UK: M&S Chief's Snub Kills Coats/Li & Fung Deal
M&S chairman and chief executive, Luc Vandevelde, has been accused by The Times of snubbing one of the frontrunners in the race to purchase clothing factories from Coats Viyella.William Fung, managing director of Li & Fung, a Hong Kong-based trading company, is said to have repeatedly tried to contact Mr Vandevelde over the past week. He wanted to discuss the acquisition of the factories, which are major suppliers to M&S, before putting in a firm offer.M&S said that head of strategy and international business, David Norgrove, was willing to discuss the deal with the Hong Kong firm, but this was unacceptable to Mr Fung. Mr Vandevelde had been "in and out of the office" over the past few days and had been unavailable.The Coats Viyella factories were put up for sale in early September when the company announced that it was to focus on its threads business. Some 2,000 jobs have already been lost and if no buyer is found for the remaining factories, a further 3,000 jobs will be on the line.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-style gives you the widest apparel and textile market coverage.
Paid just-style members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Leonie Barrie, editor of just-style
Help test our new apparel sourcing tool.
- Unlocks for the future fashion sourcing landscape
- EU eyes mandatory due diligence for apparel supply
- What TTIP might mean for US, EU textiles & apparel
- Geo-political uncertainty and how to survive it
- Where next for Corporate Human Rights Benchmark?
- Li & Fung forms supply chain partnership with PVH
- US Q4 in brief – Finish Line, Oxford Industries
- Sears has "substantial doubt" of future
- Adidas mulls roll-out of in-store customisation
- Brands urged to empower women in sub-Sahara Africa
- Central and East Europe Report Package
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Outdoor performance apparel 2016: A broader perspective