Acquisitions and Alliance
Today, the Group has also just announced the acquisition of Briefly Stated, Inc. for a total consideration of US$ 124 million. Briefly Stated is a licensed apparel company based in the United States, focusing on sleepwear, underwear, T-shirt and jackets. Mr Rockowitz said, “This acquisition will provide a strong boost to the Group's brand licensing strategy. After becoming part of the Group, good growth prospects are anticipated for this business through synergies in marketing and management of the Group's portfolio of licensed brands in the United States.”
Li & Fung has also announced forming an important strategic alliance with Daymon Worldwide Inc., the world's largest private label food sales and marketing company. Through Daymon's leading position and strong relationship with major grocery and drugstore retail chains, the Group will have access to Daymon's more than 100 major retail customers.
Member of Li & Fung Group
Prospects and progress on Three-Year Plan 2005-2007
Going forward, the strong momentum in the first half is expected to continue into the remainder of 2005.
Mr Fung said, “Our core sourcing business should continue to do well, especially amidst changes and uncertainties in the trade arena. In particular, many retailers who had traditionally relied on their in-house buying organizations are rethinking their strategy at this juncture, and we are well positioned to gain new customers fromthis front."
marketing@alchempro.com
