Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Li & Fung poised to buy Visage Group

Global supply group Li & Fung has entered into an agreement to buy UK private label supplier Visage Group to expand its reach in Europe.

Hong Kong-based Li & Fung said it will pay up to £173m for Visage using cash reserves to fund the acquisition.

Visage, which has its head office in South Shields, designs and produces womenswear, menswear and kidswear for retailers which are understood to include ASOS, New Look, Dorothy Perkins and Next.

Visage also owns young fashion etailer Fashion Union, which sells own-branded product.

Li & Fung said in a statement that the acquisition would provide: “a substantial platform and suitable infrastructure for the future development of the Group’s apparel business in Europe.”

Li & Fung said that the 500 staff currently employed by Visage in the UK, Hong Kong, China, Bangladesh and India will be absorbed into Li & Fung.

The deal is the fourth acquisition in the past year for Li & Fung, which said it has a $1bn (£655m) acquisition fund. The company, which is reported to have a $20bn (£13bn) revenue target for 2010, signed a deal with Asda owner Walmart last month. It also acquired footwear supplier Shubiz in March 2009 for about £15m.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.