CIT Expands Deal With LF USA
New York–based commercial lender CIT Group Inc. has expanded its factoring relationship with LF USA Inc., a division of Li & Fung. The expanded relationship now includes Wear Me Apparel LLC., which does business as Kids Headquarters, holder of several licensed labels, including Calvin Klein, Ecko, Timberland, Hurley, Rocawear, U.S. Polo Association, Disney, Marvel, Nickelodeon, Warner Brothers and Hasbro. Kids Headquarters’ brands are sold in mid-tier department stores and mass merchants. Kids Headquarters’ business will provide an estimated $700 million additional factored volume for CIT Trade Finance, CIT Group’s factoring division, according to CIT. “We’ve had a longstanding relationship with CIT, so when we acquired Kids Headquarters, it was natural that we would move the factoring business to CIT,” said Rick Darling, president of LF USA.
