Today the Hong Kong-based Fung family further enlarged their empire of Western luxury brands when Trinity Limited, the Hong Kong-based, publically-listed subsidiary of Li & Fung Group (whose two main shareholders are Victor and tk Fung) announced it had agreed to purchase British tailor extraordinaire Gieves & Hawkes from Wing Tai Properties Limited.
The deal was priced at £32.5 million “plus annual payments for 18 years up to a cumulative maximum of £60 million” accoding to the announcement.
Is it a tongue twister? No, it’s an acquisition. Sometimes during fashion week it’s what happens when you aren’t looking that’s most interesting.
Fung Brands Limited, the private luxury investment arm of Fung Capital Europe, has bought Delvaux, the Belgium equivalent of Hermes. This follows Fung Brands April purchase of Robert Clergerie, the famous French shoe maker that had almost faded from view.
In other words: since Fung Capital is owned by the Fung family of Hong Kong (aka the Asian retail and distribution powerhouse that owns Li & Fung), the prophesy that western luxury brands will go east, not just for consumers but corporate owners, has once again come true.
The choice of Delvaux is both smart and telling — the latter because it marks a new approach to making east meet west when it comes to luxury.