Li & Fung buys five firms for its trading & distribution networks
22 Jun '11
4 min read
Mr. Bruce Rockowitz, Group President and CEO of Li & Fung Limited, said, “We are pleased to have concluded a series of transactions that will further expand our customer base and strengthen our product offerings, and create growth potential across our Trading and Distribution Networks.”
Mr. Rockowitz stressed that the acquisition of TVMania underlines the Group's strategy of creating synergies between its US and European distribution businesses. “Together with Kids Headquarters, a US deal which was acquired in 2009, this acquisition 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,” he concluded.
Mr. William K Fung, Executive Deputy Chairman of Li & Fung Limited, said, "Our focus on both acquisitions and organic growth has demonstrated the resilience of our model throughout the years.” He added, “We have relied on a sustained organic growth in our business over the last 20 years and have complemented that with an acquisition strategy which could be especially relevant during times of uncertain economic conditions when excellent deals are available at attractive prices.
“We will continue to pursue acquisitions to complement our organic business growth during this new Three-Year Plan 2011-2013," Mr. Fung concluded.