HONG KONG: Li & Fung names Rockowitz chief executive
Bruce Rockowitz, group president and chief executive of Li & Fung
Hong Kong-based global sourcing giant Li & Fung Limited today (18 May) named Bruce Rockowitz group president and chief executive as part of a management reshuffle aimed at positioning the firm for future growth.
The company, whose customers include Liz Claiborne, Target, Kohl's and Marks & Spencer, also said group managing director Dr William Fung is to become executive deputy chairman - and that he will take on the role of group chairman by the next annual general meeting in 2012.
"Li & Fung has reached a size and scale that requires a new organisational structure", said current chairman Dr Victor Fung, who will continue as a non-executive director and also as chairman of the company's risk management and sustainability committee. He will concentrate on other Fung family holdings and charitable foundations.
"These arrangements are designed for Li & Fung to manage even more effectively our diverse and fast growing business across the world".
Under the guidance of Dr William Fung, Li & Fung has grown into a multinational corporation with a turnover of HK$124.1bn (US$15.9bn) in 2010.
Rockowitz, who has been an executive director since 2001 and president of Li & Fung (Trading) since 2004, will now be spearheading the group's latest three-year plan, which calls for the company to more than double its core operating profit to $1.5bn by 2013.
He will also oversee the development of Li & Fung into three global networks - trading, logistics, and distribution - which are expected to contribute US$700m, US$100m and US$700m respectively to the three-year target.
Reporting to Rockowitz are nine newly promoted presidents representing different streams of business under the three global networks in Li & Fung's supply chain.
With western retailers increasingly optimistic about business in emerging markets, does it also hold true that the industry will soon "be sourcing everywhere and selling everywhere"? Not according to ...
Five years after taking the helm at Liz Claiborne Inc, it's hard to see exactly what William McComb has achieved. Sales are down, last year it could only muster a loss of $305.7m, and nearly one-quart...
The new slimmed-down Liz Claiborne Inc, which in recent months has sold several under-performing brands including Mexx and its namesake Liz Claiborne label, has admitted it will also have to trim its ...
The president of Li & Fung US believes apparel prices will continue to rise over the next 10-20 years, even though cotton costs are falling....
Three months after putting its Mexx business on the block, apparel seller Liz Claiborne has divested the loss-making unit to a joint venture led by private equity firm The Gores Group. It will receive...
Ascena Retail Group Inc, operator of the Dressbarn, Maurices and Justice stores, has named John Sullivan to the newly created position of executive vice president and chief operating officer....
Apparel seller Liz Claiborne Inc, which in recent months has sold several under-performing brands including Mexx and its namesake Liz Claiborne line, has reaffirmed its full-year targets despite seein...
Liz Claiborne announced that it has completed the sale of its Liz Claiborne and Monet brands to JC Penney....
- Li & Fung looks to new frontiers for growth
- Gap impressed with supply chain improvements
- Cambodia's future outsourcing prospects uncertain
- Impact of the TPP on the US textile industry?
- Hazardous chemical removal a key industry issue
- China minimum wage rises will be tough to handle
- Cambodia garment industry hit with fresh strikes
- Cambodia mass faintings rise to 896 in first-half
- Ralph Lauren unveils high-performance Polo shirt
- Hong Kong's Li & Fung reports "solid" H1
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, Key Executives, and Contact Details
- Global market review of denim and jeanswear – forecasts to 2020
- Prospects for the Textile and Clothing Industry in Turkey
- Textile Wholesaling in the UK - Industry Market Research Report
- Opportunities and Applications for Digital Textile Printing