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Category: Fashion

Retail News Asia is committed to providing both local and global retailers with the latest Fashion news throughout the Asian market. This on a daily base.

  • Bulgari E-commerce platform launched in Singapore

    Bulgari E-commerce platform launched in Singapore

    Italian jewelry firm Bulgari has launched an e-commerce platform in Singapore prior to opening online services in its home territory. Korea will soon follow.

    The luxury brand is accelerating its digital program following the effect of the coronavirus pandemic on the industry, placing restrictions on the ability of shoppers to visit physical stores. It is planning to launch new online boutiques in seven countries over the next 90 days, beginning with the Singapore shop going live yesterday.

    The store features an AR function allowing shoppers to view products as they would appear in the real-world environment, as well as e-concierges and home delivery services.

    “E-commerce must be an engaging and exclusive 360-degree experience, offering the same service of excellence delivered in a Bulgari boutique,” said Bulgari CEO Jean-Christophe Babin.

    “Not to mention the complementarity of the website with the boutiques in terms of content and information.

    “With Covid-19, our e-shop has become our number-one store worldwide with a growth exceeding 100 percent and we believe it will reinforce its leading position after Covid-19, as it has been an accelerating factor.”

    Bulgari’s next e-shops are expected to launch in the UAE, Italy, France, Korea, Mexico and Brazil.

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  • Chian Strategic review launched of Victoria’s Secret future

    Chian Strategic review launched of Victoria’s Secret future

    The future of the Victoria’s Secret China business is under review as the lingerie retailer moves to permanently close 250 more US stores in a bid to right size and restore profits.

    Parent L Brands revealed a 37-per-cent slump in first-quarter sales to US$1.65 billion, with revenue from Victoria’s secret down 45.6 percent, in part due to store closures. However sales at its Bath & Body Works business fell by a more modest 18.1 percent, largely due to increased sales of sanitizer and soaps during the Covid-19 lockdown and strong online performance.

    Subsequent to releasing the results, the company said in an analysts’ briefing that it was “evaluating strategic alternatives to reduce or eliminate losses in the UK and China”.

    No further comment was made with regard to the Victoria’s Secret China business, however, there were indications last year that Victoria’s Secret may phase out its large-format flagship stores. By nature the generally loss-making flagships like the four-story one in Hong Kong’s Causeway Bay exist to market the brand name, driving broader regional sales.

    L Brands’ overall first-quarter sales slump is largely in line with the performance of other US-base chains, who suffered from stores being closed during the Covid-19 pandemic. While online sales rose at the peak of the lockdowns, it was by no means enough to replace physical sales. However the figures for Bath & Body Works covered up the dismal performance of Victoria’s Secret.

    L Brands reported a $317.7 million operating loss for the quarter and an adjusted net loss of $296.9 million.

    Neil Saunders, MD at GlobalData Retail, said Victoria’s Secret has been a brand in decline for many years.

    “It went into this crisis in a weakened state and will emerge even more enfeebled. The sale of a large stake to Sycamore provided a potential route out of the ongoing funk in that it would inject some new management and thinking, but now that deal is off the future looks much more uncertain.”

    Saunders said the performance of Bath & Body Works was a strong result reflecting the brand’s popularity and its loyal customer base.

    “Before the crisis, sales in stores were up 20 percent on a comparable basis – a function of strong traffic and some excellent growth in home fragrance. When stores were closed, consumers turned to the online channel to get products, helping push direct sales up by 85 percent over the quarter.”

    Saunders said there is a question mark over the future of Victoria’s Secret in general. “The company is sizable in sales terms, but it lacks any real sense of direction or positive momentum. That needs to be quickly corrected if L Brands wants to attract new partners and investors and, indeed, if the brand is to have a sustainable future.”

    Meanwhile, Credit Suisse analyst Michael Binetti, was skeptical of the company’s ability to turn Victoria’s Secret around or prepare it for spinning off. He told Retail Dive that cost management plans – including store closures – put forward by management to analysts did not include enough evidence to reassure investors of Limited Brands’ ability or timing to effect a separation of Victoria’s Secret.

