Li&Fung acquires British May Trading
May Trading, the British retail supplier for chains like Primark, Topman and Next, has been acquired by Hong Kong Li&Fung. Which means that Li&Fung now holds three retail suppliers via European Apparel Group (EAG).
This portion of LF Europe thus also includes Visage Group and Just Jamie, both companies that produce clothing for men, women and children. This acquisition follows the bankruptcy filing of May Trading and its Asian branch, MA Hong Kong, caused by the theft of several millions of dollars in its Bangladesh factory, Drapers has understood.
Li&Fung generated 8.7 billion dollars in revenue in its first quarter, a 3% increase notably made possible by its trade sector (not including sourcing and logistics). Since July, the company has been run by Spencer Fung, who succeeded Bruce Rockowitz.
The group recently grouped together its brands and licenses activity into the autonomous Global Brand Group entity. This entity holds some 350 licenses, including Tommy Hilfiger, Guess, Calvin Klein, Izod, Nautica and Coach, plus the brands that it directly controls.
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