Apparel company Perry Ellis International has completed its previously announced acquisition of Rafaella Apparel Group for US$80m.

The price includes approximately $20m of working capital in addition to warrants to purchase 106,564 shares of common stock issued to Rafaella. Perry Ellis funded the acquisition through its senior credit facility.

"The addition of Rafaella represents a great opportunity for us, and we are very pleased to have acquired a brand that we believe is so well positioned to take advantage of the many opportunities in the women’s apparel arena today," said George Feldenkreis, chairman and chief executive officer of Perry Ellis.

"As we become a more significant player in the women’s space, we will be aggressively pursuing several growth avenues to ensure that we continue diversifying our business model and delivering strong results this fiscal year."

Perry Ellis estimated that total revenue derived from the Rafaella assets during fiscal 2012 will be approximately $120m.