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Li & Fung to buy Miles Fashion in Germany

Dec '08
Hong Kong-based global consumer goods exporter Li & Fung Limited announced that it has entered into an agreement to acquire all of the shares of Miles Fashion Group, a leading German supplier to some of the largest discounters and retail chains in Europe. The deal is expected to complete by today.

The aggregate consideration for the purchase was approximately USD51 million. The consideration was satisfied in cash.

Miles Fashion sells a wide range of ladies and menswear, kidswear, outdoor and footwear products. It provides integrated supply chain services and assumes responsibilities of a one-stop supply chain manager without having any production facilities of its own. It operates sourcing offices in Hong Kong, PRC, Bangladesh and Singapore.

Net sales for Miles Fashion were approximately US$ 230 million for 2007. The profit before tax (after adjustment for non-recurring expenses) was approximately US$ 10.4 million for 2007.

Mr. Bruce Rockowitz, President of Li & Fung (Trading) Limited, commented: “We have been on the lookout for opportunities that would provide a platform for our onshore business development in Europe.”

“The recent global financial tsunami has presented a timely opportunity for us to establish our leadership position in Europe with the acquisition of Miles Fashion. Miles is one of the largest apparel wholesalers in Germany that has long-standing relationships with some large international retailers. We are very confident that customers of Miles Fashion including Aldi and Tchibo will benefit from our extensive product offering and our global sourcing network of over 80 offices in over 40 economies.”

Mr. Dow Famulak, LF Europe - Chief Executive Officer further commented: “Miles Fashion has a strong customer focus and solid expertise in developing and sourcing apparel products which offer a competitive price-performance ratio. There are potential synergies with other businesses that we have including Peter Black and in the character license area. We believe this acquisition will help to give us the platform to accelerate growth of LF Europe in this Three-Year Plan.”

Li & Fung Limited is the world's leading consumer goods supply chain management company, managing the supply chain for retailers and brands worldwide. Headquartered in Hong Kong, the Group services its customers globally through a sourcing network of over 80 offices in more than 40 economies.

Li & Fung Limited

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