Ben Sherman sold for $40m to USA private equity firm

After its parent company Oxford Industries announced that it was searching for a potential buyer earlier this year, British men’s sportswear label Ben Sherman has been officially sold to USA brand house Marquee Brands for £40.8 million (€58.52 million).

Founded in Brighton in 1963 by Arthur Benjamin Sugarman, Ben Sherman made its mark as a fashion brand through its quirky, short sleeved, buttoned-down shirts.

Ben Sherman is the second investment for Marquee Brands following its acquisition of Italian luxury group Bruno Magli in February.

Michael DeVirgilio, president of Marquee Brands, was quoted in the Guardian as saying: “We are particularly excited about this transaction as Ben Sherman is consistent with our mission to acquire high-quality brands with substantial global growth potential”. The company said it expects to receive net cash proceeds of $58m and a non-cash loss of discontinued operations.

Thomas Chubb III, Oxford’s CEO, said, “Looking forward, with the strength of our Tommy Bahama and Lilly Pulitzer brands, Oxford is well-positioned to continue to generate long-term value for our shareholders”.

“Its heritage, style and authenticity fits perfectly within Marquee’s growing portfolio”.

Cory M. Baker, Chief Operating Officer (COO) of Marquee Brands: “Our plans to market and promote the brand across various lifestyle categories are well underway with new products and expanded retail coming to market as early as first quarter, 2016”.