Japanese trading house Itochu is understood to have commenced exclusive talks to acquire the business of Jermyn Street shirt specialist TM Lewin. The senior management of the TM Lewin chain, which retails and sells online in the UK and in overseas markets, share the ownership of a majority stake in the business and are rumoured to be very keen to conclude a deal. The TM Lewin business is expected to achieve £100 million. A small consideration for Itochu which is valued at over £10.5bn on the Tokyo stock market, is a supplier of fabric to TM Lewin, and has stakes in other UK businesses including Paul Smith.
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