeker delivers vessels to clients including high-profile individuals and charter operators. Founded in 1969, it produces around 100 yachts annually at its 52-acre facility in Dorset, England, emphasizing craftsmanship with materials like carbon fiber and teak. | KCP Holdings | - | - | |
Feb-26 | Fred Segal | | Fred Segal is a Los Angeles-based multi-brand fashion retailer curating apparel, footwear, and lifestyle products from designers for customers seeking distinctive styles. | Aritzia | - | - | |
Jan-26 | Deutsch & Deutsch | | Deutsch & Deutsch is a family-owned jeweler offering engagement rings, necklaces, watches, and fine jewelry via retail and online channels in the Midwest. | Watches of Switzerland | - | - | |
Jan-26 | Baume & Mercier | | Baume & Mercier is a Swiss watchmaker renowned for elegant timepieces blending heritage craftsmanship with contemporary luxury. | Damiani Group | - | - | |
Jan-26 | D | DFS Group (retail stores) |  | DFS Group is a luxury travel retailer operating T Galleria stores and airport shops, presenting global brands to international travelers. | China Tourism Group | - | - |
Dec-25 | I | IPPOLITA | | IPPOLITA is a luxury jewelry brand designing and retailing fine pieces for women. | MadaLuxe Group | - | - |
Most active buyers of luxury goods companies
The 1916 Company, FASHIONPHILE and Watches of Switzerland are the most active acquirers of luxury goods companies in the last three years.
See all luxury goods acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
The 1916 Company | | The 1916 Company is an international retailer curating luxury timepieces and jewelry from brands like Rolex, Patek Philippe, and Cartier. Operating online and through showrooms, the community serves collectors with authenticated pieces and concierge services. | Govberg JewelersRadcliffe JewelersWatchBox+1 | 3 | |
FASHIONPHILE | | FASHIONPHILE is a California-headquartered luxury resale platform founded in 2013 specializing in pre-owned designer handbags, jewelry, and watches. Partnered with Neiman Marcus since 2021, it offers authentication services and in-store buyouts at select locations nationwide via fashionphile.com. | Luxe CollectiveTwo Authenticators | 2 | |
Watches of Switzerland | | Watches of Switzerland Group PLC is a retailer of luxury watches and jewellerys in the United Kingdom. Other than luxury watch offerings, the company also offers luxury jewellery, fashion, and classic watches and a range of watch and jewellery aftercare services. The company's geographical segments are the United Kingdom and Europe, and the United States, of which the majority of the revenue comes from the United Kingdom and Europe segment. | Deutsch & DeutschRoberto CoinHODINKEE | 2 | |
Unison Capital |  | Unison Capital invests in private equity buyouts, corporate spin-offs, and succession deals targeting middle-market firms in Japan and Korea. Founded in 1998 and Tokyo-headquartered, the firm pursues controlling stakes through its funds with offices in Seoul and San Francisco at unisoncap.com. | TasakiKrispy Kreme (Japan operations)Osstem+1 | 2 | |
Akris | | Akris is a St. Gallen, Switzerland-headquartered luxury fashion house producing refined ready-to-wear collections and accessories with couture craftsmanship. It showcases seasonal lines during New York, Paris, Milan, and London Fashion Weeks for global retail distribution. | Meister 1881 | 1 | |
Ardian |  | Ardian is a Paris-headquartered independent private investment house managing diverse assets including private equity, real assets, infrastructure, and credit strategies. The firm invests across Europe, North America, and Asia, partnering with limited partners to deploy capital in buyout, growth, and venture opportunities. | Kering (5th Avenue property)Casaforte Self StorageCentrotherm+1 | 1 | |
Damiani Group | | Damiani Group is a Valenza-headquartered Italian jewelry manufacturer founded in 1924. The third-generation family business, led by siblings Guido, Silvia, and Giorgio Damiani, produces diamond jewelry, watches, and luxury pieces sold through boutiques in Italy, the United States, and Asia. | Baume & MercierVENINI S.P.A. | 1 | |
W.KRUK | | W.KRUK is a Poland-headquartered jewelry retailer with over 300 stores nationwide. Established in 1840 in Kraków, it designs and sells gold, silver, diamond, and gemstone pieces including engagement rings, watches, and custom collections manufactured in-house. | Lilou | 1 | |
K | KCP Holdings | | KCP Holdings is a New York-headquartered investment firm founded in 1952 with additional offices in London, Singapore, and Washington, DC. | Sunseeker International | 1 |
SMG Capital |  | SMG Capital is a Copenhagen-based equity crowdfunding platform launched in 2019 as Denmark's first dedicated to early-stage investments. It connects startups in cleantech, healthtech, and fintech with accredited investors via campaigns for pre-seed to Series A rounds. Notable raises include Pleo and Dixa, facilitating over 50 million euros in funding through its ecosystem events and investor matching services. | Faberge Services Ltd. | 1 |
Founders and investors we've worked with
We've supported winning builders across luxury goods and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
See moreRecent M&A advisory track record
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