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

8/12/2026

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.

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