Li & Fung Gets Tommy
Supply-chain managers Li & Fung Ltd., based in Hong Kong, announced the company plans to buy the global sourcing operations of designer Tommy Hilfiger for $247.8 million. The purchase will be financed by Li & Fung’s internal cash reserves. The deal should close some time before March 28. “The acquisition of the sourcing operations will bring to Li & Fung substantial additional sourcing volume and reinforce diversification in our sourcing portfolio,” said Bruce Rockowitz, president of Li & Fung (Trading) Ltd., in a statement. Tommy Hilfiger’s buying offices will be integrated with Li & Fung’s operations. The deal allows the designer to concentrate on developing its brands.
