Li & Fung Limited announced that it is considering spinning off its brands and licensing businesses into a standalone unit that will be called Global Brands Group.

The move is part of the company’s new three-year plan, which aims in part to “distinguish and further develop our global brands business.”

The company is also considering a separate listing for the new spin-off on the Hong Kong Stock Exchange.

“I am pleased with what we accomplished over the past three years. We firmly established our business networks, expanded product offerings to give our customers much more choice and variety, and broadened our geographic focus largely to gain a strong foothold in Asia to capture the increasing Asia consumer spend,” says Bruce Rockowitz, group president and chief executive officer, Li & Fung Limited, in the company’s annual results report. “Today we help customers create as well as produce what they need, we manufacture it wherever they would like, and help them make purchases however it is easiest for them. We are set up to continue to play this role heading into our next three-year plan.” 

The company reported that operating profit increased 70 percent to $871 million and net profit increased 21 percent to $755 million. Total revenue increased 3 percent to $20.7 billion in 2013.

In January, Li & Fung acquired brand licensing agency The Licensing Company. For more details, click here.