Josh Chernoff featured in Reuters

In “Fashion M&A, like a crop top, is hard to pull off,” Reuters highlights that mergers and acquisitions for fashion retailers are like a crop top t-shirt: a risk best braved by a select few and avoided after a certain age.

EY-Parthenon Managing Director Josh Chernoff notes that apparel retailers which bought rivals in the hope of finding growth or eliminating competition have found little payoff. “Oftentimes, the companies themselves aren't growing, so it doesn't solve the underlying challenge,” he said. “If you tie two rocks together, they sink just as fast or faster.”

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