Never Fully Dressed Partners with Refined Capital Partners in Strategic Stake Sale

Never Fully Dressed, the premium womenswear label founded by Lucy Aylen in 2009 from her parents’ attic, has sold a stake in the business to Refined Capital Partners. The transaction marks the brand’s first partnership with an external investor.

Refined Capital Partners, a firm with investments in fashion labels including The Fold, Frugi, Disturbia, Celtic & Co, and Turtle Doves, will support the brand’s growth while maintaining its core identity. In a statement to Drapers, Never Fully Dressed called the move a “significant milestone,” emphasizing continuity in its mission and leadership. The brand will retain its female-founded ethos and in-house design team, continuing to prioritize “versatile, feel-good pieces that empower everybody to feel their best.”

The Essex and New York-based label, which distributes through wholesale partners such as John Lewis, Frasers, and Harvey Nichols alongside its direct-to-consumer platform, stated the partnership will enable “investments in the future of Never Fully Dressed and our continued commitment to do better for our people and planet.”

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