Li & Fung buys cosmetics group Lornamead
Hong Kong sourcing giant Li & Fung has acquired cosmetics group Lornamead, which currently distributes 20 American, English and German brands in 60 countries.
The Lornamead portfolio includes the brands Vosene, Harmony, Crisan, Dical, Lanosan, Wright’s and Yardley. For the financial year ending 31 March 2012, the British group reported turnover of 155 million dollars. Li & Fung are said to have paid 190 million dollars to acquire the group, with the aim of reinforcing is position in the beauty and cosmetics market.
“The acquisition of Lornamead will further expand our market share in the beauty business on a global basis,” said Bruce Rockowitz, Li & Fung’s president and chief executive officer. “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.”
For the first half of 2012, Li & Fung reported a turnover of 9.1 billion dollars, up 4%. The group own brands Frye, Mountek, RJ Colt, Cerruti, JMI, Shubiz and Hardy Amies amongst others. The group also has shares in Robert Clergerie and Sonia Rykiel. The Hong Kong sourcing specialist also handles the sourcing for Liz Claiborne (Lucky Brand, Juicy Couture) and the British group Visage.
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