The outdoor apparel industry in DACH focuses on high-quality clothing and gear for outdoor activities. This sector includes specialized brands offering performance apparel for skiing, hiking, climbing, and other outdoor pursuits. Growing consumer interest in sustainable fashion drives companies to adopt eco-friendly practices, resulting in innovative materials and designs. The industry is adapting to new trends, like athleisure wear, which blends outdoor functionality with everyday style. With a rise in outdoor activities spurred by the pandemic, the market is poised for continued growth, influenced by millennials and Gen Z prioritizing comfort and sustainability.


The DACH region features a mix of venture capital and private equity firms, with notable investors such as Acton Capital and Hannover Finanz. These investors, located in key hubs like Munich and Frankfurt, vary in size, with most having a modest number of employees. Founded between 1990 and 2016, they are active players in the outdoor apparel sector, securing numerous deals in 2024. Their strategic investments target companies focused on innovation and sustainability in outdoor wear, reflecting broader consumer trends in Germany, Austria, and Switzerland.


Top 15 Outdoor Apparel Investors in DACH


1. Acton Capital


Acton Capital is a Munich-based venture capital firm founded in 1999, specializing in investing in startups at the Series A stage and beyond. They focus on mission-driven teams across various sectors, including technology and eco-friendly consumer goods. Acton Capital provides financial backing and strategic guidance to help companies develop tailored growth strategies for long-term success. Notably, they have participated in funding rounds for companies like Knix Wear, which specializes in women's activewear, indicating their interest in the apparel sector. Additionally, they have invested in other fashion-related companies such as Eloquii and Indochino, further showcasing their engagement in the broader apparel market.


2. TA Ventures

  • Website: taventures.vc
  • Type: Venture Capital
  • Headquarters: Frankfurt, Hesse, Germany
  • Founded year: 2010
  • Headcount: 11-50
  • Number of deals in 2024: 5
  • LinkedIn: ta-ventures

TA Ventures is a venture capital firm based in Frankfurt, Hesse, Germany, founded in 2010. The firm specializes in early-stage technology startups across various sectors, including HealthTech and FinTech, providing capital and strategic support to help startups grow in competitive markets. Notably, TA Ventures has invested in companies like Armedangels, a brand known for its sustainable fashion approach, and Sheep, which also operates in the apparel space. These investments highlight TA Ventures' engagement with the outdoor apparel industry, showcasing their interest in sustainable and innovative fashion solutions. With a global presence, TA Ventures actively builds networks for its portfolio companies, enhancing their growth potential in diverse markets.


3. SIGNA Group of Companies


SIGNA Group of Companies, founded in 1999 and based in Vienna, Austria, operates primarily in the real estate and retail sectors. The company has a significant presence in commercial real estate development and retail platforms across Europe. In recent years, SIGNA has made strategic acquisitions to enhance its retail portfolio, particularly in the sporting goods and outdoor apparel sectors. Notable transactions include the acquisition of SportScheck, which added 19 shops and an online platform focused on sporting goods, and TennisPro, a leading online retailer specializing in tennis and outdoor sports. These acquisitions reflect SIGNA's strategy to strengthen its position in the sports market and expand its multichannel distribution capabilities, particularly in outdoor and athletic apparel.


4. b2venture

  • Website: b2venture.vc
  • Type: Venture Capital
  • Headquarters: St. Gallen, St. Gallen, Switzerland
  • Founded year: 2000
  • Headcount: 11-50
  • Number of deals in 2024: 15
  • LinkedIn: btovpartners

b2venture is a venture capital firm based in St. Gallen, Switzerland, founded in 2000. They specialize in early-stage investments in innovative startups across various sectors, providing financial backing and support to entrepreneurs. Their collaboration with a community of angel investors enhances their investment strategy, making them a key player in the European venture capital landscape. Notably, b2venture has invested in Armedangels, a sustainable fashion brand that includes outdoor apparel, as well as other companies like Brille24 and Urbanara, which, while not directly related to outdoor apparel, showcase their diverse investment approach. Their investment in CheckYeti.com, a platform for outdoor activities, further highlights their interest in the outdoor sector.


5. Burda Principal Investments


Burda Principal Investments is a Munich-based venture capital firm founded in 2016, specializing in growth stage investments primarily in digital technology and media companies. They provide long-term growth equity to entrepreneurs, helping them overcome financial barriers to expansion. Their portfolio includes successful internet-centric businesses across Europe, the U.S., and Asia. Notably, they have invested in Rockets of Awesome, a clothing subscription service for kids, which raised significant funding rounds in 2017 and 2019. Additionally, they led a funding round for Miinto, a fashion platform, indicating their engagement in the apparel sector. These transactions highlight their potential interest in the apparel market, although their main focus remains on digital technology.


