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Li & Fung offloads sweaters, beauty and furniture businesses

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.

Following the divestment, the product verticals are now 55% owned by the Fung Group and 45% owned by Hony Capital.

The remaining business of Li & Fung now consists of its services segment, which includes supply chain solutions and logistics businesses, and the products segment, which includes its onshore wholesale businesses in the Americas, Europe and Asia.

The change is part of the company’s three-year plan to simplify its structure.

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