Global sourcing firm Li & Fung says it is proceeding to the completion of plans to spin-off its Global Brands Group as a separate publicly-listed business following approval of the move from the board. 

The spin-off will proceed, and the record date of the Global Brands Group, will be 7 July, the company said in a further update. 

Li & Fung also announced the official resignation of Bruce Rockowitz as group president and CEO. He will take up the role of CEO of the Global Brands Group on 7 July, and group COO Spencer Fung will replace him on the same day.

The last day of dealings in the company's shares on a cum entitlement basis will be 2 July, while the first day of dealings in the shares will be the following day. Dealings in the Global Brands Group shares are expected to commence on 9 July.

Li & Fung first revealed the move in March as part of its new three-year plan.

Separating Li & Fung and Global Brands Group into two distinct companies will deliver benefits to both businesses as they grow.

The company is also reorganising its distribution network by aligning the private label business, which relies more on its core sourcing skills, to the trading business and creating the new standalone Global Brands Group, which consists of the brands and licensing businesses. The decision to spin-off and list the unit is a natural extension of this strategic realignment.