The Vogue Business Funding Tracker compiles notable investment and merger-and-acquisition activity across fashion, beauty, technology and sustainability. Its October 2026 entries are dominated by Frasers Group’s expanding luxury ambitions, while September activity includes financing, acquisitions and strategic investments across activewear, skincare, fragrance and consumer goods.
Frasers Group has successfully taken control of Hugo Boss after increasing its stake in the German fashion company to approximately 50.08%. The British retail conglomerate bought an additional 198,666 shares, valued at €7.63 million according to a stock market filing, making Hugo Boss a subsidiary of the Mike Ashley-owned business. The move follows a rejected €2 billion takeover proposal in June, which Hugo Boss described as financially inadequate. Michael Murray, Frasers Group’s chief executive, became Hugo Boss chair last month after Stephan Sturm stepped down.
Frasers has also adjusted its position in Burberry, reducing its stake from 7.4% to 6% after progressively increasing it during the previous weeks. The group separately acquired an 8.78% stake in US sportswear company Under Armour. Earlier entries in the tracker recorded Frasers raising its Burberry holding from 4.2% to 6.3% and placing the British brand within a new luxury division. Its portfolio includes businesses such as Flannels, The Webster, Harvey Nichols and Sports Direct.
In September, Revolve invested C$15 million for a minority stake in Toronto-based activewear brand 437. Founded in 2016 by Adrien Bettio and Hyla Nayeri, the company began as a swimwear label before moving into activewear in 2023. Revolve said 437 was outperforming nearly every activewear brand on its site, including much larger competitors.
Fragrance brand Vyrao, founded by former fashion executive Yasmin Sewell in 2021, was acquired by Tresalis in a transaction whose terms were not disclosed. The brand combines fragrance with aromatherapy and neuroscience principles and is expected to enter its next phase of development under its new owner.
Los Angeles-based haircare brand Arey raised a Series A round with participation from Unilever Ventures, Greycroft and Female Founders Fund. Founded by Allison Conrad and celebrity hairstylist Jay Small, Arey develops products containing vitamins, antioxidants and peptides aimed at delaying and repigmenting ageing hair. The funding will support product development, clinical research and retail expansion.
Indian fashion discovery platform Slayd secured $156,400 in pre-seed funding from AJVC. Launched in Gurugram in 2025, the AI-driven service sorts products from more than 300 marketplaces and brands into themed, personalised feeds. The company said the investment will strengthen its team and support the growth of its private-label business, Slayd Originals.
Puig agreed to acquire Corporación Químico-Farmacéutica Esteve’s 50% stake in Spanish dermatological skincare brand ISDIN, giving the beauty group full ownership. ISDIN was created in 1975 through a partnership between CQFE and Puig. Puig said the transaction supports its strategic priority of expanding in dermocosmetics and continuing investment in science and innovation.
Caudalie Group made its first acquisition by purchasing Talm, a brand founded in 2021 that initially focused on pregnancy and postpartum bodycare. Talm has since expanded into sensitive skincare for all stages of life, operates in roughly a dozen countries and reports double-digit revenue growth. Caudalie plans to use its pharmacy network, sales force and infrastructure to support Talm’s international expansion and product development.
Medici Brands, the owner of David Protein and confectionery brand HallPass, raised $250 million in a Series B round led by Greenoaks and Valor Equity Partners, with participation from Peter Rahal, Iconiq and Imaginary Ventures. The company plans to expand HallPass’s retail presence, develop new David formats and categories, advance product innovation and launch additional brands including Rowdy.
Dollar Shave Club acquired Truly Beauty, a Los Angeles-based personal care brand founded by Maxx Appelman in 2013. Known for plant-based bodycare, viral products and Gen Z-focused marketing, Truly represents Dollar Shave Club’s first acquisition as it expands beyond grooming. The company said it plans to combine Truly’s product development with its own inventory planning and logistics capabilities.
Accessible luxury leather goods brand Strathberry closed a second funding round through an undisclosed minority investment from Soho Square Capital’s new Fund II. The transaction values the company at approximately £100 million. Strathberry reported 39% year-on-year growth in 2026, reaching $50.5 million, and will use the investment to accelerate its expansion in North America.
Earlier in the tracker, Procter & Gamble entered into a definitive agreement to acquire science-backed supplements brand Thorne from L Catterton’s Flagship Fund. The transaction is subject to regulatory approval and is expected to close later in the year. P&G said the deal would strengthen its position in premium wellness, while Thorne is seeking to develop its position as a trusted personalised health brand.
Other 2026 activity includes Salesforce investing in Solomei AI, the company behind the Callimacus platform, to support engineering, artificial intelligence research, product development and commercial expansion in Europe and North America. Beauty brand Merit also received undisclosed investment from Semcap Beauty & Wellness, led by Vasiliki Petrou, who previously founded Unilever’s Prestige division.
French textile recycling startup Syntetica raised $30 million in Series A funding from investors including Ecotechnologies 2, Lululemon, MAS Holdings, Swen Capital Partners and EQT Ventures. Its chemical process is designed to recycle textile waste made from multiple materials into nylon. The funding will support construction of Syntetica’s first commercial facility in France, which is intended to process hundreds of tons of post-consumer textile waste annually.
Sources: Vogue.