Founded by Lucy Aylen, Never Fully Dressed has grown into one of the UK's most recognisable independent fashion brands.

Known for its distinctive prints, vibrant collections and inclusive approach to fashion, Never Fully Dressed has successfully combined direct-to-consumer e-commerce with wholesale and retail partnerships, creating a diversified and scalable platform for growth. Supported by strong social media engagement, influencer partnerships and a highly authentic brand identity, the business has established itself as a leading independent womenswear brand, with a growing international footprint.

The transaction saw Refined Capital Partners acquire a majority stake in the business, bringing in operational expertise to accelerate the brand’s next phase of expansion across key international markets, channels and product categories.  The partnership positions Never Fully Dressed to build on its strong brand momentum, enhance its omni-channel offering and continue its impressive growth trajectory.

BDO managed a competitive sale process, supporting the founders and management team through to a successful completion. BDO also provided vendor financial and tax due diligence services to the business.
 

"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.

Just as important was having the right advisers alongside us throughout the process. We wanted a team that not only brought deep transaction expertise but also genuinely understood founder-led consumer brands and the ambitions that drive them. I have learnt a lot from BDO through this process. They have been patient, practical and professional, and committed to making the right deal for NFD. Their guidance, commercial insight and unwavering support gave me complete confidence throughout what was a hugely important milestone for the business. They became a trusted extension of our team, helping us navigate every challenge and ultimately delivering a great outcome for all parties."

Lucy Aylen, Founder and CEO, Never Fully Dressed

 

"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."

Lorna Hopkinson, Managing Director, BDO

 

The BDO project team included:

M&A - Lorna Hopkinson, Olly Morris, Alex Lawrence