(Filed Under Financial and General Interest News). Hong Kong-based sourcing firm Li & Fung has made a series of business acquisitions aimed at expanding its customer portfolio and creating synergy between international businesses.
Businesses purchased include U.S.- and Hong Kong-based textile sourcing and development company Loyaltex Apparel, U.K.-based beauty company Collection 2000, Thailand-based furniture company Exim Designs, U.S.-based knitwear company Hampshire Designers as well as TVMania, a European supplier of apparel with a wide variety of popular licenses, including Disney, Barbie, Hello Kitty and SpongeBob SquarePants.
"We are pleased to have concluded a series of transactions that will further expand our customer base and strengthen our product offerings," said Li & Fung President and Chief Executive Officer Bruce Rockowitz in a statement. "These acquisitions will allow us to become the largest global player in licensed apparel trading, and hence a stronger and even more valuable partner to licensors and retailers."
According to Li & Fung, the pre-tax profit of the five new companies was approximately $80 million and the turnover was approximately $660 million.
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