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Li & Fung plans to acquire apparel firm Hang Ten
20 Dec '11
1 min read
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.
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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