The new spin-off company of sourcing and distribution group Li & Fung Limited–Global Brands Group–made its debut on the Hong Kong stock exchange Thursday.
The new standalone business, which consists of the company’s brand and licensing businesses, was first announced on March 20 as part of a new three-year plan.
Each Li & Fung shareholder received one Global Brands share for every share it owns in Li & Fung.
“Throughout our history, Li & Fung has responded to the changing needs of the market through continuous innovation. Today marks another historic step in the evolution of Li & Fung,” says William Fung, chairman, Li & Fung. “While operating the businesses together provided a period of unprecedented growth, we are confident that this separation will provide even greater value for Li & Fung shareholders as we look to the future. The brands business of Global Brands will develop and grow independently and Li & Fung will continue to focus on its dominant sourcing and logistics businesses.”