Refined Capital Partners takes majority stake in Never Fully Dressed with international expansion in focus

A majority stake in Never Fully Dressed has moved to Refined Capital Partners, with the deal structured to fund entry into international markets and new product categories. BDO's retail and consumer M&A team, led by managing director Lorna Hopkinson, advised on the transaction. No financial terms were published.

What is in focus

Never Fully Dressed is a UK-based inclusive fashion label founded by Lucy Aylen. The brand offers multi-wear styles in inclusive sizing, UK 4 to 30 and US 0 to 26, and has built its commercial presence across e-commerce, wholesale, and retail partnerships. Distinct prints are central to the brand's identity. With Refined Capital Partners now holding a majority position, the stated next step is a wider omni-channel buildout.

Aylen described the transaction as a defining milestone. The goal she cited was finding a partner aligned on values and vision, so the brand could reach more women globally. No leadership changes were announced alongside the deal, and Never Fully Dressed stated it remains a female-founded brand under its existing team.

The numbers and the setup

No transaction price, stake percentage, or revenue figure was disclosed. Refined Capital Partners brings long-term capital and a commitment to operational support. Never Fully Dressed framed the investment as coming at a growth stage that warranted that kind of backing.

BDO, the accountancy and advisory firm, ran the deal process through its Retail and Consumer M&A practice. Hopkinson led the transaction; Olly Morris and Alex Lawrence supported her. In her public statement, Hopkinson called Aylen an exceptionally creative and formidable founder who has built a differentiated, purpose-led brand with deep resonance among its customers. She cited the brand's growth record to date as the foundation for what comes next.

The existing channel mix, covering e-commerce, wholesale, and physical retail, gives the brand multiple entry points as it moves into new territories. Which markets or categories come first has not been specified.

What to watch

The next confirmable development is a filing or announcement that puts hard numbers on the transaction: the stake size, investment amount, or a named market entry. Until then, terms remain private.

Refined Capital Partners' operational contribution will become visible in the pace at which Never Fully Dressed adds geographies or categories. Aylen stays at the helm, keeping brand direction intact. Hopkinson at BDO led the M&A process that now sets that expansion in motion.