Hong Kong–based buying agency for consumer goods, for retailers and brands worldwide, Li & Fung Limited, has announced an agreement to buy Briefly Stated Holdings Inc., through its subsidiary The Millwork trading Co. Briefly Stated, based in Delaware, USA, sells licensed apparel (mainly underwear, sleepwear and t-shirts).

The acquisition was made through the purchase of 100,000 shares for a total cost of $124,000,000 and is expected to be completed by September 30, 2005.

Meanwhile Li & Fung has reported robust growth for the first half of 2005. For the six months ended 30 June 2005, the group’s core operating profit increased 21% while profit attributable to shareholders reached HK$618 million ($79.5 million), an increase of 23% over the HK$502 million for the same period in 2004.

Group turnover increased by 19% to HK$23.5 billion compared with HK$19.7 billion for the corresponding period last year.