Export firm Lil & Fung have bough Marks & Spencer footwear supplier Peter Black International and will use this to expand across Europe.
The acquisition is worth £48.1 million and will expand Li & Fung's potential across Europe by increasing their customer base.
Peter Black also supplies Tesco, Sainsburys and Next amongst other companies and has sales in excess of £240 million.
Li & Fung, based in Hong Kong has planned a £500 million build on business in the UK and Europe through further acquisitions, this is its first major move into footwear.
Gordon Black, chairman of Peter Black International, based in Keyhole, West Yorkshire, said the deal will enable the supplier to expand its offer beyond core footwear, accessories and personal care.
Li & Fung announced last month its strongest first half growth since 2000. Group turnover in the last six months is up 35% on last year.
How do you keep up-to-date with the latest news from the Footwear sector?
