Li & Fung Limited (HKG:0494) Acquires Oxford Apparel For Approximately US$121.7 Million
Hong Kong, Nov 25, 2010 AEST (ABN Newswire) - Hong Kong-based multinational Li & Fung Limited (
HKG:0494), the global consumer goods exporter, today announced that its subsidiary, LF USA, has acquired substantially all of the assets of Oxford Apparel, which is one of the operating groups of Oxford Industries, Inc (NYSE:OXM). The Group also said LF USA will launch industry-first lifestyle brands with globally recognized entertainers Jennifer Lopez and Marc Anthony that will be available in Kohl's stores.
The price of the transaction for Oxford Apparel, which is expected to close on or before December 31, 2010, was approximately US$121.7 million. Oxford Apparel produces branded and private label products including men's dress shirts, suited separates, sport shirts, casual slacks, outerwear, sweaters, jeans, swimwear and western-wear. Its products are sold to a variety of department stores, mass merchants, specialty catalog retailers, discount retailers, specialty retailers and internet retailers throughout the Unites States. The business is expected to be a core addition to Li & Fung's US onshore menswear platform.
Kohl's Department Stores and Music Entertainment Sports Holdings ("MESH"), a division of LF USA and partnership between LF USA and Star Branding, announced plans to launch contemporary lifestyle collections with Jennifer Lopez and Marc Anthony, which MESH will sub-license exclusively to Kohl's in the United States under a long-term agreement. The brands will initially launch in women's and men's apparel and accessories, and it is expected the collections may expand into home products over time.
Mr. Bruce Rockowitz, President of Li & Fung (Trading) Limited, said, "We are very delighted to seal these important deals. These iconic brands are great additions to our already strong portfolio. The deals help us broaden our relationships with our customers and retailers, and they underscore the fact that we are determined to take our design-driven businesses to new heights.
"Jennifer Lopez and Marc Anthony are incredible fashion icons with great talent. This, combined with Kohl's position and vision, will have a powerful impact on the retail scene."
Li & Fung Limited the Hong Kong-headquartered multinational export group is a public company listed on the Hong Kong Stock Exchange (HKG:0494), since 1992.
For more information please visit Li & Fung Limited website at:
http://www.lifung.com
About Li & Fung Limited
Li & Fung (HKG:0494), the Hong Kong-headquartered multinational group, is the world’s leader in consumer goods design, development, sourcing and logistics. It specializes in responsibly managing supply chains of high-volume, time sensitive goods for leading retailers and brands worldwide, in more than 300 offices across 40 economies.
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