Fungs snap up menswear group
LF Asia Investments, a private equity firm owned by brothers William Fung Kwok-lun and Victor Fung Kwok-king, has fully acquired a group of firms that sell menswear brands, including Cerruti 1881, Gieves & Hawkes and D'Urban.
The group of companies operates more than 340 retail outlets in Hong Kong, Macau, Taiwan and on the mainland. The price of the acquisition was not disclosed.
The deal comes just days after Li & Fung, the trading firm headed by the Fung brothers, announced its acquisition of United States women's apparel maker Oxford Womenswear Group for US$37 million.
The firms acquired by LF Asia would operate separately from Li & Fung, LF Asia managing director Sunny Wong said.
'We are always looking for opportunities to make strategic acquisitions. We are buying a very successful business with ample opportunities to grow,' he said.
LF Asia's acquisitions, which comprise Trinity Textiles, D'Urban Distribution (HK), Jadestar Investments and the apparel companies of CEGO, will come under a holding company named LiFung Trinity.
'The acquisitions fit very well with our strategy to strengthen our presence in the apparel retail market in Asia. Trinity's management will bring to [the parent] group a depth of experience and invaluable expertise in retailing,' said Victor Fung, chairman of LiFung Trinity and the Hong Kong-listed entity.