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01-22-2014 01:53 PM
On 1/21/2014 ballinmom said:On 1/21/2014 stevieb said:I believe the company is now owned by an Asian conglomerate. Why would they make their bags anywhere else?
Can you post a link? I couldn't find anything in the public record about a sale.
It's old news, ballinmom. Here's the article about from Forbes back in 2008 (and here is the LINK):
8/13/2008 @ 6:50PM
Li & Fung Scores Van Zeeland
Hong Kong-based consumer goods exporter Li & Fung is buying its way to increased market share, one acquisition at a time.
On Wednesday, Li & Fung announced it bagged Van Zeeland, positioning it to become a leading U.S. handbag supplier and deepening its presence within the fashion accessories market. For 2.6 billion Hong Kong dollars ($330.0 million), the company will acquire the handbag importer’s assets including flagship labels: Kathy Van Zeeland Handbags, B. Makowsky and Tignanello. Li & Fung also offered additional, undisclosed incentives based on company performance.
More than 1,300 retailers stock Van Zeeland brands, including Macy’s and JC Penney . The acquisition announcement came after the close of Hong Kong’s trading session, where Li & Fung’s stock closed down by 3.0%, or 80 Hong Kong cents (10 U.S. cents), at 26.20 Hong Kong dollars ($3.36).
Li & Fung, which counts major U.S. retailers like Target and Wal-Mart among its customers, said difficult economic conditions haven’t derailed the company from its three-year plan to raise sales to $20.0 billion and achieve an operating profit of $1.0 billion by 2010. Last year, its revenue was $11.8 billion (92.5 billion Hong Kong dollars) and operating profit came it at $409.6 million (3.2 billion Hong Kong dollars). The company has been acquiring large and small companies to broaden its product base and further its geographic expansion.
The company also reported its first half results on Wednesday. Net earnings climbed 18.0%, to 1.2 billion Hong Kong dollars ($153.7 million U.S. dollars) didn’t meet analysts’ estimate of 1.3 billion ($166.5 million) since consumer spending was weak. The company’s increased market share boosted sales by 25.0%, however, to 47.4 billion Hong Kong dollars ($6.1 billion) and the board proposed an interim dividend of 24 Hong Kong cents (3 U.S. cents) a share, up from 21 Hong Kong cents (2.7 cents) in the same period last year.
During the six-month period, the company completed six acquisitions and secured more than five outsourcing deals with Toys ‘R’ Us, Sanrio, Timberland, Kellwood and others. Soaring commodity costs have made companies desperate to pare costs, which bodes well for Li & Fung.
The company acquired Hong Kong-based women’s clothing companies Silvereed Group and Wilson & Wong Trading to lure more fashion-conscious customers to its portfolio. It also acquired two personal health and cosmetics companies to deepen its footprint in the beauty sector during the quarter. Li & Fung credits acquisitions with helping to grow its European business to 30.0% from 23.0% during the same period last year.
“Our growth will continue to reflect the strong growth momentum driven by both organic business expansion and our acquisitions,” said Managing Director William Fung William Fung , commenting on the company’s outlook. “We also expect the strong pipeline of outsourcing deals to continue to provide new sources of growth for the rest of the year.”
Kathy Van Zeeland and Bruce Makowsky will remain co-presidents of the Van Zeeland businesses, Li & Fung said.
Reuters contributed to this article.
01-22-2014 02:34 PM
On 1/22/2014 suzyQ3 said:On 1/21/2014 ballinmom said:On 1/21/2014 stevieb said:I believe the company is now owned by an Asian conglomerate. Why would they make their bags anywhere else?
Can you post a link? I couldn't find anything in the public record about a sale.
It's old news, ballinmom. Here's the article about from Forbes back in 2008 (and here is the LINK):
8/13/2008 @ 6:50PM
Li & Fung Scores Van Zeeland
Hong Kong-based consumer goods exporter Li & Fung is buying its way to increased market share, one acquisition at a time.
