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October 20, 2009

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Home » Business » Manufacturing

Li & Fung expands overseas with deal

Hong Kong-based consumer goods exporter Li & Fung yesterday said it will pay up to US$402 million to buy a United States young men's and children's apparel business, as part of its effort to expand overseas.
Li & Fung's purchase of US-based Wear Me Group will also benefit the company's brands and private label businesses, it said in a statement.
The company, whose customers include US retail giants Wal-Mart and Target, is relying on acquisitions and new outsourcing deals to meet expansion targets.
The company, whose president is former American competitive tennis player Bruce Rockowitz, has set a three-year plan for 2008-2010 with targets, including annual turnover of US$20 billion and a core operating profit of US$1 billion.
The company's turnover in the first half of this year totaled HK$46.3 billion (US$6 billion).
Li & Fung has completed three small roll-up acquisitions in China and the United Kingdom this year.
"We will continue to pursue our acquisition strategy, and this deal is only one of the many opportunities that we are currently looking at," Rockowitz, also executive director, said in the statement.


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