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Editorial: Li & Fung Will Source Less Apparel from China and More from Bangladesh and Other Asian Countries
published in Issue 144, April 2010
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.
Six times a year, Textile Outlook International provides up to 200 pages of expert comment and analysis. A subscription provides an overview of the global fibre, textile and apparel industries. It is essential reading for senior executives in the fibre, textile and apparel industries – and for anyone who is not involved in the industry, but needs to quickly gain an understanding of the key issues.
Reports in Textile Outlook International include:
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trends in world textile and apparel trade and production – taking into account current issues facing the industry – such as global fibre prices; competition from China and other low cost countries; the elimination of quotas and imposition of selective new ones; relocation of production operations; the impact of economic factors affecting trade; international trade agreements; trade promotion agreements (TPAs); and much more.
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