In its latest ownership change, ailing retailer Ben Sherman has been acquired by US private equity backed Marquee Brands for the sum of £40.8m.

Marquee Brands insists that the loss-making men‘s fashion business has potential.

“We are particularly excited about this transaction as Ben Sherman is consistent with our mission to acquire high quality brands with substantial global growth potential,” said Michael DeVirgilio, President of Marquee Brands. “The current management team under Oxford‘s leadership has done a great job building on the core essence of the brand. We‘ve received supportive messages from retailers across the globe that share our view of the growth opportunity ahead.”

Ben Sherman, which was established in 1963, is the second investment for Marquee Brands this year, following its acquisition of Italian luxury brand Bruno Magli in February. Both brands represent what Marquee Brands referred to as “a glowing portfolio of relevant, storied brands with rich history and a global footprint.”

“Ben Sherman remains a uniquely classic British brand with a loyal following across five continents and a smartness that‘s ageless. Its heritage, style and authenticity fits perfectly within Marquee‘s growing portfolio,” stated Cory M. Baker, Chief Operating Officer of Marquee Brands. “Our plans to market and promote the brand across various lifestyle categories are well underway with new products and expanded retail coming to market as early as first quarter, 2016.”