Li & Fung

Li & Fung Limited is a Hong Kong-based supply chain management company. Established in 1906, the company became publicly traded in 1973 and has since played a significant role in manufacturing apparel, toys, and various consumer goods for major North American and European retailers. Significant growth occurred after its public listing, reaching a peak market capitalization in 2011,^[2][3] but the rise of platforms like Alibaba and Amazon, which directly connect manufacturers with consumers, created an increasingly challenging environment for the company.^[4]

Li & Fung

Lifung Tower in Cheung Sha Wan in November 2008, the head office
Company type	Private
Industry	Supply chain management
Founded	1906; 118 years ago (1906)
Founder	Fung Pak-liu and Li To-ming (Li&Fung)
Headquarters	Hong Kong
Key people	Spencer Fung, Group Executive Chairman Joseph Phi, Group CEO Ed Lam, Board Director, Li & Fung; CEO, LFX^[1]
Products	Apparel, household goods, furnishings, toys, health and beauty products
Revenue	$11.413 billion (2019)
Chinese name
Traditional Chinese	利豐公司
Simplified Chinese	利丰公司
Transcriptions Standard Mandarin Hanyu Pinyin Lì fēng gōngsī Yue: Cantonese Jyutping Lei6 fung1 gung1 si1
Website	www.lifung.com

In response to challenges, including the US-China trade tensions and the COVID-19 pandemic, Li & Fung announced privatization plans in March 2020 and was subsequently delisted from the Hong Kong Stock Exchange.^{[5] [6][7]} The move was aimed at expediting the restructuring and technology investments needed to adapt to the changing market.

The company's history is characterized by its expansion and diversification of its service offerings across various industries. Founded by Fung Pak-liu and Li To-ming, the company initially engaged in exporting porcelain before diversifying into other products and establishing itself as a major exporter from Hong Kong in the 1970s. The company evolved from a traditional broker to a comprehensive supply chain solutions provider, offering services from design to logistics, which solidified its relationships with Western retailers.

Throughout the 1990s and 2000s, Li & Fung pursued an aggressive acquisition strategy, significantly expanding its global presence and service offerings. This period of rapid expansion was followed by a strategic focus on core competencies in sourcing, trading, and logistics in the 2010s, in response to the shifting retail landscape and the challenges posed by e-commerce. The establishment of LFX in 2021 marked Li & Fung's continued adaptation to the digital era.

Throughout its history, Li & Fung has navigated through various criticisms and controversies, including labor issues and challenges related to its growth strategy. Notably, the company has engaged in initiatives to improve factory safety standards and working conditions, particularly in the aftermath of incidents in Bangladesh. Amid its strategic development, the company has also faced allegations of non-payment to suppliers. Despite these challenges, Li & Fung remains a key player in the global supply chain management sector, continuously adapting to the ever-changing landscape of global trade and retail.^[8]

History

1906–1970 Founding & the Early Years

Li & Fung was founded in 1906 in Guangzhou by Fung Pak-liu, an English teacher, and Li To-ming, a local merchant whose family owned a porcelain shop.^[9] The company name, derived from the founders' surnames, signifies "profit" (Li) and "plentiful" (Fung), reflecting the founders' aspirations. During the early 1900s, Li & Fung emerged as the first company in the export sector to be entirely owned by Chinese stakeholders.

Initially focusing on porcelain, the company diversified into fireworks, jade, and ivory handicrafts, and silk, targeting the US market through a partnership with Ignaz Strauss & Company, a New York-based sourcing agent for upscale retailers.^[10]

In 1937, the company expanded into British Hong Kong, establishing its first branch office outside mainland China. Despite Li divesting his shares in 1946,^[11] the company retained its original name despite prevalent regional corporate norms. Shortly after, the Guangzhou branch was closed, and the employees were relocated to the company's main office in Hong Kong. By the late 1940s, Li & Fung was responsible for exporting 30% of Hong Kong's rattan furniture.^[12]

