Human Made Is Acquiring Undercover

Human Made is buying Undercover.

The Japanese streetwear company revealed its intent to acquire the Tokyo-based label in a letter filed Monday by Human Made chief executive Rei Matsunuma. The letter is not legally binding but noted that Human Made intends to carry on discussions and reviews “with the aim of executing a legally binding share purchase agreement” anticipated to take place in September, with the share transfer to occur in early 2027.

The acquisition price will be set based on a value calculated by a third party, according to the letter. Both Human Made and Undercover declined to offer any additional information.

The deal would mark a symbolic union for Undercover designer Jun Takahashi and Human Made founder Nigo. The two met as students at Bunka Fashion College in the 1980s, and eventually fell under the mentorship of Hiroshi Fujiwara, the premiere tastemaker in Tokyo’s Uraharajuku scene. After recognising their power as influencers in an age before social media, they opened a boutique named Nowhere in 1993. On one side, Takahashi built out a small store for his punk-inspired label, Undercover, while on the other Nigo launched a T-shirt brand inspired by hip-hop, named A Bathing Ape.

Over time, BAPE would grow to become an internationally recognised streetwear label, while Takahashi would turn Undercover into a Japanese fashion house spanning everything from graphic T-shirts for men to avant-garde designs for women presented seasonally in Paris. In 2010, Nigo launched Human Made, selling his stake in BAPE the following year. He remains the creative director of the company, which has steadily grown over the past decade and went public on the Tokyo Stock Exchange last year in a landmark moment for streetwear.

While Takahashi’s company is privately held and doesn’t share its financials, the brand has noticeably scaled down its runway shows in recent years, presenting its last show in Paris in March 2025 when it celebrated its 35th anniversary. According to its website, Undercover is distributed through roughly 100 independent physical and online retailers worldwide, alongside 16 of its own brand-operated storefronts across Asia. Takahashi has expressed in interviews over the years that business wasn’t his strong suit and that it was challenging to maintain Undercover’s independence while remaining profitable. Speaking with The Business of Fashion’s Tim Blanks in June 2024, he said it was difficult to explore other creative outlets, such as filmmaking, due to the financial constraints that come with being an independent fashion house.

In its letter of intent, Human Made said it had built a strong relationship with Undercover, including the release of a collaboration between the brands last year. It noted that part of its growth strategy is “to acquire companies whose brand equity has not sufficiently translated into profits, and to grow them into the second and third pillars of the business.”

It added it had determined that leveraging its management capabilities would allow it to transform Undercover’s business model, which it said would enhance both Undercover’s brand value and that of Human Made.

Editor’s Note: This story was amended on June 15 to illustrate the size of Undercover’s global distribution.