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Li & Fung signs seven deals in last few months
Jul '10
Hong Kong-based multinational Li & Fung Limited, the global consumer goods exporter, announced the signing of seven deals in the last few months. This includes three acquisitions related to health, beauty and cosmetics (HBC) sector, jeanswear, and US onshore businesses respectively, as well as four licensing deals. Initial cash consideration for the three acquisitions amounts to approximately US$140 million, funded by the Group's internal cash reserves. In addition, there are other performance based payments over time.

In May, Li & Fung acquired the Hong Kong-based Jackel Group, servicing the beauty industry in primary packaging, fragrance and personal care. The acquisition will create significant synergies with the Group's existing HBC business and dramatically strengthen its HBC platform as it continues to grow in this new segment.

In June, Li & Fung acquired the Hong Kong-based HTP Group, a design driven jeanswear specialist. The deal will further strengthen the Group's capabilities in denim sourcing and it expects much synergies to be created with its existing customers in this important product category.

In the same month, the Group acquired substantially all of the assets of Cipriani Accessories Inc. and its affiliate, The Max Leather Group. Cipriani Accessories Inc., is a leading designer, distributor and importer of men's and women's accessories in the US, Mexico and Canada. The acquisition further strengthens the market position and capabilities in the fashion accessories business of LF USA, a subsidiary of Li & Fung Limited.

In the last few months, LF USA signed four additional deals:

• a partnership with celebrity stylist and fashion visionary Rachel Zoe to create a new contemporary lifestyle collection; the collection will offer a unique selection of women's apparel, footwear, handbags, jewelry and accessories;

• expansion of its licensing agreement with TapouT, the leading marketer of mixed martial arts apparel and gear, to include men's and junior's sportswear; under the terms of this new agreement, LF USA's Wear Me Apparel division, which has produced product for TapouT since 2008, will be responsible for the production and distribution of sportswear under the TapouT and PTS brands;

• formation of a new company with Star Branding that will focus on creating lifestyle concepts inspired by the powerful connections between consumers and the worlds of music, entertainment and sports. Partners in Star Branding, Tommy and Andy Hilfiger, Bernt Ullman and Joe Lamastra, will infuse the new brands with their unique sense of fashion and popular culture. The new venture, called MESH (Music Entertainment Sports Holdings), will combine LF USA's strength in building global brands supported by its global sourcing network and distribution resources, and Star Branding's expertise in fashion and licensing opportunities inspired by music, entertainment and sports celebrities;

•entered into a licensing agreement with “Sean John” Men's Sportswear and Active wear; Sean John is a contemporary lifestyle brand inspired by music mogul Sean “Diddy” Combs; the creative and design as well as distribution will be performed by LF USA.

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