After its parent company Oxford Industries announced that it was searching for a potential buyer earlier this year, British men’s sportswear label Ben Sherman has been officially sold to US brand house Marquee Brands for £40.8 million (€58.52 million).

In regards to the operation, Oxford’s chairman and CEO Thomas C. Chubb III stated: “We truly appreciate the efforts of our Ben Sherman associates. Their dedication and enthusiasm for this iconic brand was clearly communicated to potential buyers, and was a critical component of this successful sales process. It has been a pleasure working with Marquee Brands to quickly culminate this transaction, which we believe will benefit both companies.”

Ben Sherman (established 1963) has been owned by Oxford Industries for around 10 years. In fiscal 2014, Ben Sherman generated $77.5 million in sales and a loss from operations of $10.8 million. These are improvements over 2013, where sales were $67.2 million and loss $13.1 million.

Marquee Brands is a brand acquisition, licensing and development company that operates in conjunction with Neuberger Berman Private Equity. It aims to identify brands in various consumer product segments in order to expand their reach across retail channel, geography and product category. Currently, Marquee Brands owns Italian footwear label Bruno Magli, which was acquired by the group in January 2015.

Cory M. Baker, Chief Operating Officer (COO) of Marquee Brands: “Our plans to market and promote the brand across various lifestyle categories are well underway with new products and expanded retail coming to market as early as first quarter, 2016.”