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Bain buys Japanese apparel company Mash Holdings


Bain Capital is set to buy Mash Holdings. Bain, is based in the US and Mash is a Japanese apparel company. Mash is the owner of luxury loungewear brand Gelato Pique and aims to grow its international footprint, especially in China, with this deal. China will be a crucial market for the Gelato Pique brand to expand luxury loungewear sales internationally. Mash plans to leverage Bain Capital’s investment experience across a wide range of industries to further strengthen its business foundation and accelerate medium- to long-term business growth from a global perspective.

China’s apparel market value is growing at seven per cent a year. Chinese typically purchase clothing and footwear from foreign/global multinational brands, as they perceive these products to be high quality. Such positive perception of foreign clothing and footwear brands makes China an attractive market for foreign apparel brands such as Gelato Pique. China is forecast to account for 27 per cent of the total luxury apparel sales in 2023.

The Asia-Pacific region has the largest share in the global luxury apparel market. This dominance is driven by Chinese consumers’ sustained demand for luxury fashion, the rising middle class, and continued urbanization in the country. Other contributing factors are the high growth rates forecast in major Asian markets such as India and the Philippines.


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