Li & Fung Ltd. is planning to spin off its brands and licenses division, the Wall Street Journal reported Thursday, citing the supply-chain middleman. The new company, Global Brands Group, will be listed in Hong Kong, subject to approval by the stock exchange. No funds will be raised from the listing but each Li & Fung shareholder will receive a stake in the new company, the report said. Meanwhile, Li & Fung said its net profit rose 17 percent last year on a turnaround in its distribution business in the United States. The company is best known as a sourcing agent for major retailers including Wal-Mart Stores Inc.
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