Hong Kong-based Li & Fung Ltd. is making acquisitions, taking advantage of U.S. retail companies hurt by the current economic slump.
One of those companies is U.S. handbag importer Van Zeeland Inc., which sells flagship
labels such as Kathy Van Zeeland Handbags, B. Makowsky and Tignanello to Macy's Inc. and JC Penny Co. Li & Fung
picked up the fashion accessories company for $330
million. In addition to department stores, Van Zeeland serves clients such as Wal-Mart Stores Inc.and Target Corp. and has been aggressively expanding through its own acquisition spree in both the U.S. and Europe as part of an effort to meet a target of $20 billion in sales by 2010.
Li & Fung's more recent acquisitions include the sourcing offices of
Toys "R" US Inc., Timberland Co. and
Tommy Hilfiger Corp., a U.S. private label sleepwear
firm called American Marketing Enterprises, beauty products supplier RT
Sourcing, and four apparel brands from Liz Claiborne.
- Maria Woehr See The Daily Deal: Li & Fung bags Van Zeeland
See Dealscape: Another adoptive parent for Liz Claiborne's Ellen Tracy
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