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Following a cautious beginning, the international mergers and acquisitions (M&A) market has cooled down, burdened by persistent economic and geopolitical uncertainty, says PwC’s mid-year report. Between January and May 2025, M&A volume in the consumer industry fell by 9%, but value increased 32%, driven by seven deals each worth more than US $ 5 billion. The value increase notwithstanding, overall activity is still subdued.
Early in 2025, there were several big deals that at first seemed to have taken a rebound, but the future of the remainder of the year is unclear. Inflationary pressures, surprisingly high long-term interest rates, and impending US tariffs have weakened consumer confidence and investor sentiment.
This uncertain situation is leading investors to become more cautious. Deal timelines are extending as private equity companies and funds re-evaluate their portfolios and playbooks.
Italy is following international trends. M&A activity within the nation fell 7% year-over-year, as 158 deals had been announced by May 2025, compared to 170 in the corresponding period of 2024. Financial investors, above all else, retreated—particularly in the fashion and food & beverage industries—registering a 17% fall in deal activity.
In the global fashion industry, deal volume declined 26% in the first half of 2025, from 35 to 26 deals year-on-year. This is part of a larger decline from 63 transactions in 2019 to 78 in 2023 and 61 in 2024.
Looking ahead, PwC expects fashion M&A to remain “active but selective” in the second half of 2025. Buyers are likely to focus on strong, established brands—as seen in recent moves like Authentic Brands acquiring Dockers from Levi’s, 3G Capital’s planned purchase of Skechers, and Prada’s acquisition of Versace.
In Italy, aside from Prada’s US $ 1.36 billion acquisition of Versace from Capri Holdings (Michael Kors owner), smaller transactions were also closed in the early part of the year. Investment funds focused on firms with good performance and healthy cash flows, as exemplified by transactions such as Blue Pool Capital taking a stake in Golden Goose, Alto Partners’ transaction with Gallo, and Borletti-Quadrivio’s takeover of Twinset. Turnaround investments were also involved, such as Bluestar Alliance’s acquisition of Palm Angels.
Additionally, luxury brands continued strengthening their supply chains, either by acquiring suppliers outright or taking minority stakes. Examples include Prada’s stake in Rino Mastrotto, Richemont in Maglificio Miles, Chanel in Grey Mer, and Gentili Mosconi’s acquisition of Manifatture Tessili Bianchi. Financial investors have also entered the production chain with moves like Armonia’s investment in Millefili, Sienna SA in Vicenza Mode, and J Jardin in Nanan.
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