6. Hannover Finanz

  • Website: hannoverfinanz.de
  • Type: Private Equity
  • Headquarters: Hanover, Lower Saxony, Germany
  • Founded year: 1979
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: hannoverfinanz

Hannover Finanz is a private equity firm based in Hanover, Lower Saxony, Germany, founded in 1979. The firm specializes in providing equity capital to medium-sized family businesses in Germany, Austria, and Switzerland, focusing on sustainable growth through strategic investments and consulting services. Hannover Finanz has been involved in various transactions, including the acquisition of Franz Ziener GmbH & Co. KG, a company known for its outdoor apparel products, which highlights their engagement in the outdoor sector. Other notable acquisitions include Ludwig Reiter Schuhmanufaktur GmbH, a manufacturer of high-quality shoes, and Mediashop Holding GmbH, showcasing their diverse investment strategy. Their approach helps businesses navigate challenges related to succession, growth, and restructuring, making them a valuable partner for companies in the outdoor apparel industry.


7. IBB Ventures


IBB Ventures is a venture capital firm based in Berlin, Germany, founded in 1997. The firm specializes in early-stage financing and has invested in over 270 startups, providing not only funding but also expertise and resources to help these businesses thrive. Among their notable transactions, IBB Ventures has participated in multiple funding rounds for Outfittery, a company that focuses on personalized shopping experiences in the apparel industry. Outfittery raised significant amounts in Series A, B, and C funding rounds, with IBB Ventures being a key investor. This involvement highlights IBB Ventures' engagement in the apparel sector, which includes outdoor apparel, making them a noteworthy player in this space.


8. Quadriga Capital


Quadriga Capital is a private equity investment management firm based in Frankfurt, Hesse, Germany, founded in 1995. The firm specializes in creating value through partnerships with medium-sized enterprises across various sectors, including healthcare and tech-enabled services. Quadriga Capital provides equity investments and strategic advisory services aimed at fostering sustainable growth and operational excellence. Notably, they acquired Jack Wolfskin, a leading outdoor apparel brand, in January 2005, which highlights their engagement in the outdoor apparel industry. Additionally, they acquired ETERNA Mode GmbH in April 2006, further showcasing their investment activity in the fashion sector, although ETERNA is more focused on formal wear. Quadriga Capital's experience with Jack Wolfskin positions them as a relevant player in the outdoor apparel market.


9. Deutsche Bank

  • Website: db.com
  • Type: Corporate
  • Headquarters: Frankfurt, Hesse, Germany
  • Founded year: 1870
  • Headcount: 10001+
  • Number of deals in 2024: 32
  • LinkedIn: deutsche-bank

Deutsche Bank AG, founded in 1870 and headquartered in Frankfurt, Hesse, Germany, is a leading investment bank and financial services provider. It offers a wide range of solutions including investment banking, corporate banking, cash management, trade finance, and securities services. The bank serves corporate and institutional clients, helping them manage their financial assets and liquidity effectively through its digital platform, Autobahn. Notably, Deutsche Bank has been involved in several significant transactions in the outdoor apparel context, including a debt investment in Adidas, a major brand in the outdoor and sportswear market, which raised an undisclosed amount in Post-IPO Debt on April 15, 2020. Additionally, Deutsche Bank participated in the Series B funding round for BioLite, a company focused on outdoor energy products, raising $5 million on July 28, 2015. These transactions highlight Deutsche Bank's engagement in the outdoor apparel and related sectors, reinforcing its relevance as an investor in this space.


10. Capvis AG

  • Website: capvis.com
  • Type: Private Equity
  • Headquarters: Baar, Zug, Switzerland
  • Founded year: 1990
  • Headcount: 11-50
  • LinkedIn: capvis

Capvis AG is a private equity firm based in Baar, Zug, Switzerland, founded in 1990. The firm specializes in managing investments across various sectors, including healthcare and industrial technology, while also having a notable presence in the apparel industry. Capvis has made significant acquisitions in the outdoor and activewear space, including the swimwear company Arena in 2014 and Arena Italia in 2013. Additionally, they acquired Hess Natur-Textilien GmbH in 2012, a company known for its sustainable textile products. These transactions highlight Capvis's commitment to enhancing the market position of its portfolio companies through effective management and strategic growth opportunities, including in the outdoor apparel sector.


