Strong growth driven by business expansion & acquisitions - Li & Fung
21 Mar '07
3 min read
New Acquisitions - Li & Fung has continued to pursue its two-pronged acquisition strategy which has yielded fruitful results. During 2006, the Group acquired smaller companies such as Homestead in the US to further enhance the existing product range within home textiles businesses.
The Group also continued to pursue larger acquisitions including Oxford Womenswear Group and the Rosetti handbag business to further augment the onshore business in the US.
In the last quarter of 2006, the Group completed its acquisition of the sourcing arm of KarstadtQuelle in Germany.
In addition, the Group acquired the global sourcing operations of Tommy Hilfiger in the first quarter of 2007. The Acquisition will bring to the Group substantial additional sourcing volume and reinforce diversification into branded apparel in the Group's sourcing portfolio.
Mr. Rockowitz added, "All in all, we see acquisitions as complementary to the Group's organic business growth as they broaden our sourcing power on a global scale, provide the means to expand the customer base and further enhance our geographical diversification."
"Integration of these newly acquired companies is well underway and they have already started to contribute to our bottom line."
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