Consumer product trader Li & Fung has acquired two new companies, for around HK$2.0bn. In separate deals, it bought Peter Black International (PB Group) for HK$760m, and Regatta for HK$1.2bn. PB Group supplies shoes to Marks and Spencer, and Regatta provides management service to US fashion brands.

The acquisitions are part of Li & Fung’s plans to expand further in the European and US markets. In the first half of 2007, 68% of the company’s turnover came from the US. The company also plans to focus on health & beauty products, cosmetics, shoes, brand agency and business in Europe.

Li & Fung’s net profit in the first half rose 38% to HK$1.05bn. Total turnover in 2007 is estimated at HK$78bn.

NamNews - Thursday 16th August 2007

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