The fashion retail industry in the Nordics is vibrant and dynamic, showcasing a blend of innovative and traditional styles. Companies range from high-street chains to luxury brands and emerging online retailers. Recent growth has been driven by a consumer shift towards sustainable and ethically produced fashion, with many firms recognizing the importance of eco-friendly practices. E-commerce continues to play an increasing role, with Nordic retailers investing in digital platforms to reach global consumers. Furthermore, the melding of technology and fashion aims to enhance shopping experiences, providing opportunities for collaborations between tech-centric startups and fashion entities.


The fashion retail investment scene in the Nordics features a mix of 19 prominent investors, predominantly in the private equity and venture capital sectors. Headquartered in cities like Stockholm, Oslo, and Helsinki, these firms range in size from small teams to large enterprises managing thousands of employees. Founded between 1936 and 2013, they saw varying deal counts in 2024, with several making multiple investments that year. This variety showcases their adaptability and strategic focus in tapping into the vibrant growth of the fashion retail market within the Nordic region.


Top 19 Fashion Retail Investors in the Nordics


1. Verdane

  • Website: verdane.com
  • Type: Private Equity
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1985
  • Headcount: 51-200
  • Number of deals in 2024: 7
  • LinkedIn: verdane-capital

Verdane is a private equity investment firm based in Oslo, Norway, founded in 1985. The firm specializes in growth equity investments, particularly in technology-enabled companies, and provides capital and hands-on support to help businesses scale. Verdane has been involved in several notable transactions in the fashion retail sector, including the acquisition of WoolOvers, which aims to enhance online and international growth for the brand. They also participated in funding rounds for Boozt, a prominent Swedish ecommerce company, and have invested in Caliroots and Babyshop, both of which are significant players in the fashion retail market. With a focus on digitalization and decarbonization trends, Verdane is well-positioned to support the growth of fashion retail companies that align with these values.


2. EQT Group

  • Website: eqtgroup.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 1001-5000
  • Number of deals in 2024: 30
  • LinkedIn: eqt-partners

EQT Group is a prominent investment firm based in Stockholm, Sweden, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Founded in 1994, EQT serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. In the fashion retail context, EQT has made several notable acquisitions, including CBR Group, a women's clothing designer, which they acquired in 2007 to support its expansion strategy. They also acquired Eton Group AB in 2015, a global premium men's shirts brand, and Flying Tiger Copenhagen in 2013, a retail chain known for its innovative products. Additionally, their investment in XXL Sport & Villmark, a leading sports retail chain, showcases their broader interest in the retail sector, including fashion-related businesses.


3. Kinnevik

  • Website: kinnevik.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1936
  • Headcount: 11-50
  • Number of deals in 2024: 10
  • LinkedIn: investment-ab-kinnevik

Kinnevik is a Stockholm-based investment company founded in 1936, specializing in partnering with innovative entrepreneurs across various sectors, including healthcare, software, marketplaces, and climate tech. They provide both capital and operational support to help companies scale and create long-term value. Kinnevik has a notable presence in the fashion retail industry, having invested in several key players such as Dafiti, Brazil's leading online fashion retailer, and Namshi, a prominent fashion e-commerce platform in the Middle East. Additionally, they have supported The Iconic, an Australian fashion portal, and Global Fashion Group, which operates Jabong in India. These transactions highlight Kinnevik's strategic investments in the fashion retail space, showcasing their commitment to redefining industries and addressing global challenges through innovative retail solutions.


4. eEquity

  • Website: eequity.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2010
  • Headcount: 11-50
  • LinkedIn: eequity

eEquity is a Stockholm-based venture capital firm founded in 2010, specializing in growth equity investments. The firm focuses on digitally enabled business models primarily in the Nordics and partners with entrepreneurs in the technology and retail sectors. Notably, eEquity has invested in several fashion retail companies, including KidsBrandStore, which operates an ecommerce platform for children's fashion, and John Henric, a brand known for its menswear. In 2017, eEquity provided SEK 60M to KidsBrandStore to help scale its operations in the Nordic countries, and in 2022, they invested over $7 million in John Henric. Additionally, eEquity led a funding round for Swap.com, a platform that could be associated with fashion retail through its focus on second-hand clothing. These transactions highlight eEquity's active role in the fashion retail space, making them a relevant investor in this category.


