For fashion’s private market investors, deal-making may provide less-than-ideal returns and raise questions about the long-term value creation opportunities across parts of the fashion industry, reports The State of Fashion 2024.

L Catterton, the private-equity firm with close ties to LVMH and Bernard Arnault that’s preparing to take Birkenstock public, has become an investment giant in the consumer-goods space, with stakes in companies selling everything from fashion to pet food to tacos.

Brands struggle to adapt to wholesale partners like Ssense because of their rampant discounting, which some say threatens the entire livelihood of independent fashion. But individual brands and retailers may have their own tricks up the sleeve.

Fashion and beauty start-up valuations appear to have stabilised after plunging last year, though it may be months or even years before many return to their old highs — if they ever do. But there are ways for emerging and established players to ride out the downturn.

With the direct-to-consumer funding heyday now over, DTC brands need to turn a profit. Unlike their revenue-obsessed counterparts, DTC pioneers Marine Layer, Meundies and Trinny London offer a blueprint for achieving both top- and bottom-line growth.

Start-ups under pressure to operate in the black have logistics and marketing expenses in their sights.

As the economy weakens and funding dries up, more digital upstarts will face pressure to sell. They’ll have no trouble finding buyers – if they can prove they’re more than just another money-losing start-up.

From fragrance to skin care to hair care, independent brands are making their mark on the beauty industry, but competition is stiff and scaling these businesses is more complex than ever.