Tag : Li & Fung
Li & Fung swings back into profitSubscription
Chinese sourcing giant and brand group Li & Fung has returned to a net profit of $21m (£17.2m) in the six months to 30 June, compared with an $86m (£70.7m) net loss in the same period last year.
Singapore-based investment company Temasek has agreed to acquire a 21.7% stake in Li & Fung-owned company LF Logistics for $300m (£236m).
Record store closures hit Li & Fung profitsSubscription
Sourcing giant Li & Fung has reported a 20% decrease in core operating profit (COP) to $285m (£216m) for the year to 31 December 2018.
The supply-chain tie-up with Chinese sourcing giant Li & Fung is a vote of confidence in the flagging retailer.
Li & Fung appoints new group president Subscription
Sourcing giant Li & Fung has appointed Joseph Phi as its group president.
Sourcing group Li & Fung has completed offloading three of its product vertical businesses – sweaters, beauty and furniture – having been given the green light by shareholders.
Li & Fung announces £820m strategic divestmentSubscription
Li & Fung has made a $1.1bn (£820m) strategic divestment in a bid to simplify its business model.
Spencer Fung is the Silicon Valley-trained CEO of Li & Fung, the billion-pound supplier to the high street’s biggest names. Now, he is tasked with revolutionising the 111-year-old business founded by his great-grandfather.
“Retailers are extremely challenged right now,” said the group chief executive of Li & Fung, Spencer Fung, today, as the global supply group revealed lower order volumes for the first six months of the year.