Global consumer goods exporter Li & Fung announced on Monday that it will be purchasing American business clothing retailer Wear Me Group in the tune of $402 million. Aside from business clothing, the Wear Me Group consortium also manufactures children’s and women’s apparel such as lingerie and outdoor clothing.
This move will make it possible for the Chinese conglomerate to expand into more markets worldwide and reach out to more consumers now that they are offering more products and services. The company revealed in a statement that it will be expanding its brands and private label businesses now that it has acquired several companies, including the American apparel giant.
The acquisition would enable Li & Fung to expand into new markets and categories and benefit its portfolio of brands and private label businesses, the company said in a statement.
The terms and conditions have been laid out in the statement released for public viewing last week. The list of board directors and other officials have been specified on the press statement as well.