Li & Fung plans to spin off its global brands and licensing business, with a separate stock exchange listing and a goal of doubling its profitability by the end of 2016. The unit generated an operating profit of $534 million on sales of $3.3 billion last year. The sourcing company's total turnover grew by 3 percent to $20.7 billion, generating net income of $755 million versus $623 million in 2012. China remained L&F's largest sourcing country, followed by Vietnam, Bangladesh, Indonesia and India. The only changes in the annual ranking concerned Cambodia, which moved into sixth place with an increase of 10 percent in sourcing activity, and Turkey, which fell into the seventh slot with a drop of 20 percent.

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