The 1950s brought significant changes with the United Nations trade embargo on China, promoting Hong Kong's shift to manufacturing textiles, plastics, electronics, clocks, watches, and toys. This shift was fueled by industrialists from mainland China who brought technology and capital, alongside factors such as an influx mainland Chinese, low taxation, economic stability, minimal restrictions, and a port infrastructure catalyzed the burgeoning export sector.^[12] The textile industry, in particular, saw rapid growth, making Hong Kong a leading exporter of textiles by the 1960s. Despite the societal challenges that surfaced in the mid-1960s, the export sector, including, Li & Fung's garment export business, continued to thrive, solidifying the company's position as a key player.^[12]

1970-1989 The First Public Listing

During the late 1960s and early 1970s, Li & Fung's main competitors were British firms Dodwell & Co. and the Swire Group. Targeting the USA market, the company achieved a notable growth rate of 28% from 1969 to 1973.^[10]

William and Victor Fung, the sons of Fung Hon-chu, joined the company after completing their education at Harvard University – William with his MBA in 1972 and Victor with his doctorate in 1973. They soon restructured the company by establishing Li & Fung, Ltd with six subsidiaries.^[13]

In April 1973, Li & Fung went public, listing on the Hong Kong Stock Exchange. However, the 1973 Organization of Arab Petroleum Exporting Countries (OAPEC) oil embargo on the United States triggered a global recession that lasted through 1975, adversely affecting Li & Fung's financial performance until a recovery in 1976.^[14]

In the 1970s, Western retailers began importing directly from Asian manufacturers. In response, Li & Fung shifted from playing the traditional broker role to becoming a manufacturing partner. The strategic pivot involved offering services that included design, identifying suppliers for fabrics and manufacturing, inspection, packaging, and logistics, boosting the company's standing among Western retailers and with suppliers in China. By the early 1980s, Li & Fung's clientele included The Gap and The Limited, with the company also serving as a distributor of handbags, belts, shoes, scarves, and other fashion accessories from Korea, Thailand, and Taiwan.^[15]

The late 1980s marked Li & Fung's entry into the toy industry and retail, adopting its supply chain model in collaboration with Toys R’ Us. Li & Fung's diversification continued across other sectors such as real estate, warehousing, shipping, finance, and insurance through strategic joint ventures, acquisitions, and investments.^[15]

In May1987, the Gap, a major client, established a merchandising office in Hong Kong. On October 19, 1987, stock markets around the world crashed, highlighting the interconnectedness of financial markets.^[16] Amid these setbacks, Li & Fung moved to privatize the company; the management buyout was completed in January 1989.^[15]

1990s - 2013 The Second Public Listing: Growth Through Acquisitions

Li & Fung's decision to go public in 1973 was aimed at enabling family members to gain financially from the company's success without direct involvement in its operations, while still retaining the majority of the shares (75%).^[17] In 1989, the Fung Brothers initiated a management buyout to privatize the company, a move intended to consolidate control and cultivate a corporate environment that would attract and retain talent.

The same year marked the introduction of the Three Year Plan, where executives set three-year goals reflecting the anticipated business environment. This strategic planning framework was designed to maintain consistent objectives, even as tactics might adapt over time. A Harvard Business School study in 2014 posited that this strategy may have led to the acquisition of underperforming companies, noting that Li & Fung acquired approximately 50 companies between 2008 and 2013.^[18]

Following its relisting on the Hong Kong Stock Exchange in 1992, under the leadership of the Fung Brothers, Li & Fung embarked on a series of strategic acquisitions aimed at expanding its global footprint and service offerings. This included the acquisition of Inchcape Buying Services (formerly known as Dodwell & Co.), a UK-based sourcing company, in 1995, which extended Li & Fung's sourcing network to the Indian subcontinent, the Mediterranean, and the Caribbean.^[19] In 1999, Li & Fung acquired two of its major competitors: Swire & Maclaine, a UK-based logistics company, and Camberley Enterprises.^[20][21]

Further expansion through acquisitions continued through the early 2000s, such as the purchase of the Colby Group,^[22] and the appointment of Bruce Rockowitz, to the board of directors, later becoming president of Li & Fung (Trading) Limited, the Group's principal trading subsidiary.^[23] TThe company further diversified its portfolio through acquisitions in various sectors, including fashion, logistics, and retail, notably acquiring Tommy Hilfiger's global sourcing operations in 2007.^{[24][25][26][27][28][29]}

