Hong Kong's Li & Fung to buy Tommy Hilfiger's sourcing ops for 247.8 mln usd |
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Published
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Mon, 12 Feb 2007 02:28
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HONG KONG (XFN-ASIA) - Li & Fung said it has entered into an agreement to acquire the global sourcing operations of apparel designer Tommy Hilfiger for 247.8 mln usd or about 1.93 bln hkd.Under the deal, Tommy Hilfiger's sourcing offices in Hong Kong, Taiwan, India, Bangladesh and Sri Lanka will be integrated into Li & Fung.LI & Fung said the acquisition will strengthen its global diversification efforts and maintain a much more balanced geographical mix of business.'The acquisition will also further enhance the group's designer brand sourcing capabilities which could be leveraged by the group to work with other brands in the future,' it added.(1 usd = 7.8 hkd)roby.lau@xfn.comrl/rc
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