11. adidas

  • Website: adidas-group.com
  • Type: Corporate
  • Headquarters: Herzogenaurach, Bavaria, Germany
  • Founded year: 1949
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: adidas

Adidas, founded in 1949 and headquartered in Herzogenaurach, Bavaria, Germany, is a leading sportswear manufacturer and retailer known for its wide range of athletic footwear and apparel. The company serves athletes, sports teams, and consumers, providing products designed to enhance performance and create engaging team environments. Adidas operates through direct sales and community initiatives, focusing on innovation and sustainability. Notably, Adidas has made strategic acquisitions to bolster its market presence, including the acquisition of Reebok International for $3.8 billion in 2005, which expanded its reach in the athletic apparel market. Additionally, the acquisition of TaylorMade Golf in 2005 and Adams Golf in 2012 for approximately $70 million further demonstrates Adidas' commitment to diversifying its portfolio within the sports sector, which includes outdoor sports. These transactions highlight Adidas' strategy to enhance its offerings in various athletic categories, including those relevant to outdoor activities.


12. Mountain Partners


Mountain Partners is a venture capital firm based in Zurich, Switzerland, founded in 2005. The firm specializes in investment management, focusing on providing funding and operational support to startups and technology companies across Europe, Latin America, and Asia. They manage a diversified portfolio of VC funds aimed at empowering innovative businesses and facilitating their growth. Notably, Mountain Partners has been involved in several transactions relevant to the apparel industry, including Clovia, which raised funds in a seed round, and Shirtinator, which also received venture funding. These investments indicate a level of engagement in the apparel sector, although the firm primarily targets technology and startup ventures.


13. German Startups Group VC GmbH


German Startups Group VC GmbH is a venture capital firm based in Frankfurt, Hesse, Germany, founded in 2012. The firm specializes in providing investment and financial services to startups and growth-stage companies across various industries, including technology and e-commerce. Notably, they have invested in Armedangels, a brand recognized for its commitment to sustainable fashion and outdoor apparel, as well as Kirondo and JUNIQE, which, while not directly related to outdoor apparel, showcase the firm's diverse investment portfolio. Through its portfolio management, German Startups Group VC GmbH supports companies in achieving their growth objectives, including those in the outdoor apparel sector.


14. Richemont

  • Website: richemont.com
  • Type: Corporate
  • Headquarters: Bellevue, Geneva, Switzerland
  • Founded year: 1988
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: richemont

Compagnie Financière Richemont S.A. is a luxury goods company based in Bellevue, Geneva, Switzerland, founded in 1988. It specializes in the production and sale of high-end jewellery, watches, leather goods, and fashion accessories, targeting affluent consumers who seek exclusive products. Notably, Richemont has made strategic acquisitions that expand its portfolio into lifestyle brands, including the acquisition of Peter Millar in 2012, a brand known for its outdoor and golf apparel. This acquisition reflects Richemont's interest in the outdoor apparel market, complementing its luxury offerings. Additionally, Richemont acquired Serapian, an Italian leather brand, in 2017, further diversifying its luxury portfolio. While Richemont primarily focuses on luxury goods, its investment in Peter Millar indicates a significant interest in the outdoor apparel sector.


15. Paragon Partners

  • Website: paragon.de
  • Type: Private Equity
  • Headquarters: Munich, Bavaria, Germany
  • Founded year: 2004
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: paragon-partners_2

Paragon Partners GmbH is a private equity investment company based in Munich, Bavaria, Germany, founded in 2004. The firm specializes in private equity investments in established medium-sized enterprises, providing capital and strategic support to enhance business operations and foster growth. Among their notable transactions, Paragon Partners acquired POLO Motorrad in March 2012, a company known for its outdoor and motorcycle apparel, indicating their engagement in the outdoor apparel sector. Additionally, they participated in the acquisition of 7days Marc Staperfeld GmbH in November 2020, although this company is not directly related to outdoor apparel. Their diverse portfolio includes investments in various industries, but their involvement with POLO Motorrad highlights their relevance to the outdoor apparel market.



Outdoor Apparel Insights: Key Investors in DACH


InvestorHeadquarterSizeFoundedDeals 2024
Acton CapitalMunich, Bavaria, Germany11-5019993
TA VenturesFrankfurt, Hesse, Germany11-5020105
SIGNA Group of CompaniesVienna, Vienna, Austria10001+19990
b2ventureSt. Gallen, St. Gallen, Switzerland11-50200015
Burda Principal InvestmentsMunich, Bavaria, Germany11-5020165
Hannover FinanzHanover, Lower Saxony, Germany11-5019792
IBB VenturesBerlin, Berlin, Germany11-50199718
Quadriga CapitalFrankfurt, Hesse, Germany11-5019950
Deutsche BankFrankfurt, Hesse, Germany10001+187032
Capvis AGBaar, Zug, Switzerland11-5019900
adidasHerzogenaurach, Bavaria, Germany10001+19491
Mountain PartnersZurich, Zurich, Switzerland11-5020051
German Startups Group VC GmbHFrankfurt, Hesse, Germany11-5020120
RichemontBellevue, Geneva, Switzerland10001+19881
Paragon PartnersMunich, Bavaria, Germany11-5020042


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