CHINA: Li & Fung appoints Spencer Fung as COO
Sourcing giant Li & Fung has today (14 May) promoted LF Europe president Spencer Fung to group chief operating officer.
Dow Famulak succeeds Fung as president of LF Europe, and will continue as president of the DSG group of companies, a dedicated sourcing group servicing Wal-Mart globally, and will continue to lead the group's health, beauty and cosmetic businessand LF Beauty.
In addition, the company has confirmed the appointment of deputy chairman Dr William Fung as group chairman and executive director. Last year, it was revealed that Fung would become group chairman at this year's annual general meeting.
The board has asked chairman Dr Victor Fung to continue as a non-executive director of the company and serve as honorary chairman, as well as remaining chairman of the group's risk management and sustainability committee.
Dr Victor Fung will focus on growing the business' portfolio, including publicly listed Trinity and Convenience Retail Asia, as well as privately held Hang Ten Group Holdings and LiFung Kids (Holdings) and other portfolio investments.
"The appointments are in accordance with plans we unveiled last year to manage even more effectively our diverse and fast-growing business across the world", said Li & Fung group chairman Dr William Fung.
Spencer Fung is the son of Dr Victor Fung and nephew of Dr William Fung.
An interactive databank with intelligence on the major apparel sourcing countries
More than 120 international apparel brands and retailers have now pledged to ban the use of cotton from Uzbekistan as part of efforts to stop the country using forced and child labor to harvest its co...
Opportunities to source textiles, apparel and footwear from Africa are the focus of a special event taking place in Cape Town next year, which brings together producers from more than a dozen sub-Saha...
Bangladesh's woven garment exports grew by nearly 10% in the first quarter of the current fiscal year despite the economic slowdown in the European Union (EU) and the US....
Fashion retailer Esprit and its sourcing agent Li & Fung have been targeted by protesters in Hong Kong, Turkey and Thailand in a series of demonstrations accusing them of failing to pay wages and seve...
Global sourcing giant Li & Fung is to issue US dollar bonds to raise funds for "strategic acquisitions and business development", the company said....
- Supply chain takeaways from Sourcing at MAGIC
- Why voters don’t want more global supply chains
- Denim and athleisure top picks for back-to-school
- What's 3D-printing doing for apparel and footwear?
- Labelling – The importance of the fine print
- H&M takes action over Myanmar child labour breach
- Vietnam garment industry calls for strategy update
- US Q2 in brief - Burlington Stores, Destination XL
- Zara USA faces US$5m deceptive pricing lawsuit
- EU clothing imports from China continue to plunge
- Too Many Standards
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Under Armour, Inc. (UA) - Financial and Strategic SWOT Analysis Review
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras
- Myanmar's Garment Sector in 2015 - now with updated members' directory