DELTA ACQUIRES GEKKO: Delta Apparel Inc. has acquired Gekko Brands, suppliers of headwear under the Kudzu and The Game brands to the collegiate, sports and resort markets. Delta expects the purchase to add about $27 million to its annual sales, which totaled $322 million in the fiscal year ended June 28, and initially be “marginally profitable.” Terms weren’t disclosed, but Delta, based in Duluth, Ga., said it had made the purchase through its asset-based secured revolving credit facility after expanding it to $110 million from $100 million. Delta expects to retain Gekko’s headquarters in Phenix City, Ala., as well as its 120-person workforce. Gekko had been part of Ashworth, which last year was sold to Adidas.
LI & FUNG, CLAIBORNE DEAL COMPLETED: Liz Claiborne Inc. and Li & Fung Ltd. have completed their long-term exclusive buying agency agreement, which makes Li & Fung the primary global apparel and accessories sourcing agent for all brands in Claiborne’s portfolio, with the exception of the jewelry lines. The Hong Kong-based Li & Fung paid Liz Claiborne Inc. $75 million and by April 14 will pay an additional amount up to $8 million, which Claiborne is using to pay down bank debt.