Fashion, luxury and lifestyle news aggregator - March 2025

Posted: 28/03/2025

Footwear frenzy

Steve Madden to acquire Kurt Geiger
Luxury shoe designer Steve Madden recently announced that it is set to acquire British brand Kurt Geiger from private equity firm Cinven for approximately £289 million. The transaction is expected to close in the second quarter of 2025. Edward Rosenfield (chair & CEO of Steve Madden) expressed his excitement for the deal, noting that Kurt Geiger has had ‘exceptional growth’ over the last several years.

After acquiring Kurt Geiger in 2015, Cinven expanded its operation into the US, increasing its net turnover in North America to £140 million – up from £10 million. Kurt Geiger’s portfolio includes KG Kurt Geiger as well as Carvela, with the brand as a whole increasing its growth by 17% in December 2024 in its direct-to-consumer (DTC) business.

Kurt Geiger’s CEO Neil Clifford stated that the brand is in the premature stages of a growth journey, with sizeable expansion opportunities available. The brand continues to strive for further North American expansion, with stores set to open in LA, San Diego, New York and Mexico City. This is in line with Steve Madden’s own strategic initiatives to expand internationally as well as into DTC channels.

Birkenstock to open new London store
Birkenstock is set to increase its retail presence in London with a permanent store opening on the King's Road as well as a temporary pop-up in Shoreditch. The brand’s clogs and sandals have increased in popularity over the years with a range of demographics sporting the shoes due to their high quality composition and long-lasting comfort. The German brand has recently reported an impressive financial performance for the year ending 31 December 2024 with sales reaching £299 million. Revenue grew across all regions over the same period with APAC leading the way with 47% growth. By expanding its retail presence, the brand is able to further increase its DTC business which also achieved an 11% revenue increase.

Stuart Weitzman sold by Tapestry
Tapestry has sold luxury shoe brand Stuart Weitzman for $105 million to Caleres. The deal is expected to close this summer. Caleres, which owns Sam Edelman and Famous Footwear, aims to preserve Stuart Weitzman’s legacy and drive the brand forward. Jay Schmidt, CEO of Caleres, commented that Stuart Weitzman will be a ‘lead brand’ for Caleres and the acquisition fits into its strategy to increase its ‘brand portfolio segment with more global and direct-to-consumer reach’. However, Stuart Weitzman has been underperforming with sales reportedly dropping by 16% year-on-year.

The deal will allow Tapestry to focus on its other brands including Coach and Kate Spade. This is perhaps of no surprise given Coach’s recent revival by Gen Z, who love the brand’s vintage aesthetic.

Luxury in transformation

An Italian luxury renaissance: Prada's Versace acquisition
Prada is moving closer to an acquisition of Versace from Capri Holdings Ltd after reportedly agreeing a price of almost €1.5 billion and potentially finalising a deal this month.

In October 2024, the US courts upheld the US Federal Trade Commission's lawsuit to block the proposed £6.6 billion merger between Tapestry Inc and Capri Holdings Ltd. The collapsed deal led to a downgrade of Capri's debt to below investment grade, prompting them to explore sale options for Versace.

Acquiring Versace could bolster Prada's position against global luxury competitors like LVMH and Kering, creating an "Italian luxury powerhouse capable of going toe-to-toe with the French giants." With a market value of €22.5 billion, Prada is still a fraction of  LVMH's €347.5 billion valuation but the deal would signify long-term ambition for the brand. Prada's recent financial performance has outstripped that of its competitors with revenue reaching €3.1 billion, retail sales increasing by 18% and defying the luxury slowdown that has hit both LVMH and Kering.

The acquisition would not only unite two of Italy's best known luxury fashion brands but also marks a reversal of the trend in Italian fashion of domestic luxury groups such as Gucci and Valentino being bought by foreign rivals. While Versace's reputation for bold style contrasts the more understated elegance of Prada, insiders think that the tie-up could offer something different for Italy’s largest luxury fashion group.

Louis Vuitton launches new make-up line
Louis Vuitton has unveiled its new La Beauté collection that features 55 lipsticks, 10 lip balms and eight eyeshadow palettes. Renowned British makeup artist Pat McGrath will serve as cosmetics creative director, having worked backstage for over 20 years at Louis Vuitton's fashion shows. The foray into cosmetics could excite younger shoppers seeking small indulgences with makeup products being more affordable than the brand's clothing and accessories. The beauty line is set to launch in autumn 2025 and follows French brands Celine and Jacquemus which both also announced expansion into the beauty and cosmetics market earlier this year.

The return of Topshop: a high street revival?

Topshop has been teasing its return to the high street since Heartland purchased a 75% stake in the brand in September 2024. More recently, Topshop shared a cryptic Instagram post that read: "We missed you too" and "We've been listening" fuelling hints of a major comeback. 

Shortly after the teaser was released, Topshop shared another post on Instagram advertising a £1,000 treasure hunt in the Oxford Street and Soho area of London, with the potential for one lucky winner to receive £1,000 in Topshop vouchers to spend on the Asos website and exclusive early access to the brand's relaunched website later this year. The developments follow the appointment of Michelle Wilson as managing director of Topshop and Topman in February.

Although the retailer has not confirmed plans to bring back its high street stores,  its recent moves have certainly generated excitement for a highly anticipated potential revival.

Red carpet runway: the impact of luxury in Hollywood

The awards season is a major tool of influence for luxury brands. True vintage appears to be this year's theme with Zendaya attending the Golden Globes in an old Hollywood style Louis Vuitton dress and Olivia Rodrigo wearing a 2000 Versace design to the Grammys. Although difficult to quantify the effect on sales, celebrity exposure at award ceremonies is a great marketing opportunity for fashion houses.

Last year, the Hollywood Reporter partnered with data firm Launchmetrics to create the Red Carpet Power Rankings. Using its Media Impact Value (MIV) algorithm, Launchmetrics analyses and quantifies the impact of brands and stars seen on the red carpets by assigning a monetary value to social media posts, interactions and editorial stories. These are analysed across five categories: womenswear, menswear, accessories, jewellery and watches.

At the 2025 Oscars, Chanel topped the fashion brand category with a staggering $16.9 million in MIV having dressed Lupita Nyong’o, Margaret Qualley, Penelope Cruz, Lily-Rose Depp and best actress nominee Fernanda Torres. Meanwhile, Zoe Saldaña, Timothée Chalamet and Elle Fanning all wore Cartier accessories amounting to $5.8 million in MIV.

With the 2025 awards season now at a close, the Met Gala - set for early May - is perhaps the next big event in the fashion calendar and it remains to be seen which brands will garner the most engagement and influence.

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