Valentino Acquisition & Valuation

Farfetch China is the China-focused division of Farfetch, linking luxury shoppers to worldwide boutiques and brands. Operating from its platform, it curates high-end fashion products shipped directly from over 700 stores globally. Integrated into Farfetch's technology ecosystem, it supports Beijing-area consumers with authenticated designer clothing, accessories, and jewelry.

Saks.com is a New York-based e-commerce platform specializing in luxury fashion and accessories. Established as a standalone division from Saks Fifth Avenue, it enhances digital shopping with advanced styling services, data-driven personalization, and a hybrid model blending retail curation with third-party marketplace offerings. The platform targets expansion in the online luxury sector through investments in user experience and broader assortment availability.

Zozo, established in 1998 by Yusaku Maezawa, operates Zozotown, Japan's largest fashion e-commerce platform. Zozotown runs primarily on a consignment model, where brands stock products at Zozo's logistics bases and operate shops as tenants. As of 2025, Zozotown hosts over 11,000 brands and 12.5 million active users. Beyond its core domestic business, Zozo is expanding into adjacent categories such as skincare, cosmetics, and fragrance (near fashion), and internationally through Lyst, a UK-based luxury fashion platform acquired in 2025, and Zozofit, a body measurement app.

Alibaba Health is of one of China's leading e-commerce platform specializing in healthcare-related products, including prescription drugs, OTC drugs, traditional Chinese medicine, health foods, and so on. The company operates both a third-party B2C service, or 3P, and its own direct-to-consumer business, or 1P, with its own inventory, which can both be accessed by Alibaba’s Tmall app and Alipay. The company also provides online consultation services in a separate app called Yilu or “Dr. Deer,” although its e-commerce businesses remain its core competency in the long-term. E-commerce accounted for 93% of revenue in fiscal year 2022. We estimate that AliHealth holds about 45% of market share in the industry in terms of GMV. AliHealth is 63.74% owned by its parent company, Alibaba Group.

Vipshop is a leading Chinese online discount retailer offering branded products at attractive discounts ranging from 10%-90% off their original price through daily flash sales. It operates warehousing, retailing, product procurements, software development, and information technology support in-house while outsourcing to third-party logistics providers for distribution and shipments. Branded products on Vipshop’s platform are sourced mostly through a consignment model with global brand partners . As of March 31, 2025, Eric Ya Shen, chairman and CEO, had 64.5% voting rights. Leading Chinese social media firm and strategic shareholder Tencent also holds an 12.5% interest.

Skims is a direct-to-consumer apparel brand offering shapewear, underwear, loungewear, and outerwear in inclusive sizing from XXS to 5X and 40+ skin tone shades. New York-headquartered and launched in 2019, it produces bodysuits, bras, briefs, slips, and sleepwear using nylon-elastane blends for stretch and support. Skims operates flagship stores in New York and Los Angeles, ships to over 50 countries, and collaborates with retailers like Nordstrom and Net-a-Porter.

Zalando, founded in 2008, is Europe’s biggest pure-play online fashion platform. Zalando is present in 25 European countries, and its major market is the DACH region, comprising Germany, Austria, and Switzerland. After the About You acquisition, it has 17 fulfillment centers, offers over 7,000 brands, and as of September 2025, had 62 million active users (more than 10% of the population in countries where the firm has a presence).

Openlane Inc provides a digital marketplace for used vehicles, connecting sellers and buyers in North America and Europe for fast and transparent transactions. Its services include financing, repossessions, repairs, transportation, warranty, and inventory management. The company operates used-vehicle auctions and has two main segments: Marketplace and Finance, with majority revenue coming from the Marketplace segment, which to used vehicle remarketing, including marketplace services, remarketing, or make ready services and all are interrelated, synergistic elements along the auto remarketing chain. The Finance segment, through AFC engaged in business of providing short-term, inventory-secured financing to independent vehicle dealers.

