ATLANTA—Oxford Industries is selling its Oxford Apparel Group division to Li & Fung’s LF USA for $121.7 Million. The Oxford Apparel Group is the company’s second largest, next to Tommy Bahama; it consists of dress shirts, tailored clothing, sport shirts, casual trousers, outerwear, sweaters, jeans, swimwear, westernwear and golf apparel under the Oxford Golf, Ely & Walker and Hathaway brands; under license for Dockers and United States Polo Association; and under private labels for various retailers. However, the deal will not include the Oxford Golf brand.
Nor does the deal include Oxford’s wholly owned Tommy Bahama business, its Ben Sherman business, or its Lanier Clothes business.
Oxford CEO J. Hicks Lanier commented in a statement: “We believe the strong balance sheet and increased liquidity that will result from this transaction will provide us with additional capacity to aggressively develop our key lifestyle brands, Tommy Bahama and Ben Sherman, while maintaining Lanier Clothes’ high level of performance. At the same time, we will have the financial flexibility to pursue acquisitions and opportunistically enhance our capital structure. Since acquiring Tommy Bahama, our vision for Oxford has been to utilize our financial resources to transform our company into a leading marketer and distributor of iconic, global lifestyle brands. This transaction is an important step on that path, which we believe will reinforce our ability to fulfill that vision, drive growth and create shareholder value.”
The deal should close by the end of the year.
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