The sale of a minority stake in shirtmaker TM Lewin to Japanese trading house Itochu is nearly complete with Chinese company Shandong Ruyi having also agreed to partner with Itochu to buy into the British business. The deal for the 90 strong store chain will leave the UK management team headed by Geoff Quinn with the majority shareholding and able to expand into key international markets like India and South Africa.
Itochu has broad based interests across many induistry sectors including energy, minerals, and insurance, and has also owned a stake in Paul Smith since 2005. Shandong Ruyi which is owned by Chinese millionaire Qiu Yafu has a stake in Carloway Mill, a Harrris tweed producer, and will enable TM Lewin to enter the Chinese market rapidly. The deal is now awaiting approval from the authorities in Beijing.
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