Li & Fung Limited, the Hong Kong based consumer goods sourcing, distribution and logistics group, has acquired Lornamead Acquisitions Limited and its subsidiaries for approximately $190m.
Lornamead, which has operating platforms in the US, Germany and UK, owns and manages a portfolio of personal care brands including Finesse, Yardley, Lypsyl, Aqua Net and CD. The company sells over 20 brands in over 60 countries to a host of retail giants such as CVS and Walgreens in the US; Rossman and DM in Germany; and Boots, Tesco and Sainsbury’s in the UK.
Bruce Rockowitz, group president and ceo of 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 among our existing business networks. 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.”