Deals
Billionaire Fung Brothers Buy Stake in Hello Kitty Owner Sanrio
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Billionaire brothers Victor Fung and William Fung, the owners of Li & Fung Ltd., acquired 1.03 percent of Japan’s Sanrio Co., owner of the Hello Kitty brand.
Li & Fung’s parent and Sanrio are seeking to develop products for the global market and cut logistics costs, Sanrio said in a statement today. Katherine Wang of GolinHarris, the public relations agency hired by Li & Fung, said the brothers invested through closely held Fung Investment Pte. Ltd.