A footwear supplier to Marks&Spencer, Peter Black International, has been bought by Hong-Kong based sourcing and trading firm Li&Fung in a deal worth almost US$100 million.

The manufacturer, based in Keighley in northern England, is Marks&Spencer’s top supplier for footwear, but it also supplies footwear and personal care products to Next, Boots and The Body Shop.

Li&Fung said on making the announcement that it had more money to spend and, according to Reuters, may be preparing to unveil an acquisition on the same scale as its purchase of Tommy Hilfiger's global sourcing operation for US$247.8 million in February.

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