Li & Fung acquires Oxford Apparel
The Hong Kong group by means of its subsidiary LF USA in North America has announced the acquisition of Oxford Apparel from the group Oxford Industries for a total of 121.7 million dollars (89.9 million euros). The operation will be concluded before the end of the year.
Oxford Apparel’s collections range from casual menswear to sportswear, but also offers swimwear and western styles. This variety is an “added value to Li & Fung’s menswear offer”, according to the company. Oxford Industries line Oxford Golf® business and a distribution center in Lyons, GA, which are a part of Oxford Apparel, are not included in the transaction and will continue to be operated by the company.
Li & Fung has also recently multiplied its acquisitions. In the beginning of 2010 it obtained the british firm Visage Group; some months ago it took up the American shoe manufacturer Jimlair, just before buying the Chinese sportwear brand Li Ning.
Oxford Apparel’s acquisition has gone through just before LF USA launched a new lifestyle collection designed by Jennifer Lopez and her husband Marc Anthony which will be distributed in Kohl’s retail stores throughout the United States. This collection will be operated by a sub-licence with MESH (Music Enterntainment Sports Holding). LF USA will be focusing its attention of developing mens and womenswear, but according to the company, it does not exclude the possibility of launching a homeware line of products from the near future.
For the third quarter ended October 30, 2010, the Company expects to report sales of approximately $205 million and earnings per share of approximately $0.33, which exceeds its previously issued guidance of $0.25 to $0.30 per share.
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