5. Almi

  • Website: almi.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 201-500
  • Number of deals in 2024: 7
  • LinkedIn: almi-ab

Almi AB is a financial services company based in Stockholm, Sweden, founded in 1994. It specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden. Almi aims to enhance the growth and competitiveness of these businesses by offering tailored financial solutions and guidance. Notably, Almi has been involved in several transactions within the fashion retail sector, including a seed round investment in Tini Garments, which raised $230,145 in August 2021, and a significant investment in Elevenate, a Swedish fashion manufacturer and retailer, which raised $2 million to support its expansion in e-commerce and product collections. These transactions highlight Almi's active role in supporting the fashion retail industry, alongside their broader investment strategy.


6. Nordic Capital

  • Website: nordiccapital.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1989
  • Headcount: 201-500
  • Number of deals in 2024: 10
  • LinkedIn: nordic-capital

Nordic Capital is a private equity firm based in Stockholm, Sweden, founded in 1989. The firm specializes in investments across various sectors, including healthcare and technology, but has also made significant strides in the fashion retail industry. Notably, Nordic Capital acquired a majority stake in Gina Tricot, a prominent Swedish fashion retail chain, in July 2014, showcasing its commitment to the fashion sector. Additionally, the firm reacquired Ellos Group AB, a leading Nordic e-commerce group, in June 2022, further solidifying its presence in the fashion retail market. These transactions highlight Nordic Capital's strategy of partnering with management teams to drive growth and operational improvements, aiming to create long-term value and sustainability in its investments. With a focus on both traditional retail and e-commerce within the fashion industry, Nordic Capital demonstrates its versatility and relevance as an investor in the fashion retail space.


7. Bestseller


Bestseller is a prominent fashion retailer based in Oslo, Norway, founded in 1975. The company operates a diverse portfolio of brands that offer fashionable garments and accessories at competitive prices, catering to consumers across multiple countries through both physical stores and online platforms. Bestseller has been actively involved in the fashion retail sector, exemplified by its acquisition of MandM Direct, an online retailer, for approximately £140 million in 2014, and its significant investment in Miinto, a Danish fashion platform, where it acquired a majority share in 2016. Additionally, Bestseller's CEO, Anders Holch Povlsen, has been instrumental in these investments, further solidifying the company's role in the fashion industry. These strategic moves highlight Bestseller's ongoing commitment to enhancing its market position and expanding its reach within the fashion retail landscape.


8. Altor Equity Partners

  • Website: altor.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2003
  • Headcount: 51-200
  • Number of deals in 2024: 6
  • LinkedIn: altor

Altor Equity Partners is a private equity investment management firm based in Stockholm, Sweden, founded in 2003. The firm specializes in providing consulting services across various sectors, including technology and consumer products, with a focus on enhancing operational efficiency and sustainable growth for its partners. Altor has been actively involved in the fashion retail industry, with notable transactions including investments in Oceansapart, a clothing brand, and Dale of Norway, which is recognized for its high-quality knitwear. Additionally, they have engaged with companies like Revolution Race, which specializes in outdoor apparel, and XXL Sport & Villmark, a retailer of sporting goods. These transactions highlight Altor's commitment to the fashion retail sector while also maintaining a diverse investment portfolio.


9. Wellstreet

  • Website: wellstreet.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2016
  • Headcount: 1-10
  • Number of deals in 2024: 3
  • LinkedIn: wellstreet

Wellstreet is a venture capital firm based in Stockholm, Sweden, founded in 2016. The firm specializes in early-stage investments, primarily targeting Nordic tech companies. Wellstreet provides entrepreneurs with essential resources, including capital and strategic support, to foster growth and innovation. While their main focus is on sectors like FinTech, E-commerce, and GreenTech, they have also invested in fashion retail companies. Notable transactions include investments in Sir of Sweden, a fashion brand that raised funds in a seed round, and Scandinavian Man, which also received venture funding. These investments highlight Wellstreet's engagement in the fashion retail space, complementing their broader investment strategy.


10. Litorina

  • Website: litorina.se
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1998
  • Headcount: 11-50
  • LinkedIn: litorina

Litorina is a private equity investment firm based in Stockholm, Sweden, founded in 1998. The firm specializes in private equity investments in Nordic niche market-leading companies, focusing on well-managed, profitable businesses in the consumer and business services sectors. Litorina has a history of partnering with management teams and entrepreneurs to provide capital, strategic guidance, and operational support to drive growth and value creation. In the fashion retail context, Litorina has made significant investments, including the acquisition of Care of Carl, a Swedish online retailer of men's fashion, in 2011 and again in 2018, reflecting its ongoing commitment to this sector. Additionally, Litorina acquired Eton, a renowned fashion brand, in 2012, further solidifying its presence in the fashion retail industry. These transactions highlight Litorina's strategic focus on enhancing the value of its fashion retail investments.


