Mr. Bruce Rockowitz, President of Li & Fung (Trading) Limited, said, "We are very excited to embark on this partnership with Tommy Hilfiger and we see excellent global growth potential for the brand with the new management under the leadership of Fred Gehring. The acquisition of the sourcing operations will bring to Li & Fung substantial additional sourcing volume and reinforce diversification in our sourcing portfolio."
Mr. Fred Gehring, Chief Executive Officer of Tommy Hilfiger Group, said, "Our own operated buying offices have contributed tremendously to the development of our business to date, but we believe that to take things forward we can benefit tremendously from the integration of these offices within the greater network of Li & Fung with over 70 offices in over 40 countries and territories, including as many as 19 offices in China alone."
"The continued dedication of our respective sourcing teams in combination with Li & Fung's tremendous strength in product development and overall buying power will be an important asset while we continue to develop our brand towards an ever more elevated position."
Completion of the acquisition is expected to take place prior to 28 March 2007.
Li & Fung Limited, Hong Kong
marketing@alchempro.com
