Ben Sherman sold for £80m

Fashion brand Ben Sherman - whose shirts became a style trademark of the Mod movement of the 1960s - was sold today in an £80m (€120m) deal.

The London-based group was bought by US clothing manufacturer Oxford Industries after being put up for sale by private equity group 3i.

Ben Sherman will now join a clothing stable that includes Tommy Hilfiger and Nautica, which Oxford Industries produces under licence.

The deal is due to be completed in July and offer a platform for the brand to grow across the Atlantic.

Ben Sherman began in humble circumstances with its first garments produced from a small factory in Brighton in 1963.

But a move to Carnaby Street in 1968 boosted production of its button-down collared shirts, which became a design classic of the Swinging Sixties.

Demand grew so quickly that Ben Sherman had to transfer a chunk of production to Northern Ireland, where it converted ballrooms into clothing factories.

In addition to its traditional collared shirts, Ben Sherman currently makes sportswear, accessories and shoes.

J Hicks Lanier, chairman and chief executive of Oxford Industries, expressed delight at the acquisition of “an excellent brand and a well-managed company”.

“We believe there are significant opportunities for growth both overseas and here in the United States,” he said.

Oxford Industries has bases in more than 40 countries and makes and licenses brands including Tommy Hilfiger, Dockers and Nautica.