11. Accent Equity


Accent Equity is a private equity firm based in Stockholm, Sweden, founded in 1994. The firm specializes in investments in private Nordic companies, focusing on enhancing the value of its portfolio through strategic management and investment. Accent Equity aims to create sustainable growth and superior returns for its clientele across various sectors. Notably, they have made significant investments in the fashion retail industry, including the acquisition of EAST and East.dk ApS in July 2021, which are companies focused on growth in the fashion sector. Additionally, they acquired Unisport in November 2024, further indicating their active role in retail. Their diverse portfolio also includes investments in other sectors, such as Akademibokhandeln, Sweden's leading bookstore chain, showcasing their broad investment strategy while still maintaining a foothold in fashion retail.


12. New Wave Group

  • Website: nwg.se
  • Type: Corporate
  • Headquarters: Gothenburg, Västra Götaland, Sweden
  • Founded year: 1990
  • Headcount: 1001-5000
  • LinkedIn: new-wave-group

New Wave Group AB is a corporate investor based in Gothenburg, Sweden, specializing in the creation, acquisition, and development of brands and products across various sectors, including corporate, sports, gifts, and home. Founded in 1990, the company has established itself as a significant player in the clothing manufacturing industry. Notably, New Wave Group has made several strategic acquisitions in the fashion retail sector, including:1. **Cutter & Buck Inc.** - Acquired for $156.5 million in 2007, this upscale golf and sportswear brand enhances New Wave Group's product offerings and distribution networks in the U.S. and Europe.2. **BTC Activewear** - Acquired in 2022 for £33 million, this UK-based multi-brand distributor strengthens New Wave Group's presence in the UK market and complements its existing brand portfolio.3. **Tenson** - Acquired in 2023 for SEK 1, this outdoor brand is part of New Wave Group's strategy to expand into the outdoor apparel segment, leveraging Tenson's brand value.4. **Craft North America** - Acquired in 2013, this business further diversifies New Wave Group's offerings in the sportswear category.These transactions highlight New Wave Group's commitment to enhancing its market position within the fashion retail industry, making it a notable investor in this space.


13. Cni


CNI Advisory AB is a venture capital firm based in Stockholm, Sweden, founded in 2012. The firm specializes in funding and supporting entrepreneurial businesses across various sectors, with a focus on creating sustainable shareholder value. Cni has been involved in several notable transactions in the fashion retail space, including a $9.6 million investment in Ideal of Sweden, a brand known for its stylish phone accessories, and an investment in RoyalDesign, a prominent online retailer of design furniture and home decor. Additionally, Cni has invested in KidsBrandStore and Babyland Online Nordic, both of which cater to the children's fashion and retail market. These investments highlight Cni's active role in the fashion retail industry, alongside their broader investment strategy in technology and e-commerce.


14. Heartcore Capital

  • Website: heartcore.com
  • Type: Venture Capital
  • Headquarters: Copenhagen, Denmark
  • Founded year: 2007
  • Headcount: 11-50
  • Number of deals in 2024: 17
  • LinkedIn: heartcorecapital

Heartcore Capital is a venture capital firm based in Copenhagen, Denmark, founded in 2007. The firm specializes in investing in early-stage technology companies and emphasizes building long-term relationships with entrepreneurs. Heartcore has been involved in various transactions, including investments in Boozt, a Swedish ecommerce company, and Italic, which raised significant funding in the fashion retail space. Notably, Heartcore invested in Finematter, a female-founded circular jewellery platform, which highlights their engagement in the fashion retail sector. This investment reflects their commitment to supporting innovative and sustainable business models within the industry, further establishing their relevance in the fashion retail investment landscape.


15. Adelis Equity Partners


Adelis Equity Partners is a private equity firm based in Stockholm, Sweden, founded in 2012. The firm focuses on growing businesses in the Nordic region and provides investment management and strategic consulting services across various sectors, including technology, healthcare, and business services. Notably, Adelis has made significant investments in the fashion retail space, acquiring a 70% stake in Intersport Sweden, a prominent sportswear and equipment retailer, in June 2015. Additionally, they acquired Didriksons, a company known for its outdoor clothing, in July 2018. These transactions highlight Adelis's commitment to the fashion retail industry, showcasing their ability to identify and invest in growth opportunities within this sector.


