Li & Fung buys Miles Fashion

Hong Kong - Hong Kong-based sourcing company Li & Fung said it will acquire German retail supplier Miles Fashion group, extending its reach into Europe.

The deal was completed on the 30 November and is worth approximately US$51 million.

"We have been on the lookout for opportunities that would provide a platform for our onshore business development in Europe," said Bruce Rockowitz, president of Li & Fung.

"The recent global tsunami has presented a timely opportunity for us to establish our leadership position in Europe with the acquisition of Miles Fashion."

Miles Fashion supplies ladies and menswear, kidswear, outdoor and footwear products and currently operates sourcing offices in Hong Kong, China, Bangladesh and Singapore. It raked in net sales of US$230 million in 2007.