Li & Fung buys Wear Me Apparel for up to $402 million

The deal could be followed by several more acquisitions as the Hong Kong-based sourcing company seeks to build its overseas presence.

Consumer goods sourcing company Li Fung is to acquire Wear Me Apparel, a US children's clothing company, the Hong Kong-listed company announced late on Monday. The consideration for the acquisition will be no more than $401.8 million.

Wear Me Apparel designs, markets and sells clothing for children -- primarily under the Kids Headquarters label -- and young men. It manages a large portfolio of national brands, proprietary brands, private labels and character licenses. Among the clothing brands that it manages...

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