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19.10.2009 12:09 UPDATE 1-Li & Fung says to buy US Wear Me apparel business By Alison Leung HONG KONG, Oct 19 (Reuters) - Hong Kong-based consumer goods exporter Li&Fung said on Monday it will pay up to $402 million to buy a U.S. young men's and children's apparel business, as part of its effort to expand overseas. Li&Fung's purchase of U.S.-based Wear Me Group will also benefit the company's brands and private label businesses, it said in a statement. The company, whose customers include U.S. retail giants Wal-Mart and Target, is relying on acquisitions and new outsourcing deals to meet expansion targets. The company, whose president is former American competitive tennis player Bruce Rockowitz, has set a three-year plan from 2008-2010 with targets including annual turnover of $20 billion, and a core operating profit of $1 billion. Turnover in the first half of 2009 totaled HK$46.3 billion ($6 billion). Li&Fung has completed three small roll-up acquisitions in China and the U.K. so far this year. 'We will continue to pursue our acquisition strategy and this deal is only one of the many opportunities that we are currently looking at,' Rockowitz, also executive director, said in the statement. For a company statement please click http://www.hkexnews.hk/listedco/listconews/sehk/20091019/LTN… (Reporting by Alison Leung; Editing by Chris Lewis) |
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| aus der Diskussion: | Starker Rebound Li +Fung/ IPO Tochter |
| Autor (Datum des Eintrages): | binda (19.10.09 12:11:57) |
| Beitrag: | 3 von 28 (ID:38204638) |
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