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 16 years of archives.
It’s our best ever membership offer – just for you.
Leonie Barrie, editor of just-style
- Under Armour Lighthouse will disrupt production
- Will new Vietnam wage hinder competitiveness?
- How TAL Apparel is staying ahead of the game
- Digitisation to drive new apparel-making models
- Ethiopia violence undermines sourcing strategies
- Marks & Spencer top for modern slavery reporting
- Bangladesh garment workers rally for higher wages
- MAS Holdings shares commitment to sustainability
- Gap to shutter all UK Banana Republic stores
- H&M CEO named sustainability leader
- Africa-Med strategic sourcing review – comparing East Africa, North Africa and Turkey
- REPORT BUNDLE: Africa-Med, Southeast Asia and Central America strategic sourcing pack
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Apparel (GLOBAL) - Industry Report
- Global Sports and Fitness Wear Market 2016-2020