HONG KONG — Li & Fung Ltd., the global sourcing giant, said it has acquired Wear Me Apparel LLC, otherwise known as Kids Headquarters.
Based in New York, Kids Headquarters markets young men’s and children’s clothing across America in department stores as well as mass merchants, including Macy’s, Kohl’s and Wal-Mart.
The firm manages a portfolio of licensed brands, proprietary brands, private labels and character licenses, including Calvin Klein, Timberland, U.S. Polo Association, Disney, Marvel, Warner Bros., Rocawear and Hurley. Net sales for Wear Me Apparel were approximately $700 million in 2008.
Li & Fung described the purchase of Wear Me as the next step in growing its U.S.-based operations. “This acquisition dramatically strengthens LF USA’s growth platform. By leveraging our global sourcing capabilities and deep retail relationships, we will be able to expand into new markets and categories including young men’s and junior’s,” stated Rick Darling, president of LF USA. Wear Me is now the sixth operating division of LF USA.
Li & Fung said it would make an up-front $100 million cash payment, plus performance-based payments over the next five years. According to the documents filed, the total payment will not exceed $401.8 million. Completion of the acquisition is expected by the end of November.
Commenting on the acquisition, Bruce Rockowitz, president of Li & Fung Ltd., stated: “We are very pleased with this acquisition as Wear Me Apparel is a great company and represents a tremendous value proposition for all involved. We will continue to pursue our acquisition strategy, and this deal is only one of the many opportunities that we are currently looking at.The pipeline of deals is strong and it’s almost unprecedented that we’ve seen so many great opportunities.”
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