Li & Fung closer to sale of its branding business and a return to logistics roots

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Hong Kong-based sourcing and logistics giant Li & Fung moved a step closer to splitting its business, after its application to spin off its global brands arm was accepted by the Hong Kong Stock Exchange.

The move will see Global Brands Group (GBG) become a new company in Hong Kong, with each Li & Fung shareholder receiving a GBG share for each share they hold in LI & Fung. The Fung family will retain the controlling take in the new company.

The ...