Hong Kong's Li & Fung agreed to acquire American Marketing
Enterprises, a New York-based private label sleepwear firm, for around $128
million. AME's brand portfolio holds over 40 licenses with top
licensors and includes Spiderman, Hanna Montana, High School Musical,
Cars, Dora the Explorer, Barbie, Disney Princess and other leading
properties. It seels to mass retailers such as Wal-Mart, Kohl's Target,
Sears Holdings, Toys'R'Us and J.C. Penney.
“We believe this acquisition will establish LF USA, the U.S. subsidiary
of Li & Fung, as a leader in the children's sleepwear business,”
Group Managing Director William Fung said.
The acquisition is expected to be completed by the end of November, the
Hong Kong-based global sourcing and exporting firm said in a statement.
The acquisition is the latest of an increased presence for Li &
Fung in the U.S. In September, Li & Fung bought four brands from
Liz Claiborne – Emma James, Intuitions, JH Collectibles and
Tapemeasure. In that same month, NexCen Brands, Inc., the owner of The
Athlete's Foot, entered into an agreement with Li & Fung USA, to
manufacture and distribute branded apparel under The Athlete's Foot
brand.
