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.”
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