Li & Fung's aggressive acquisition strategy was supported through various financial strategies, including share placements and investments from significant shareholders like Temasek Holdings, which bought 4.62% of Li & Fung for HK$3.88 billion, enabling the company to fund more acquisitions.^[30]

2014–2019: Transition, Digitalization, and Market Challenges

The global retail landscape revolution that began in 2010 intensified in the latter half of the decade. The rapid expansion of e-commerce and changes in consumer behavior led to rapid shifts. The period, referred to by some as the "retail apocalypse"^[31] saw traditional retail facing unprecedented challenges. In response, Li & Fung embarked on a series of strategic moves and investments in technology. Nonetheless, the impact on Li & Fung's business led to a 95% loss in market value between 2011 and 2020.^[32][33]

In 2014, Spencer Fung was appointed Group CEO, succeeding Victor Fung, with Marc Compagnon taking on the role of Group President. That year, Li & Fung executed a strategic division of its operations, spinning off its global brands and licensing business through a stock split.^[34] Bruce Rockowitz assumed the role of Chief Executive for the newly independent Global Brands Group, listed on the Hong Kong Stock Exchange in July 2014.^[35][36][37] The move was aimed at focusing on the company's core competencies in sourcing, trading, and logistics, a pivot from the company's previous growth strategy focused on mergers and acquisitions.

To expand its logistics operations, in 2014, the company acquired China Container Line, a freight forwarding company.^[38] In 2015, Li & Fung sought to expand its retail presence in China through a joint venture with Beijing Wangfujing Department Store Group Co. Ltd. and Shanghai Bailian Group Co. Ltd., with plans to open 300 stores.^[39] In 2016, Li & Fung divested its LF Asia Distribution, its consumer and healthcare distribution business, to Dah Chong Hong for US$350 million.^[40] By the end of the company's 2014-2016 strategic plan, the company experienced a decline in revenue and profit for three consecutive years with a notable 47% decrease in profit in 2016.^[41]

In 2017, following its removal from the Hang Seng Index,^[42] Li & Fung sold three business units -- Whalen, Cobalt Fashion, and MEIYUME -- to Hony Capital for $1.1 billion, a transaction that involved substantial write-downs and an accounting loss of US$610 million.^[43][44]

The years 2018 and 2019 witnessed a downturn in Li & Fung's core operating profit, with a 20% reduction in 2018, exacerbated by a 22% decline in 2019 due to store closures, customer bankruptcies, and margin pressures. Despite these challenges, in 2019, Singapore-based Temasek Holdings invested US$300 million for a 21.7% stake in LF Logistics, valuing the company at an estimated US$1.38 billion.^[45] Concurrently, the market capitalization of Li & Fung was around US$1.25 billion.

2020 to Present: Navigating Challenges and Strategic Transformations

In 2020, the Fung Family completed the privatization of Li & Fung, acquiring it at a value notably lower than its historical peak. This transition was followed by a comprehensive restructuring of the company, which involved a significant reduction in its global workforce. These layoffs led to public protests and allegations of unlawful dismissals, as reported by several sources.^{[46] [47][48][49][50]} Subsequently, Li & Fung received a US$100 million investment from the e-commerce giant, JD.com, signaling a strategic partnership and financial reinforcement.^[51][52]

In April 2021, a separate and new company called LFX was announced with the CFO of Li & Fung taking the helm in the new company.^[53] The new company would focus on offering digital solutions and services across the consumer goods supply chain.^[54]

In December 2021, LF Logistics, a subsidiary of Li & Fung, was acquired by the global container shipping company Maersk for US$3.6 billion in an all-cash transaction.^[55] This deal raised questions among some of Li & Fung's former minority shareholders, who sought an investigation by the Securities and Futures Commission into the sale's valuation, which was substantially higher than the valuation at which Li & Fung was privatized.^[56]

In September 2022, Moody's Investors Service announced a review of Li & Fung Limited's credit rating for a potential downgrade. The announcement highlighted ongoing concerns regarding the company's restructuring efforts and the sale of LF Logistics to Maersk. Although there was an expectation of improved financial leverage, Moody's cited "significant uncertainty" regarding Li & Fung's ability to maintain an enhanced performance level in the coming years.^[57]

Charity

Li & Fung Foundation

The Li & Fung Foundation, originally established as the Fung Foundation in 2006 on the centennial of its parent company, has been an active contributor to the communities where the Fung Group operates.^{[58] [59]} The foundation's charter is to promote sustainable development and improve the lives of the of individuals in these communities. With a focus on education, healthcare, and environmental sustainability, the foundation has been instrumental in supporting a wide range of global organizations and initiatives.

