The Growing Role of Private Equity in Fashion

If you caught Episode 25, you know the story: approximately 250 Guatemalan garment workers are still owed $500,000 in severance from Lucky Brand after the closure of the Industrial Hana factory. But what started as a case study in wage theft quickly revealed something bigger—how private equity is transforming fashion supply chains behind the scenes.In this follow-up episode, Manpreet Kaur Kalra reconnects with Anna Canning of Partners for Dignity & Rights to peel back the layers of fashion’s financial structure. Together, they trace how corporate ownership is intentionally opaque, and how firms like Authentic Brands Group are profiting by fragmenting responsibility. From bankruptcies and brand buyouts to complex licensing deals, together, we unpack how private equity is redefining who owns what—and why that matters for the future of corporate accountability. We talk about the companies you don’t see on tags—the ones pulling the strings behind brand names by diving into: How private equity uses debt, licensing, and outsourcing to extract valueThe growing trend of intellectual property empiresWhy bankruptcy is now a business tactic, not a failureWhat Forever 21, Shaquille O’Neal, and mall landlords have to do with all of itPrivate equity isn’t just reshaping fashion—it’s financializing daily life. From healthcare to the roads we drive on to legacy fashion brands, this episode is a deep dive into the real cost of profit-maximizing business models—and the urgent need for structural accountability.“If the goal is to maximize returns on investment at any costs, then the working people at the bottom are always the ones who pay.” — Anna CanningMeet Our GuestAnna Canning leads the Worker Rights team at Partners for Dignity and Rights. Prior to that, she was with the Worker-driven Social Responsibility Network. Throughout her career, Anna has led creative campaigns taking on corporate power and the fairwashing used to cover corporate abuses. Anna has over 20 years of experience working in supply chains and in movements for food justice and human rights.📌 Partners for Dignity and Rights is a non-profit that advocates for human rights, especially the rights to dignified work, housing, and public education.Read the full show notes: https://www.artofcitizenry.com/podcast/private-equity-in-fashionSupport the PodcastArt of Citizenry is 100% listener-supported. Every contribution helps us continue producing research-intensive episodes and paying our small but mighty team. If this episode resonates with you, consider supporting our work:💸 One-time contribution: https://visit.artofcitizenry.com/paypal💌 Monthly support via Patreon: https://www.patreon.com/manpreetkalra✍️ Subscribe to our Substack & upgrade to paid: artofthecitizenry.substack.com For more, you can find the full show notes of every episode at https://www.artofcitizenry.com/episodes