Australian Retailer Pacific Brands has entered into a deal to buy the Australian and New Zealand Streetwear apparel division of Globe International.

The deal, which is subject to conditions, will be worth up to A$42m (US$31.81m).

Brands included in the acquisition are, Mooks, M-ONE-11 and Australia and New Zealand licensed brands as well as eight concept retail stores in Melbourne and Sydney and two Direct Factory Outlets stores.

Globe, which is selling about 35% of its revenues, will retain its boadsports shoe and apparel businesses, which it believes have more potential in the long term.