Global sourcing firm Li & Fung has acquired May Trading UK, which supplies clothing to high street brands like Primark, Next and Topman.
According to Drapers, LF Europe, a division of Li & Fung, acquired certain assets from the clothing supplier including its existing order book, some finished stock and certain intellectual property rights. The move makes May Trading one of three companies under LF Europe’s private label European Apparel Group (EAG).
Most staff from May Trading, including co-founder Jason Marchant, have transferred to work for the new owners, Drapers reported. May Trading sister company MA Hong Kong was also purchased as part of the deal.
Both business went into reorganization in October after millions of dollars were reportedly stolen from its AMCS factory in Dhaka, Bangladesh by a shareholder and director of the factory. The exact stolen sum was not disclosed, but according to Drapers, Marchant said customers have been supportive in appreciating the circumstances behind the company’s reorganization.