Since its inception, the foundation has engaged in a wide array of philanthropic activities, supporting numerous organizations worldwide. Notable partnerships include the Asian University for Women (AUW), Business for Social Responsibility (BSR), Captivating International, Crossroads, Habitat for Humanity, Junior Achievement, Movember Foundation, Red Cross/Red Crescent, Room to Read, The Women's Foundation (TWF), World Vision, World Wide Fund for Nature, and various cancer research funds.^[60]

Specific educational initiatives sponsored by the foundation include:

• The establishment of a $100 million scholarship in 2006 to support up to 100 Hong Kong undergraduates to study abroad and students from mainland China to study in Hong Kong.^[58]
• Collaboration with Captivating International, a Hong Kong-based charity that focuses on helping schools that serve children living in poverty. Through this partnership, the Li & Fung Foundation provided sewing machines and matched employee contributions to the Seng Girls Vocation School Program in Tibet, enabling the school to teach girls how to make clothes and bags.^[61]
• Partnering with the Cambodian Children's Fund whose mission is to transform the lives of impoverished children through education.^[62]
• Supporting House of Heart to provide shelter for abandoned children and education for impoverished women.^[63]

The foundation also provides disaster relief through the Red Cross^[64] and UNICEF,^[65] and supporting the annual "Get Redressed Month," Hong Kong's largest clothing drive that aims to create awareness for fashion waste.^[66]

Central to the Li & Fung Foundation's strategy is its commitment to partnering with local charities that share its mission.

Victor & William Fung Foundation

A separate philanthropic organization, the Victor & William Fung Foundation promotes leadership through scholarships and fellowships. The Fung Scholars program supports more than 6,000 scholars and fellows across 31 universities worldwide.^[67]

COVID-19 Response

In February 2020, in response to widespread shortages, Circle K stores gave away 100,000 surgical masks to Hong Kong residents 65 years and older.^[68] Circle K at the time was operated by CRA Convenience Retail Asia Limited, a subsidiary of Li & Fung; the company sold its 340 Circle K stores in November 2020.^[69]

In June 2020, the Sourcing Journal reported a rumor that Li & Fung dismissed 70 Percent of procurement staff.^[70] The next day, the same publication reported that Li & Fung admitted that COVID-19's impact on global retail was forcing the company to adjust staffing levels but that the total percentage across all units in all countries wouldn't be anywhere near 70%.^[71]

Sustainability

Partnership and initiatives

Li & Fung is a founding member of the Sustainable Apparel Coalition (SAC) and has been involved in the development of the Higg Index. The Index is a tool for organizations to standardize the measurement and evaluation of the environmental performance of apparel products across the supply chain at the brand, product, and facility levels.^[72] Li & Fung has provided consultation services to assist vendors in upgrading factories to meet the evolving demands of the supply chain complexity and compliance."^[73]

In 2012, through the Fung Group, Li & Fung began collaborating with the Business for Social Responsibility (BSR) to train female workers in Bangladeshi factories on health, nutrition, and financial planning.^[74] This initiative was later expanded to include Cambodia, India, and Vietnam, broadening its impact on female factory workers in the garment industry, under the banner of the HERProject. The initiative was later expanded into Cambodia, India and Vietnam.^[75]

Between 2011 and 2014, Li & Fung supported CARE International's Hemaya project.^[76] The project aimed to empower women working in garment factories in Qualified Industrial Zones (QIZs) around the northern cities of Irbid, Al Mafraq and Az Zarqa, where many textile factories are located. The Hemaya initiative is a component of CARE Jordan's broader strategy to promote linkages between local employment opportunities and the local female workforce, in response to Jordan's notably low rate of female participation in the workforce -- one of the lowest in the world.

