HONG KONG: Li & Fung FY net profit in 21% surge
- FY net profit up 21% to US$755m
- Company highlights LF USA turnaround
- To pursue spin-off of Global Brands Group
Global sourcing and supply business Li & Fung recorded a stronger than expected full-year net profit in 2013, boosted by the turnaround of its LF USA division.
The Hong Kong-based company also highlighted a strong performance from its Distribution Network, the continued growth of its Logistics Network, and “solid” results from its Trading Network.
“Overall, 2013 was a year of substantive progress and created an even stronger foundation to support our position as a global leader in our industry for years to come,” said Bruce Rockowitz, group president and CEO.
“We created many positive changes at LF USA which have put that part of the business back on track, and we drove improvement in the group’s overall margins and profitability even while continuing to invest in select strategic areas.”
Li & Fung also unveiled further details of the company’s next three-year plan, covering the period from 2014 to 2016.
Restructuring would include the creation of a new Global Brands Group covering the company’s brands and licensing business, and potentially to be spun off as a separate listed business.
That follows January’s announcement of a new Vendor Support Services business unit to help improve factory and worker safety in the wake of disasters such as Tazreen and Rana Plaza.
Click on the following link for more insight: Brands spin-off headlines new Li & Fung masterplan.
An interactive databank with intelligence on the major apparel sourcing countries
When it comes to other issues the apparel industry should be keeping a close eye on in the year ahead, compliance and factory safety, macroeconomic headwinds, trade legislation, and consumer confidenc...
For our annual briefing on apparel industry issues to watch in the year ahead, just-style has again asked leading executives for their feedback on the challenges and opportunities likely to emerge in ...
What key strengths and strategies are helping retailers to take the lead? Building fully integrated and flexible supply chains, with an end-to-end focus on ethics and responsibility will help to separ...
How is the sourcing landscape likely to shift in 2015, and what strategies can help apparel firms and their suppliers to stay ahead? China is seen moving higher up the value chain, and near-shoring is...
One of the biggest challenges - and opportunities - facing the apparel industry in 2015 is how best to embrace the omni-channel retail model, improve the shopping experience, and respond with new supp...
Global trade management (GTM) software provider Amber Road is adding to its capabilities with the $33m acquisition of Hong Kong based ecVision, which specialises in global sourcing and collaborative s...
A subsidiary of Li & Fung spin-off Global Brands Group has signed a licensing deal with Kate Spade....
- How apparel retailers should react to Brexit
- Britain votes for Brexit – what happens next?
- Big data helps Crystal Group sustainability gains
- Brexit and the apparel industry – what lies ahead?
- Brexit uncertainty over pending EU trade deals
- Under Armour opens manufacturing innovation hub
- Walmart's 'Made in USA' pledge misleading
- Uniqlo said to be scaling back US expansion
- Online fabric platform to "revolutionise" buying
- Better Work Vietnam launches labour law mobile app
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Primark Stores Limited: Retailing - Company Profile & SWOT Analysis
- Clothing & Footwear Retailing in Indonesia– Market Summary & Forecasts
- Clothing & Footwear Retailing in Denmark
- Clothing & Footwear Retailing in China – Market Summary & Forecasts