Perry Ellis International Inc has today announced that it has signed a binding letter of intent to acquire certain assets of apparel retailer Bugle Boy Industries Inc.

Under the terms of the agreement, Perry Ellis would acquire the wholesale operations of Bugle Boy, including the licensing operations, Bugle Boy's tradename and other intellectual property and certain inventory and accounts receivable.

George Feldenkreis, chairman and chief executive officer of Perry Ellis International, said: "This is a tremendous addition to our portfolio of brands. The Bugle Boy name has a long history with brand awareness ratings among consumers that have consistently ranked among the highest in the country.

"The opportunity to combine the Bugle Boy brand and heritage with our design, sourcing and operational capabilities, is extremely compelling. Indeed, the acquisition would position Perry Ellis as the leading branded men's sportswear producer in the US, while also making us a much stronger competitive force in the bottoms, denim and young men's businesses."