LONDON — Li & Fung Ltd., the Hong Kong-based multinational whose businesses range from consumer goods sourcing to logistics to distribution, has set out a timetable for the initial public offering of its Global Brands Group division.
Global Brands Group shares will be listed on the Hong Kong Stock Exchange on July 9, Li & Fung said in a statement.
Bruce Rockowitz will officially resign as group president and chief executive officer, and start full time as ceo of Global Brands Group on July 7, while Spencer Fung will become ceo of Li & Fung on the same day.
On March 20, Li & Fung, historically a sourcing company, announced that it was preparing for the spin-off of its global brands and licensing business on the Hong Kong Stock Exchange.
“We feel by having two separate public companies, each one can focus on its roots and what it does right and what it does best,” Rockowitz said during a news conference in March.
He also acknowledged that Li & Fung’s brands business had gone through a “difficult” time.
“We hope to make sure that the things that went wrong in the past don’t go wrong in the future. It is more volatile, but it’s a higher-margin business, so I think it’s an opportunity for investors to make their decision,” he said.