More focus within Licensed Brands:At the Singapore non-deal roadshow on 9 June,hosted by HSBC,many investors questioned why the group had so many licensing agreements and how sustainable the contribution was.After its spin-off from Li & Fung(494 HK,Hold,HKD6.38)last year,the group is increasingly focused on three main categories within Licensed Brands:kids;footwear;and accessories.The group has largely completed the consolidation of non-core categories and so future licensing agreements will build on the group’s existing expertise.With regard to the number of licenses(>350 active licenses),the number of licenses associated with the characters side of the business is high but there is a greater concentration in terms of relationships with the overall brand owner(eg many licenses under Disney).