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Beauty Industry

Li & Fung’s New Acquisition

The consumer goods sourcing & distribution group announces its new acquisition.

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By: Jamie Matusow

Editor-in-Chief

Li & Fung Limited, a consumer sourcing and distribution group based in Hong Kong, has acquired Lornamead Acquisitions Limited and its subsidiaries.

Lornamead owns and manages a portfolio of U.S., German and UK personal care brands, such as Finesse, Aqua Net, and Yardley. It has operating platforms in the U.S., Germany and the UK, and sells over 20 brands in over 60 countries to a variety of large retailers. Retailers include CVS and Walgreens in the U.S., Rossmann and DM in Germany, and Boots, Tesco and Sainsbury in the UK.

The total purchase consideration for this acquisition was approximately US $190 million. Lornamead generated net sales of approximately US $155 million in its financial year, which ended March 31st 2012.

Bruce Rockowitz, group president / CEO, Li & Fung Limited, said, “The acquisition of Lornamead will further expand our market share in the beauty business on a global basis. This is a very strong platform and will allow us to deepen our relationships with major retailers across all key markets and provide enormous cross-selling opportunities…in addition, as we see increasing opportunities in the beauty business across Asia, this transaction will add a strong growth driver for LF Asia in the beauty and cosmetics arena.”

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