Apparel group Oxford Industries Inc has agreed to acquire London-based fashion designer Ben Sherman Ltd for about $146 million in cash.

The deal, to be financed with cash on hand and revolving credit facility borrowings, will also include the payment of associated expenses.

It is expected to close in late July.

According to Oxford Industries CEO J Hicks Lanier, the acquisition forms part of the company's "strategic repositioning" strategy.

"Ben Sherman is an excellent brand and a well-managed company," he said.

"We believe there are significant opportunities for growth both overseas and here in the United States for the brand.

"Additionally, there are opportunities for us to leverage Ben Sherman's considerable infrastructure in the United Kingdom to grow other portioins of our consolidated business."

Ben Sherman, which boasts distribution across the UK, US, Canada, continental Europe, Australia and Asia, is being purchased from venture capital company 3i and Enterprise Equity.

The company's management team, including CEO Miles Gray, will remain in place following the acquisition.