Li & Fung has acquired a controlling stake in Delvaux, a Belgian brand of leathergoods, through one of its investment vehicles. The big Chinese company recently made investments in two other European fashion firms, Cerruti and Robert Clergerie. Its total sales grew by 33 percent to $8.80 billion in the first six months of this year, but these and other recent investments led to a 16 percent drop in its net profit to $282 million for the period.