The deal, overseen by accountancy and advisory firm BDO, is expected to support the Never Fully Dressed’s planned expansion across international markets and new product categories.
Refined Capital Partners on board with the promise of adding operational expertise during what Never Fully Dressed describes as a pivotal stage of growth.
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No changes in leadership were disclosed. Never Fully Dressed states it is still the same female-founded brand, led by the existing leadership team.
Financial terms of the investment have not been disclosed.
In a post on LinkedIn, Never Fully Dressed said: “Today, we’re excited to share the next chapter in our journey. Refined Capital Partners has acquired a shareholding in Never Fully Dressed. This partnership is an exciting milestone for us, bringing long-term investment and strategic support that will help us continue growing while staying true to everything that makes NFD, NFD.”
Founded by Lucy Aylen, Never Fully Dressed offers multi-wear styles in inclusive sizing from a UK 4-30, US 0-26.
The company, recognised for its distinct prints and inclusive fashion approach, has developed its presence through e-commerce, wholesale and retail partnerships.
With the new investment, it now hopes to scale up its omni-channel offering further.
Lucy Aylen explained: “This transaction is a defining milestone for our brand. We’ve achieved so much to date, and I’m energised by the incredible opportunity this partnership with Refined Capital Partners creates for the future. It was crucial to find a partner that truly understood our business and shared our vision and values, so that together we can continue to celebrate and empower even more women around the world.”
The deal was led by Lorna Hopkinson at BDO who was supported by Olly Morris and Alex Lawrence. Lorna Hopkinson is M&A managing director in the Retail and Consumer team.
Lorna added: “Lucy is an exceptionally creative and formidable founder who has built an inclusive, purpose-led and highly differentiated brand that resonates deeply with its customers.
“Never Fully Dressed has achieved exceptional growth to date, and with the support of Refined Capital Partners, I have no doubt the business is well positioned to accelerate its ambitions and continue its impressive success story.”
