Every Friday I send out a new institutional grade research report - today is MDV . If you want to sharpen your finance mind, SUBSCRIBE at the link below for the deep dive coming out ltr today. I also send out the data used to create the analysis .

This Friday I’m dropping a mega consumer products newsletter - consolidating F&B, Beauty, Apparel, and Health/Wellness into one breakdown of all the latest M&A trends. A must-read for founders, investors, operators, and acquirers Subscribe at the link pinned to my profile 🙂.

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So, moral of the story is - if you have to be in apparel - hopefully you can bring true incremental market share into a strategic's portfolio, and if not, then you will probably end up in the hands of WHP or elsewhere for a price you don't really like.

4/ Category matters. Casualwear and designer were the sub-categories with the most activity. Outdoor was the least. Designer brands will always command some premium, as evidenced by Prada Group's acquisition of Versace for 2x sales.

3/ Strategic vs Financial buyers. Most of the activity here is by financial buyers - who are paying a pretty stark difference from an ebitda multiple perspective. On average, financial buyers are paying 6.9x EBITDA. The strategic buyers are coughing up ~10.6x for larger brands

2/ Whats the price?. The deal values are all over - there are mega deals like Luxottica buying Supreme, & there are brands like Rag & Bone going for pennys. Its no secret apparel has seen tougher valuations. The median deal value was $318m - or an average 1.22x sales & 9x EBITDA.

1/ Who is going to buy?. The most active acquirers in apparel are, unsurprisingly, WHP Global and Authentic Brands Group - two private equity funds who have been scooping up apparel brands. For strategics - the most active buyers are LVMH, Gildan & VF Corporation, with 4 each

I analyzed over 200 M&A deals in APPAREL from the last TEN YEARS. Why? To give YOU the roadmap on what it takes to sell your brand to a strategic buyer, and to who & for how much. Let's get into it👇

If you invested $10k into Build-A-Bear Workshop 5 years ago, you would now have $272,700. You would have outperformed. NVIDIA by more than double. CELSIUS by 4x. Netflix by 20x. Build a bear is up 50% YTD alone, and you're bearish?

RT @oliviaakory: Taking a break from measurement hot takes today because at the end of the day, working alongside great people is all that….

The most impactful thing we can do in terms of creating real enterprise value for our customers is our benchmarking product. I'll give you an example. We had a semi-large beauty brand that, after integrating into Iris, was paying about 40% more shipping & logistics expenses

if i launch a new podcast, would you rather it be “stories” - like guest style interviews e.g., have a founder who got acquired on. or “informative” like news/current events like what i usually post about.

This is bizarre🤯 an $11m revenue juice brand called Buda Juice has filed to go public. You read that right. $11m revenue brand is ringing the IPO bell. Some metrics from the S1:.- 20% YoY growth.- 46% gross margin.- 32% Net margin.- $50,000 marketing expense in 2024.- 2.8% of

this is my best tweet ever.

Guideline getting acquired by Gusto is like Taylor Swift and Travis Kelce getting engaged for people who know what EBITDA stands for

this is the managing partner of a $2.7B growth equity fund investing in consumer. you should probably check us out

We are decorating the new office!🎉. I want to fill these shelves with all consumer products. Tag your brand we should buy product from in the comments 👇🏻👇🏻🙂. Shout out to @alessandroroco from Sanzo for sending us some goodies that made it onto the shelf (& into the fridge!)

we’re still in the phase of people thinking that having some sort of AI in your tech product is what matters. in 2/3 years it will become evident those who thought having good ai in your tech product is what matters.

man i go back and forth on linkedin so much. the people on linkedin behave like the bots on twitter. i dont know whats worse.

CANADA GOOSE RECEIVES $1.4B TAKEOVER OFFER FROM BOYU CAPITAL & ADVENT INTERNATIONAL. Bain Capital acquired 70% of Canada Goose in 2011 and IPOed it in 2023 and is the controlling shareholder. Canada Goose did $964M in sales and $168M in EBITDA last year. After the reported sales

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