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Business

M&A & Partnerships

Global trading and sourcing company Li & Fung will undergo a $1.1 billion strategic divestment to sell three of its product verticals: furniture, sweaters, and beauty. The businesses will go to a buyer consortium—with a 45% stake to private equity firm Hony Capital, 45% to Fung Holdings 1937 Ltd., and 10% to Fung Investments Limited FIL. The transaction is expected to close in the first half of 2018.

Target acquires same-delivery company Shipt for $550 million in cash, its largest acquisition in company history. Shipt is a subscription-based ($99 annually) grocery marketplace and delivery platform that will serve to significantly accelerate Target’s digital fulfillment efforts. Those efforts currently include expanding ship-to-store, launching Target Restock and DriveUp, and acquiring Grand Junction, a last-mile transportation technology company. In early 2018, about half of Target stores will offer same-day delivery of groceries, essentials, home electronics, and other products.

FAO Schwarz is coming back in NYC in fall 2018; the retailer has signed a 19,000 sq. ft. lease at Rockefeller Center.

Endemol Shine North America and Campus Cerdanya partner to launch CAMP MASTERCHEF, culinary camps for kids and teens ages 8–16. The one- or two-week overnight camps will debut June 2018 in two locations in Georgia and Connecticut—more locations will follow beginning in 2019. The two previously launched the summer camp brand in Spain in 2014. Campers will sharpen their culinary skills under instruction from expert chefs and have the opportunity to interact with MASTERCHEF and MASTERCHEF JUNIOR contestants.

Sanrio and Energy Bistro & Karaoke enter into a two-year partnership that will bring Hello Kitty, Gudetama, and Aggretsuko-branded karaoke experiences, food, and merchandise to Southern California.

Niantic isn’t the only one aiming to launch the next big Harry Potter hit—Jam City is partnering with Warner Bros. Interactive Entertainment’s Portkey Games label to create Harry Potter: Hogwarts Mystery, the first game in which players can create their own character and experience life as a Hogwarts student. The mobile game will be available in the new year.

Toei Animation is bringing some of its brands to life in the EU. Overlook Events will produce the “Dragon Ball Symphonic Adventure” concert. The event will feature 70 musicians and take place in Barcelona on Mar. 3 as well as in Lausanne, Switzerland, on Nov. 3, 2018. Toei also partners with Oniri Creations to develop a series of “Captain Harlock” and “Saint Seiya” collectible figures.

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