In February 2019, Li & Fung became an Associate Partner of the Global Fashion Agenda (GFA), joining other companies such as Everlane, G-Star Raw, and Selfridges Group. The partnership aims to address environmental performance and sustainability in the fashion industry.^[77]

In July 2021, Li & Fung partnered with Canopy, an environmental organization, to use circular and next-generation alternative materials in their packaging solutions and engage with their brand and retail customers on sustainability practices. The partnership is part of Li & Fung's efforts to support environmental sustainability across its supply chains.^[78]

In March 2023, Li & Fung introduced a partnership with Happy Returns, deploying Return Bars in over 1,100 Hibbett Sports and City Gear stores. The arrangement facilitates in-person returns for online purchases and aims to reduce cardboard waste and greenhouse gas emissions. Additionally, Unifi3d, a subsidiary of Li & Fung, worked with BeProduct to enhance digital product creation and management for various brands, retailers, and manufacturers.^[79]

In March 2024, Li & Fung was awarded a B score in the CDP Climate Change Disclosure for 2023. This score is part of an annual assessment by the CDP that measures environmental transparency and performance among companies worldwide.

Criticism & Controversies

Labor

In November 2012, a fire occurred at the Tazreen Fashions Factory in Bangladesh, resulting in the death of 112 workers.^[80] The factory's customers included Walmart, C&A, and Li & Fung.^[81] Following the incident, Li & Fung acknowledged having contracts with Tarzeen valued at $175,000^[82] and committed to providing compensation of US$1200 to each of the victims' families.^[83] Additionally, the company also announced initiatives to support the affected families further, including the establishment of an education fund for the victims' children.^[84] In January 2014, the company announced it would provide factories with consulting services, financing, and insurance to help meet safety standards.^[85]

In 2013, the collapse of the Rana Plaza building, which housed five garment factories also led to loss of life. Li & Fung noted that it had neither operations nor orders with any of the factories located at Rana Plaza at the time of the collapse.^[82] The two incidents, however, drew global attention to the working conditions in the garment industry, particularly in Bangladesh, and highlighted the complex challenges of ensuring safety and fair labor practices in global supply chains.

In response to the growing concerns over safety standards in the garment industry, Li & Fung also became a signatory of the Accord and Alliance for Safety in Bangladesh RMG, initiatives aimed at improving factory conditions. These agreements were part of a collective effort by industry stakeholders to address systemic issues in the sector but ceased operations on December 31, 2018.^[86]

Criticism has been directed towards Li & Fung and similar companies over their negotiation practices, which some argue contribute to cost-cutting measures by factories that compromise safety and labor conditions. Additionally, activists have criticized the company for its role in perpetuating low wages in developing countries and for alleged shortcomings in conducting thorough inspections of factory conditions.^[87]

Financial

Li & Fung has faced criticism for its growth by acquisition strategy. A 2014 Financial Times opinion piece highlighted that from 2006 to 2014, the company's acquisition-related expenditures reached approximately US$7 billion. While revenue grew from US$4 billion to US$16 billion within this period, the increase in revenue was criticized as insufficient relative to the investments, noting only a 30% growth in the top line.^[88] Peter Guy of the South China Morning Post further criticized the company's strategy, suggesting that the anticipated synergies from acquisitions failed to materialize and advocated for a return to focusing on the core competencies of Li & Fung.^[89]

Concerns were also raised by SimplyWallSt in 2019 regarding the compensation of Li & Fung's CEO, suggesting that it was excessive compared to other executives in companies of similar market capitalization.^[90]

In 2020, the Inland Revenue Department of Hong Kong examined Li & Fung Trading (LFT) for two primary issues: The first concern was whether the profits derived from goods sourced outside of Hong Kong, Mainland China, and Macau should be exempt from the profits tax. The second issue examined was whether the deduction of a marketing commission paid to its holding company in the British Virgin Islands from onshore profits violated anti-avoidance regulations stipulated in sections 61 and 61A of the Inland Revenue Ordinance. The Board of Review decided in Li & Fung's favor in the first issue, and for the Commissioner in the second; the case was settled.^[91]

On May 12, 2020, 97.1% of the minority shareholders approved of the company's privatization plan. Li & Fung Shareholders who opposed the deal filed a complaint with Hong Kong's Securities and Futures Commission (SFC) to investigate whether Li & Fung's May 12 shareholders meeting was conducted in accordance with regulations.^[7]

