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Li & Fung full-year profit jumps 70%

Li & Fung has reported a 70% rise in operating profit in its full year results as the supplier revealed plans to spin off its global brands and licensing business.

Core operating profit surged 70% to $871m (£528m) in the year to December 31, 2013. Turnover rose 3% to $20.74bn (£12.58bn).

The Hong Kong company hopes to list the new division, Global Brands Group, on the Hong Kong Stock Exchange this year, subject to approval.

The arm, which helps brands manage and expand their licenses into new categories and regions, will be headed by Li & Fung chief executive Bruce Rockowitz, who will become head of global brands.

Chief operating officer Spencer Fung will replace Rockowitz as chief executive.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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