Despite the fact that eight out of ten respondents believe tariffs will have a negative impact on the industry, 90% of investors will continue to invest in the Fashion & Luxury sector, with North America (35%), Europe (33%), and Asia (29%) the regions most vulnerable to rising trade barriers. These are some of the key results from Deloitte's "Fashion & Luxury Private Equity and Investors Survey 2025", which will be presented in Milan on September 25. M&A activity in the sector is dropping, with 333 transactions reported globally in 2024 (-25 compared to 2023). The first half of 2025 confirmed the slowdown, with 162 deals, a 14% decrease from 188 in the same period of 2024. "Despite a macroeconomic and geopolitical environment that remains highly uncertain, the Fashion & Luxury sector continues to attract investor interest ", says Elio Milantoni, Senior Partner M&A at Deloitte Advisory. “Ninety-two percent  of funds are in fact considering deals in the sector, albeit with greater caution compared to last year. Cosmetics and fragrances receive the most attention (25%), followed by clothes and accessories production (24%), apparel and accessories retail (14%), and furniture (11%). More than half of investors are focusing their strategies on medium-sized businesses, with the goal of encouraging sector consolidation. At the same time, investment preferences are shifting to complementary parts of the F&L market".