See also

•  Companies portal
•  Hong Kong portal
•  China portal

• List of trading companies

References

1. "Our leadership". Li & Fung. Retrieved 28 January 2023.
2. Bland, Ben (10 April 2017). "Hong Kong's Li & Fung faces dilemma of 'innovate or die'". Financial Times.
3. Sun, Nikki (8 May 2020). "Hong Kong's Li & Fung plots future as global supply chain frays". Nikkei Asia.
4. Gopalan, Nisha (23 March 2020). "A Doyen of Globalization Makes Its Final Retreat". Bloomberg.
5. "Century-Old Li & Fung Wants to Go Private as Blows Keep Coming". Bloomberg.com. 23 March 2020 – via www.bloomberg.com.
6. Chang, Rachel; Wei, Daniela (20 March 2020). "Li & Fung Gets $930 Million Privatization Offer From Consortium". Bloomberg.
7. Ng, Eric; Yiu, Enoch (27 May 2020). "Li & Fung delists from Hong Kong's bourse after 28 years as supply chain manager is privatised while global trade roils". South China Morning Post.
8. Zha, Weixin (6 August 2020). "The fashion companies promising to pay their suppliers". fashionunited.uk. Retrieved 13 September 2020.
9. "A Case Study on Potential Disruptive Innovations in Li and Fung" (PDF).
10. Feng, Bang-yan (27 November 2006). 100 Years of Li & Fung : Rise From Family Business to Multinational (1st ed.). Cengage Learning. p. 38. ISBN 978-9812659668.
11. A Hundred Years of Li & Fung:Supply Network Orchestrator for Asia and Beyond by Bang-yan Feng
12. Feng, Bang-yan (27 November 2006). 100 Years of Li & Fung : Rise From Family Business to Multinational (1st ed.). Singapore: Cengage Learning. pp. 33–37. ISBN 978-9812659668.
13. Feng, Ban-yan (27 November 2006). 100 Years of Li & Fung : Rise From Family Business to Multinational (1st ed.). Singapore: Cengage Learning. pp. 43–47. ISBN 978-9812659668.
14. Corbett, Michael (22 November 2013). "Oil Shock of 1973–74". Federal Reserve History.
15. Feng, Bang-yan (27 November 2006). 100 Years of Li & Fung : Rise From Family Business to Multinational (1st ed.). Singapore: Cengage. pp. 56–92. ISBN 978-9812659668.
16. Bernhardt, Donald; Eckblad, Marshall (22 November 2013). "Stock Market Crash of 1987". Federal Reserve History.
17. Fokstuen, Anne (21 July 1998). "Tough Times Highlight Li & Fung, Test Nontraditional Family Model". The Wall Street Journal.
18. Healy, Paul; Wong, Keith Chi-ho (May 2014). "Three-Year Planning at Li & Fung Limited". Harvard Business School Case 114-098.
19. (PDF). Archived from the original (PDF) on 16 September 2011. Retrieved 16 June 2015.{{cite web}}: CS1 maint: archived copy as title (link)
20. . Irasia.com. Archived from the original on 4 March 2016. Retrieved 6 July 2017.
21. Tsang, Denise (30 December 1999). "Li & Fung in $450m Swire deal". South China Morning Post.
22. "Li & Fung buys Colby for $2.2b". South China Morning Post. 10 September 2000. Retrieved 22 September 2020.
23. Seawright, Steven (10 November 2000). "Li & Fung buys Colby for $2.2b". South China Morning Post.
24. "Chairman's Statement to Shareholders" (PDF). Li & Fung Corporate Website. 12 August 2004.
25. "Li & Fung to buy budget womenswear maker in US". South China Morning Post. 3 May 2006.
26. "Li & Fung Acquires Rosetti Handbags and Accessories". Mergr.com. 9 July 2006.
27. Young, Vicki (12 February 2007). "Li & Fung to Buy Tommy Hilfiger Sourcing". Women's Wear Daily.
28. "Li & Fung seals takeover of KarstadtQuelle buying unit". South China Morning Post. 2 October 2006. Retrieved 22 September 2020.
29. "Li & Fung to buy U.S. sleepwear firm for US$128 mln". Reuters. 5 November 2007.
