EMI, the UK label and music publisher controlled by Guy Hands’ Terra Firma group, is considering making a $500,000 bid for Completely Independent Distribution, Europe’s largest independent distributor of band-themed T-shirts.

The interest comes as music companies globally seek to diversify as CD sales have dropped sharply over the past few years. CID, a six-year-old company based in Leicester in the UK, distributes clothing for bands including AC/DC and ZZ Top.