Hardy Amies UK stores to close following sale to Fung Capital

The Hardy Amies brand has been sold to Fung Capital Europe, the private investment arm of Victor and William Fung, the controlling shareholders of Hong Kong-based international fashion supplier Li & Fung Group.

The deal was agreed at the end of last week for an undisclosed sum.

The new investor will keep the Savile Row head office but the acquisition excludes the UK retail arm of Hardy Amies, which will close its six UK retail stores by the end of November.

Hardy Amies, once dressmaker to the Queen, fell into administration last month after it failed to secure future financing for the business from its backer, Icelandic investor Arev. The retailer's Edinburgh, Bristol and Belfast stores are currently still trading.

The investor stressed that the acquisition is unrelated to the Li & Fung Group, which already has investments in several other retail and branded businesses, including the licence for Toys R Us in Asia. It also owns a 'branded lifestyle' business which represents brands including Mango, Calvin Klein Underwear and Billabong.

This follows the acquisition of another Arev-backed brand - Ghost - to Hawes & Curtis boss Touker Suleyman at the end of October.

Arev also has investments in Jones Bootmaker, maternity retailer Blooming Marvellous and sports retailer Mountain Warehouse.

> It was also announced today that Li & Fung has entered into an agreement with the American owner of Mexx Europe, Liz Claiborne, to act as primary global apparel sourcing agent for the Mexx brand.

Earlier this year, Mexx announced it would close its 61 retail outlets across the UK. It has also brought in an interim chief executive officer Tom Fitzgerald while it hunts for a European chief.