Included in the deal is subsidiary company Peter Black Footwear & Accessories, which supplies shoes to Marks & Spencer.

The transaction provides an exit for private equity firm Endless, which bought Peter Black last year.

Bruce Rockowitz, president of Li & Fung, comments: ‘The acquisition will add capabilities in product design and development in both footwear and beauty businesses, and will double our health, beauty and cosmetics business overnight.’

For the year to January, Peter Black Group reported net sales of some £189 million and pre-tax profits of £9.3 million. Its other subsidiaries include beauty product developer and manufacturer PB Beauty and Italian footwear specialist Lenci Calzaturi.

Li & Fung also announced its intention to acquire US clothing business Regatta for $148 million (£74.7 million) in cash and shares.