OXFORD COLLARS BEN SHERMAN: Oxford Industries is acquiring privately held U.K. firm Ben Sherman Ltd. for $146 million in an all-cash transaction expected to close in late July. Ben Sherman, Oxford explained, is being acquired from 3i, Europe’s leading venture capital firm, and Enterprise Equity. The latter two made investments in Ben Sherman in 1993. Oxford said in a statement on Monday it expects the acquisition to add $150 million in revenues, and to be accretive by 20 cents to 25 cents per diluted earnings per share for fiscal year 2005. The Sherman lifestyle brand targets young men and women. Sherman chief executive officer Miles Gray will stay with the company. Oxford will finance the purchase with cash plus borrowings under a new revolving credit facility.
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LUXURY OPENINGS: Valentino and Prada are continuing their retail expansions with new stores in Florence and Capri, respectively. Valentino’s boutique in Florence will open this week and to mark the occasion the designer has asked Francesco Clemente to create a surrealist work of art dedicated to the tie. A print of Clemente’s work will then be used to produce a limited edition of 100 ties. Proceeds from the sale will go to Amnesty International. In addition, the boutique will host “Art for Ties,” a contemporary art exhibition inspired by ties. All Valentino collections will be available at the two-story boutique, including, for the first time, all the men’s lines, accessories and perfumes. Prada opened its store in Capri this past weekend. The unit focuses only on the company’s accessories and will offer, in addition to its regular collections, one-off items and a made-to-order service.
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SURF’S UP: French surfwear company Oxbow SA set July 7 as the date for its initial public offering on the Second Marché of Euronext Paris. Oxbow said it will issue 1.4 million new shares, representing 37 percent of its capital. The per-share price was set between 8.6 euros and 9.8 euros, or $10.40 and $11.90. Dollar figures are converted from the euro at current exchange.
FIN.PART LICENSE: Fin.part has inked the first of what it hopes will be many licensing deals to pull itself back into the black — a two-season production and distribution deal for Cerruti. Southern Italian apparel company Tombolini will produce and distribute the Cerruti men’s and women’s collections for fall-winter 2004-2005 and spring-summer 2005. A Fin.part spokesman said Tombolini is renting Cerruti’s factories as part of the deal. The Fin.part spokesman explained that the license is a short-term stopgap, and the relationship may continue if all goes well. Next month Fin.part first needs to find a way to pay back bonds worth 200 million euros, or $242.82 million at current exchange rates. There is still no word on how the company will handle that impending bill. Fin.part included one sentence in Monday’s release saying that chairman Gianni Mazzola is currently talking with the banks.