16. FSN Capital Partners

  • Website: fsncapital.com
  • Type: Private Equity
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1999
  • Headcount: 51-200
  • LinkedIn: fsn-capital

FSN Capital Partners is a private equity investment firm based in Oslo, Norway, founded in 1999. The firm specializes in managing investments across various sectors, including services, green transition, industrials, and technology, while also showing a significant interest in the fashion retail industry. Notably, FSN Capital has made strategic investments in companies such as Sneakersnstuff, a prominent sneaker retailer, which they acquired in May 2018. Additionally, they have invested in Active Brands AS, a Norwegian supplier of premium sporting goods brands, acquiring a majority stake in March 2017. These transactions highlight FSN Capital's active role in the fashion retail sector, aiming to enhance the growth and international presence of these brands.


17. CapMan

  • Website: capman.com
  • Type: Private Equity
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1989
  • Headcount: 51-200
  • Number of deals in 2024: 4
  • LinkedIn: capman

CapMan Oyj is a private equity investment management firm based in Helsinki, Finland, founded in 1989. The firm specializes in private equity, real estate, infrastructure, and natural capital investments, serving institutional investors with a focus on sustainable returns. CapMan has a strong presence in the Nordic markets and leverages its expertise to manage funds and drive value creation. Notably, CapMan has been involved in significant transactions in the fashion retail sector, including the acquisition of The Tokmanni Group in 2004, a prominent Finnish discount retailer, and the investment in Finlayson, a well-known textile company. Additionally, CapMan's acquisition of MMSports in 2021, while primarily a sports nutrition and equipment company, also aligns with the broader retail landscape, showcasing their capability and interest in retail investments.


18. Scope


Scope is an investment management firm based in Stockholm, Sweden, founded in 2001. The firm specializes in building and managing consumer brands, providing investment and advisory services to entrepreneurs and management teams to facilitate sustainable growth. Notably, Scope has made significant investments in the fashion retail industry, including a 50% stake acquisition in Happy Socks, a Swedish clothing manufacturer known for its colorful and creative sock designs. This investment aimed to double sales figures by 2015, highlighting Scope's strategic approach to scaling fashion brands. Additionally, Scope has participated in funding rounds for Miss Mary, a brand focused on women's lingerie, and Klättermusen, an outdoor clothing brand, further demonstrating their commitment to the fashion retail sector. Their portfolio reflects a dedication to sustainability and innovation within the consumer fashion space.


19. Priveq

  • Website: priveq.se
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1983
  • Headcount: 11-50
  • LinkedIn: priveq-investment

Priveq is an investment management and private equity firm based in Stockholm, Sweden, founded in 1983. The firm specializes in providing growth capital to companies across various sectors, with a history of investing in over 130 companies. Priveq focuses on helping businesses achieve their growth objectives through strategic guidance and financial support. Notably, they have made investments in the fashion retail sector, including Trendhim, a company that raised funds in 2020, and Equestrian Stockholm, which was acquired in 2022. Additionally, they have been involved with Boomerang International AB and ROL, further showcasing their engagement in the fashion and lifestyle markets. Their clientele primarily consists of growth-stage companies seeking to expand their operations and enhance their market presence, making them a relevant player in the fashion retail investment landscape.



Fashion Retail Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
VerdaneOslo, Oslo, Norway51-20019857
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
KinnevikStockholm, Stockholm, Sweden11-50193610
eEquityStockholm, Stockholm, Sweden11-5020100
AlmiStockholm, Stockholm, Sweden201-50019947
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
BestsellerOslo, Oslo, Norway10001+19750
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
WellstreetStockholm, Stockholm, Sweden1-1020163
LitorinaStockholm, Stockholm, Sweden11-5019980
Accent EquityStockholm, Stockholm, Sweden11-5019944
New Wave GroupGothenburg, Västra Götaland, Sweden1001-500019900
CniStockholm, Stockholm, Sweden1-1020121
Heartcore CapitalCopenhagen, Denmark11-50200717
Adelis Equity PartnersStockholm, Stockholm, Sweden11-5020123
FSN Capital PartnersOslo, Oslo, Norway51-20019990
CapManHelsinki, Uusimaa, Finland51-20019894
ScopeStockholm, Stockholm, Sweden1-1020010
PriveqStockholm, Stockholm, Sweden11-5019830


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