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Li & Fung Will Source Less Apparel from China and More from Bangladesh and Other Asian Countries
Textiles Intelligence, April 2010, Pages: 5
Li & Fung, a major sourcing group based in Hong Kong, plans to shift some of its apparel sourcing away from China and increase it in other Asian countries.
News of this proposed shift came from Li & Fung’s managing director, William Fung, when he announced that the group had achieved a record core operating profit of HK$3,990 mn (US$515 mn) 2009, 29% more than in the previous year.
The record profit was achieved despite a 6% drop in turnover, to HK$104,479 mn, reflecting “sluggish markets, a number of customer insolvencies, and the tactic of many other customers to maintain tight inventory levels”.
The group has over 80 offices in the USA, Europe, Africa and Asia, and it sources from more than 40 economies. In 2009 it strengthened its sourcing capabilities in Europe, the Middle East, North Africa and the former Soviet Union by opening a new 7,100 m2 European hub operation in Istanbul, Turkey.
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