Naf Naf

As the gap widens between the best-performing companies and the rest, M&A activity will increase as leaders manoeuvre to take market share, unlock new opportunities and expand capabilities.

An online retailer chasing growth, a supplier-turned-retailer, and a worried Italian government are among the unlikely cast of investors shelling out for brands including Warehouse, Naf Naf and Corneliani. The assets are small fish, but the deals could hint at bigger transactions to come.

Vivarte SAS won a waiver to terms of a 535 million-euro ($596 million) loan after terror attacks in Paris and warm winter weather hurt the French fashion retailer’s earnings late last year.