INTERVIEW-Li & Fung says seeking to buy cosmetic firms

Published: 19 Aug 2009 00:50:21 PST

HONG KONG, Aug 19 - Leading global consumer goods exporter Li & Fung <0494.HK> on Wednesday said it is looking at acquiring cosmetic companies in Asia, Europe and the United States to support growth.

There should be an improvement in Christmas orders, after last year's dismal season, but no "robust" growth was expected, Bruce Rockowitz, president and executive director, told Reuters in an interview.

The company expected to gain market share in the United States and Europe, he added.

Last week, Li & Fung posted 12.9 percent growth in its first-half net profit against 18 percent growth a year earlier. It said profit would improve in the second half amid signs of an improving global economy, giving it the confidence to reaffirm targets in its three-year plan, including annual turnover of $20 billion [nHKG351902]. (US$1=HK$7.75)