TM Lewin sells minority stake to Chinese textiles company

Shandong Ruyi, a Chinese textiles company has put a pin in the potential 100 million

pounds sale of TM Lewin by acquiring a minority stake in the British shirtmaker and tailor.

TM Lewin hired KPMG last July to find an investor for the business to help fund its internationally expansion plan.

However the Chinese company teamed up with Japanese trading house Itochu – who holds a stake in Shandong Ruyi- to purchase a minority stake, after TM Lewin had signed a deal with Itochu, one of its main suppliers earlier this year.

The deal has reportedly been sealed, but the companies are believed to be waiting for approval from authorities in Beijing, according to The Sunday Times. TM Lewin currently has over 90 stores throughout the UK and aims to expand in India.