Founded in 2011, Chewy is a leading e-commerce retailer of pet food, toys, supplies, and medications in North America. The firm offers a comprehensive selection of proprietary and third-party brands, anchored by its highly sticky autoship subscription program, which drives over 83% of its sales. Beyond core retail, Chewy is expanding into high-margin revenue streams, including its retail media network (Chewy Ads), specialized veterinary healthcare software, and brick-and-mortar veterinary clinics to further integrate customers into the Chewy ecosystem.

Quince is an American online retailer, headquartered in San Francisco, that sells apparel, home goods, accessories, jewelry, beauty and wellness products made directly by factories without wholesalers or retail intermediaries. It was founded in 2018 by Sid Gupta and Sourabh Mahajan. The company became known on social media for its USD 50 cashmere sweater and prices far below department stores. It announced a USD 500 million Series E in March 2026 at a valuation of USD 10.1 billion, led by ICONIQ, and says its top-line revenue has surpassed USD 1 billion. Earlier investors include Insight Partners, Founders Fund, 8VC, Notable Capital, Wellington Management and DST Global. No acquisition or investment by the company appears in the sources reviewed.

Jumei is a Beijing-headquartered e-commerce platform specializing in cosmetics and skincare from brands like Estee Lauder, Calvin Klein, Avon, and Elizabeth Arden. Founded in 2010, it serves nearly 20 million registered users in China with monthly sales exceeding 500 million yuan and investments from Sequoia Capital and Alibaba.

Desigual is a Barcelona-headquartered fashion retailer founded in 1984. It operates over 5,000 points of sale including e-commerce, retail stores, franchises, and department stores in more than 100 countries, with local offices in New York, Tokyo, and Hong Kong. The company generates €860 million in annual turnover and employs over 5,000 people worldwide.

Inchcape PLC is engaged in the automotive distribution business, focusing on the sale and distribution of new and used vehicles along with after-sales services. The group has three reportable segments: APAC, Europe & Africa, and Americas. It is involved in the exclusive distribution, sales, and marketing of new vehicles and parts, as well as logistics services and aftersales activities, including servicing, body shop repairs, and parts sales across its operating regions.

Harry's is a direct-to-consumer grooming and personal care company that sells razors and shaving products on a one-off and subscription basis, alongside cartridges, shave gel, and after-shave. The company owns and operates its own razor blade manufacturing facility in Germany, giving it a vertically integrated model from production to consumer sales. Founded in 2012 by Andy Katz-Mayfield and Jeff Raider, Harry's has since expanded into a portfolio of consumer brands including women's razor and body care brand Flamingo, pet brand Cat Person, and haircare brand Headquarters.

Lenskart Solutions Ltd is a technology-driven eyewear company, with a belief that clear vision is fundamental to personal development and well-being. It sells a range of eyewear products including prescription eyeglasses, sunglasses, and other products such as contact lenses and eyewear accessories.

Kavak is a Mexico City-headquartered online marketplace for buying and selling inspected used cars across Latin America. It operates inspection centers, provides financing options, and guarantees vehicle history in Mexico, Brazil, Argentina, and Colombia. Founded in 2016 by Carlos García Elía, Federico Schuster, and Diego Moreno, Kavak expanded to Turkey in 2022. The platform features over 20 inspection points and digital trade-ins, serving urban markets with seamless transactions.

Wayfair engages in e-commerce in the United States (88% of 2025 sales), Canada, the United Kingdom, and Ireland. It's also embarked on expansion into the brick-and-mortar landscape, with 13 stores (excluding outlets) between the AllModern, Birch Lane, Joss & Main, and Wayfair banners. The firm offers more than 40 million products from more than 20,000 suppliers under the brands Wayfair, Joss & Main, AllModern, Birch Lane, and Perigold. Its offerings include furniture, everyday and seasonal decor, decorative accents, housewares, as well as advertising and logistics services. Wayfair was founded in 2002 and began trading publicly in 2014.

Modivo SA operates in the footwear and apparel segment across multiple European markets. The group follows an omnichannel retail model that includes a network of physical stores and e-commerce platforms. Its operations are conducted under several brands, including CCC, HalfPrice, eobuwie.pl, MODIVO, Worldbox, and Boardriders.