Li&Fung wants to acquire Primark, Next and Topman supplier
The Hong Kong giant is in talks to acquire May Trading UK. The company supplies UK retailers that include Primark, Topman and Next.
This would be the Chinese group’s first acquisition of a British company, according to British magazine Drapers. Li&Fung has been considering the move since May Trading UK went into bankruptcy in October, due to problems at its British factory.
In its first semester, Li&Fung generated sales of 8.7 billion dollars (5.6 billion pounds), a 3% increase notably possible thanks to its trading network. Since July, the company has been overseen by Spencer Fung, who took over for Bruce Rockowitz.
The group recently consolidated its brand and licensing activity through standalone entity Global Brand Group. It encompasses approximately 350 licenses for brands like Tommy Hilfiger, Guess, Calvin Klein, Izod, Nautica and Coach, in addition to the directly controlled brands.
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