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.

The underwear start-up was once pegged as Gen-Z’s answer to Victoria’s Secret. But investors, executives and founder Cami Téllez couldn’t agree on whether to prioritise growth or profitability. They ended up with the worst of both worlds.

Croissant is a start-up that melds retail with resale, showing shoppers the secondhand market value of products they want to buy, as well as offering them a simple way to resell those items for immediate cash.

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.