HONG KONG — Li & Fung Ltd. said net profit for the full year 2011 rose 24 percent, driven by acquisitions, synergies gained from its three-year growth plan and strong growth in Asia.
The sourcing giant posted net profit of $681.2 million, compared with restated earnings of $548.5 million a year ago. Revenue for 2011 rose 26 percent to $20.03 million. Results exceeded what analysts had expected. Analysts, on average, forecast net profit of $617 million.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)