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Li & Fung buys

LI & Fung Ltd, the biggest supplier of toys and clothing to Wal-Mart Stores Inc and Target Corp agreed to buy the sourcing business of Liz Claiborne Inc for as much as US$83 million and said it's seeking further acquisitions.

Liz Claiborne's brands include Lucky Brand, Juicy Couture, and Kate Spade, Li & Fung said in a release yesterday. Li & Fung will buy the sourcing business, which had a volume of US$1.3 billion in the 2007 fiscal year, and its affiliates in Asia.


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