30. "Li & Fung sells stake to Temasek for HK$3.88b". South China Morning Post. 8 September 2008. Retrieved 23 September 2020.
31. Tyko, Kelly (3 July 2019). "Retail apocalypse: Nearly 9,100 store closings have been announced in 2019". USA Today.
32. "Hong Kong's Li & Fung plots future as global supply chain frays". Nikkei Asia.
33. Bhojwani, Rohaan (April–June 2021). "A Case Study on Potential Disruptive Innovations in Li & Fung" (PDF). Journal of Advances in Economics and Business Management. 8 (2): 15–26 – via Krishi Sankriti.
34. Davies, Paul (20 March 2014). "Li & Fung to spin off divisions through stock split". Financial Times.
35. AWAI, YASUO (22 July 2014). "Li & Fung hopes brand business spinoff strengthens its trading empire". Nikkei Asia.
36. Van Marle, Gavin (20 March 2015). "Li & Fung starts to reap the benefits of its major expansion in the logistics sector". The Load Star.
37. Davies, Paul J. (20 March 2014). "Li & Fung to spin off divisions through stock split". Financial Times. Retrieved 23 September 2020.
38. "Li & Fung Buys China Container Line". Joc.com. 5 June 2012. Retrieved 6 July 2017.
39. "HK's Li & Fung sets up China JV, targets 300 stores". Reuters.com. 23 June 2015. from the original on 24 September 2015. Retrieved 6 July 2017.
40. "Li & Fung sells its Asia consumer and healthcare distribution business to DCH for US$350 million | South China Morning Post". Scmp.com. 3 May 2016. Retrieved 6 July 2017.
41. "Sourcing Scoop: Spencer Fung on the Fate of Li & Fung's Business in the Face of Accelerating Disruption". Sourcing Journal. 16 October 2017. Retrieved 23 September 2020.
42. "Geely Automobile to join Hang Seng Index, Li & Fung to be removed". Reuters. 10 February 2017. Retrieved 13 February 2017.
43. Thomas, Russell (14 December 2017). "Li & Fung sets furniture business as part of $1.1B sale". Furniture Today.
44. Bland, Ben (14 December 2017). "Li & Fung selling struggling division for $1.1bn". Financial Times. Retrieved 22 September 2020.
45. "Li & Fung says Temasek to buy $300 million stake in logistics unit". Reuters. 27 June 2019.
46. Ng, Eric; Yiu, Enoch (27 May 2020). "Li & Fung delists from Hong Kong's bourse after 28 years as supply chain manager is privatised while global trade roils". South China Morning Post. Hong Kong. Retrieved 5 June 2020.
47. Donaldson, Tara (5 June 2020). "Li & Fung Dismisses 70 Percent of Procurement Staff: Report". Sourcing Journal. Retrieved 13 September 2020.
48. . Apple Daily 蘋果日報 (in Chinese (Hong Kong)). Archived from the original on 21 June 2021. Retrieved 13 September 2020.
49. . UNI Global Union. Archived from the original on 18 September 2020. Retrieved 13 September 2020.
50. "Li & Fung 'unlawfully' downsizing its Bangladesh office". The Business Standard. 7 June 2020. Retrieved 13 September 2020.
51. "Li & Fung uses coupon step-up to tackle downgrade risks". www.globalcapital.com. 12 August 2020.
52. "E-commerce giant JD.com invests in world's oldest supply chain manager". South China Morning Post. 31 July 2020.
53. "Li & Fung launches LFX digital incubator offshoot". Just Style. 8 April 2021. Retrieved 31 July 2022.
54. Barrie, Leonie (8 April 2021). "Li & Fung launches LFX digital incubator offshoot".
55. "Maersk agrees to US$3.6b deal to buy LF Logistics". www.businesstimes.com.sg. 22 December 2021. Retrieved 31 July 2022.
56. Standard, The. "Short-changed, say Li & Fung minority citing Maersk deal". The Standard. Retrieved 31 July 2022.
