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Li & Fung plans to acquire apparel firm Hang Ten

20
Dec '11
Hong Kong-based multinational trading group Li & Fung has said that it intends to acquire apparel company Hang Ten Group Holdings Ltd. for a sum of HKD 2.7 billion (US$ 347 million).

The proposed acquisition would be made by Li & Fung (Retailing), a subsidiary of Li & Fung Ltd., which supplies merchandise to major US retailers like Wal-Mart and Target Corp.

Hang Ten, a Hong Kong-based investment holding company, designs, markets, wholesales and retails apparels and trademarks. By end-March 2011, the firm had nearly 790 retail stores across Hong Kong, Taiwan, China, Malaysia, Macau, South Korea and Singapore under the brands Arnold Palmer, H&T and Hang Ten.

Li & Fung (Retailing) Ltd hopes the planned buyout of Hang Ten will help it to enter the fast-growing segment of casual fashion brands and to boost its presence in key Asian markets of Taiwan, China, South Korea and Asean countries.


Fibre2fashion News Desk - India


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