On Wednesday, Li & Fung announced it bagged Van Zeeland, positioning it to become a leading U.S. handbag supplier and deepening its presence within the fashion accessories market. For 2.6 billion Hong Kong dollars ($330.0 million), the company will acquire the handbag importer’s assets including flagship labels: Kathy Van Zeeland Handbags, B. Makowsky and Tignanello. Li & Fung also offered additional, undisclosed incentives based on company performance.
More than 1,300 retailers stock Van Zeeland brands, including Macy’s and JC Penney . The acquisition announcement came after the close of Hong Kong’s trading session, where Li & Fung’s stock closed down by 3.0%, or 80 Hong Kong cents (10 U.S. cents), at 26.20 Hong Kong dollars ($3.36).
Li & Fung, which counts major U.S. retailers like Target and Wal-Mart among its customers, said difficult economic conditions haven’t derailed the company from its three-year plan to raise sales to $20.0 billion and achieve an operating profit of $1.0 billion by 2010. Last year, its revenue was $11.8 billion (92.5 billion Hong Kong dollars) and operating profit came it at $409.6 million (3.2 billion Hong Kong dollars). The company has been acquiring large and small companies to broaden its product base and further its geographic expansion.
The company also reported its first half results on Wednesday. Net earnings climbed 18.0%, to 1.2 billion Hong Kong dollars ($153.7 million U.S. dollars) didn’t meet analysts’ estimate of 1.3 billion ($166.5 million) since consumer spending was weak. The company’s increased market share boosted sales by 25.0%, however, to 47.4 billion Hong Kong dollars ($6.1 billion) and the board proposed an interim dividend of 24 Hong Kong cents (3 U.S. cents) a share, up from 21 Hong Kong cents (2.7 cents) in the same period last year.
During the six-month period, the company completed six acquisitions and secured more than five outsourcing deals with Toys ‘R’ Us, Sanrio, Timberland, Kellwood and others. Soaring commodity costs have made companies desperate to pare costs, which bodes well for Li & Fung.
The company acquired Hong Kong-based women’s clothing companies Silvereed Group and Wilson & Wong Trading to lure more fashion-conscious customers to its portfolio. It also acquired two personal health and cosmetics companies to deepen its footprint in the beauty sector during the quarter. Li & Fung credits acquisitions with helping to grow its European business to 30.0% from 23.0% during the same period last year.
“Our growth will continue to reflect the strong growth momentum driven by both organic business expansion and our acquisitions,” said Managing Director William Fung William Fung , commenting on the company’s outlook. “We also expect the strong pipeline of outsourcing deals to continue to provide new sources of growth for the rest of the year.”
Kathy Van Zeeland and Bruce Makowsky will remain co-presidents of the Van Zeeland businesses, Li & Fung said.
Reuters contributed to this article.
My bad StevieB, I thought the reference was to D & B. I knew about the others.
01-22-2014 05:48 PM
01-30-2014 02:26 PM
It's sad to think a country that once was so strong, a leader, a place everyone wanted to go to, is own by China...lol..but like someone post..I also try and buy American when I can, I also still support mom and pop shops even if I have a pay a little more..
01-30-2014 02:42 PM
...yes...it's time to beat that old drum again.
01-30-2014 03:11 PM
On 1/21/2014 TY said:Even bags that say they are made in Italy may only have the name plate attached in that country while the rest of the bag is made offshore somewhere else.
Most handbags are made in China nowadays.
This.
If they made the 2012 US Olympics Team uniforms in China, why is anyone surprised that handbags are made there. (The 2014 team uniforms have been made in the US, but only because of the uproar made after the 2012 fiasco.)
The US economy has moved from a manufacturing industry to a service industry. It's a problem, because it means there's a huge unemployment gap for uneducated or unskilled laborers and it's one of the reasons there are middle-aged parents who are working as career cashiers at McDonald's and other low wage companies.
01-30-2014 03:21 PM
On 1/20/2014 lunaloca said:We need to stop buying.
i so agree..but its like swimming against the tide!
my latest surprise was a michele albala gorgeous ring i bought on shopnbc..made in china!!
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