By
Reuters
Reuters
Published
Dec 22, 2010
Dec 22, 2010
Oxford Industries shares rise on Lilly Pulitzer deal
By
Reuters
Reuters
Published
Dec 22, 2010
Dec 22, 2010
Dec 22 - Shares of Oxford Industries Inc rose as much as 24 percent a day after the apparel maker bought Sugartown Worldwide Inc, the owner of upscale women's brand Lilly Pulitzer.
Lilly Pulitzer in Boca Raton |
Oxford Industries, whose businesses include Tommy Bahama, Ben Sherman, Lanier Clothes and Oxford apparel, has been making a push to own diversified lifestyle brands of late.
The company said it paid $60 million for Lilly Pulitzer, known for its preppy fashion.
The brand is expected to boost sales by more than $75 million in 2011 and earnings by more than 40 cents a share.
"We were not marketing the company when Oxford called us earlier this year," Jim Bradbeer, president of the Lilly Pulitzer Group, said in a statement.
Shares of Atlanta-based Oxford were trading up 22 percent at $27.03 on Wednesday on the New York Stock Exchange.
(Reporting by Nivedita Bhattacahrjee and NR Sethuraman in Bangalore; Editing by Joyjeet Das)
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