Global sourcing company Li & Fung of Hong Kong has acquired Wear Me Apparel LLC, known to the industry as Kids Headquarters in a deal reportedly worth up to $401.8 million (from an upfront payment of $100 million cash plus performance-based payments for the next five years). The acquisition of the New York-based manufacturer of […]
Global sourcing company Li & Fung of Hong Kong has acquired Wear Me Apparel LLC, known to the industry as Kids Headquarters in a deal reportedly worth up to $401.8 million (from an upfront payment of $100 million cash plus performance-based payments for the next five years). The acquisition of the New York-based manufacturer of children’s and young men’s clothing is said to be Li & Fung’s next step in growing its U.S. business; it is now the corporation’s sixth division within the States.
“We are very pleased with this acquisition as Wear Me Apparel is a great company and represents a tremendous value proposition for all involved,” said Bruce Rockowitz, president of Li & Fung (Trading) Limited. “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.”
Kids Headquarters serves department stores and mass merchants across the country and has a portfolio of licensed and proprietary brands, private labels and character properties that include Calvin Klein, Disney, Hurley, Marvel, Rocawear, Timberland, U.S. Polo Association and Warner Bros. The company’s net sales in 2008 accounted for approximately $700 million.
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