57. SGB Media (6 September 2022). "Li & Fung May Face Debt Ratings Downgrade". SGB Media. Retrieved 7 September 2022.
58. Heron, Liz (29 April 2006). "Li & Fung aid marks centenary". South China Morning Post.
59. "2017 Annual Report" (PDF). Li & Fung. March 2017.
60. "2014 Annual Report" (PDF). Li & Fung. March 2015.
61. "TAILORING AT SGVTS". Captivating International. 29 March 2018. Retrieved 10 April 2023.
62. "Li & Fung Visits CCF". Cambodia Children's Fund.
63. "House of Heart Annual Report 2016" (PDF). House With Heart. 2017.
64. "2016 Annual Report" (PDF). Li & Fung. March 2017.
65. "2018 Annual Report" (PDF). Li & Fung. March 2019.
66. "LOCAL ENVIRONMENTAL CHARITY REDRESS KICKS OFF ANNUAL 'GET REDRESSED MONTH' TO TACKLE TEXTILE WASTE". Fashion United. 10 October 2019.
67. "UN Global Compact: Communication on Progress 2019" (PDF). Li & Fung. Retrieved 10 April 2023.
68. "Circle K mask giveaway draws thousands of elderly Hongkongers". South China Morning Post. 7 February 2020.
69. Liu, Pearl (6 November 2020). "Li & Fung unit to sell 340 Hong Kong Circle K stores to Canadian convenience store giant ACT for US$361 million". South China Morning Post.
70. Donaldson, Tara (5 June 2020). "Li & Fung Dismisses 70 Percent of Procurement Staff: Report". Sourcing Journal.
71. Donaldson, Tara (6 June 2020). "Li & Fung Says It's Cutting Staff, But Not 70%". Sourcing Journal.
72. "The Higg Index – Sustainable Apparel Coalition". Apparelcoalition.org. Retrieved 6 July 2017.
73. "Services for suppliers".
74. "Our Funders". HERproject. Retrieved 6 July 2017.
75. "Our supply Chain" (PDF). Lifung.com. Retrieved 6 July 2017.
76. . Archived from the original on 1 July 2015. Retrieved 16 June 2015.
77. Chua, Jasmin Malik (28 February 2019). "EVERLANE, G-STAR RAW JOIN GLOBAL FASHION AGENDA'S NEW PARTNERSHIP GROUP". Sourcing Journal.
78. Friedman, Arthur (19 July 2021). "Li & Fung Joins Forces with Canopy to Protect Forests". Sourcing Journal.
79. Taylor, Glenn (6 March 2023). "Retail Tech: Hibbett x Happy Returns, BigCommerce Adds BOPIS, Unifi3d Taps BeProduct for 3D Fashion". Sourcing Journal.
80. Ross, Brian; Mosk, Matthew (25 November 2012). "Fire Kills 112 Workers Making Clothes for US Brands". ABC News.
81. Coleman, Korva (28 November 2012). "Managers Arrested Following Bangladesh Factory Fire That Killed More Than 100". NPR.
82. Edwards, Nick (13 January 2014). "Supply chain leader Li & Fung works hard at dealing with tragedy". South China Morning Post.
83. "Li & Fung offers compensation after deadly Bangladesh fire". AFP News. 25 November 2012.
84. Sheng, Ellen (25 November 2012). "Li & Fung Compensates Fire Victims' Families".
85. "Li & Fung to start factory safety consulting unit". Reuters. 12 January 2014.
86. "Alliance leaves Bangladesh".
87. Ian Urbina; Keith Bradsher (7 August 2013). "Linking Factories to the Malls, Middleman Pushes Low Costs". The New York Times. Retrieved 8 August 2013.
88. "Li & Fung: spinning around". Financial Times. 9 July 2014. Retrieved 22 September 2020.
89. "Li & Fung needs to focus on its core businesses - and get rid of the rest". South China Morning Post. 3 April 2014. Retrieved 22 September 2020.
90. Freeman, Brent (28 January 2019). "Is Li & Fung Limited's (HKG:494) CEO Overpaid Relative To Its Peers?". Yahoo News.
91. "FAQ on The Li & Fung Case". www.ird.gov.hk.

External links

• Li & Fung official website
• Fung Group official website
• Fung Business Intelligence
• LFX