Japenese trading house Itochu is understood to be in talks to acquire shirt specialist TM Lewin, in a deal likely to fetch between £80m and £100m.

The deal, which is expected to be announced next month, is likely to fetch between £80m and £100m meaning a big windfall for senior TM Lewin management.

Itochu, which trades everything from textiles and machinery to chemicals and metals, is valued at nearly £1bn on the Tokyo stock market. It already has a stake in the UK designer retailer Paul Smith.

TM Lewin is the latest retailer to attract interest from an Asian rival, China’s Sanpower bought House of Fraser last month.

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