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  • Shoe retailer Clarks to cull management ranks worldwide

    Shoe retailer Clarks to cull management ranks worldwide

    Clarks, the UK-based shoe retailer, will cull the ranks of its corporate staff by a net 700 people worldwide, including in Asia during the next 18 months.

    In all, 900 jobs will be lost, the first 160 of which were announced in the UK this week. However by the end of the restructuring process, about 200 new roles will have been created.

    Stung by falling sales even before the Covid-19 crisis, Clarks last month announced an unspecified number of store closures in the UK in a move to right-size the business for a post-pandemic era.

    The job cuts and store closures are all part of a turnaround strategy dubbed Made to Last, unveiled at the end of last year and intended to reposition the 195-year-old company to trade into its third century of trading.

    CEO Giorgio Presca described some of the decisions as “difficult” but said the opportunities they would open up are exciting.

    “We thank all affected staff for their contribution to our business and they leave their roles with our heartfelt respect and support.”

    Most Clarks stores globally have been closed for weeks during the Covid-19 pandemic, however, those in China and parts of Europe are progressively reopening.

    Besides the behind-the-scenes restructure of the group, management are overseeing a refocusing of the brand to reflect its heritage and underline its relevance in today’s market.

    The turnaround strategy also includes exploiting the brand’s potential and leveraging its heritage and consumer relevance in today’s market. That includes embracing sustainability, quality, design and product innovation.

    “We are a business that walks its own path, and we are evolving to put our brand and consumers at the heart of everything we do,” said Presca.

    “This will ensure that our organization is made to last, empowering our people to contribute to a great future for the company.”

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  • Burberry sales growth was promising and stable

    Burberry sales growth was promising and stable

    Luxury fashion label Burberry was delivering growth in sales and profitability ahead of expectations last year – until Covid-19 stopped the momentum in its tracks.

    “Since then, the global health emergency has had a profound impact on the world, our industry and Burberry but I am very proud of the way we have responded,” explained CEO Marco Gobbeiit in the company’s preliminary results announcement.

    “We have taken swift action to mitigate the financial impact on our business while prioritizing the safety and wellbeing of our teams and customers. We have a strong balance sheet and liquidity, with space for investment when markets recover.”

    Fourth-quarter sales slumped by 27 percent year on year as the company was forced to shutter about 60 percent of its retail stores to comply with lockdowns and social-distancing measures around the world. Prior to that, sales were running at 4 percent ahead of the previous year.

    Full-year revenue of £2.633 billion was down just 4 percent.

    With a solid first three quarters, Hong Kong-listed Burberry ended the year to March 28 with an operating profit of £189 million, down 57 percent on a reported basis, primarily due to £244 million of adjustments such as impairments inventory provisions and other charges resulting from the expected impact of the pandemic.

    Despite the challenges, Gobbetti said Burberry had found new ways to strengthen its connection with consumers, drawing on its digital leadership. The company achieved double-digit growth in followers and engagement on social media platforms, including through the crisis.

    “We have also mobilized our resources in support of the relief efforts. It will take time to heal but we are encouraged by our strong rebound in some parts of Asia and are well-prepared to navigate through this period. Now, more than ever, our strategy to secure our position in luxury fashion is key,” he said.

    Year-to-date sales since March in Mainland China and South Korea are already ahead of last year and continue to show an improving trend, the company said, suggesting consumers are returning to stores once lockdowns are lifted.

    During the last financial year, Burberry has opened flagship stores in IFC Shanghai, China World Beijing and Tokyo’s Ginza district. The transformation program converting stores into the company’s new format has seen 64 completed including one in every major city around the world. To date 23 ‘non-strategic’ stores have been closed with the pre-announced rationalization due to be completed this year.

    Gobbetti said he cannot forecast the company’s performance for the current year as the course of the pandemic and longer-lasting economic impact is difficult to predict.

    “We currently have 50 percent of our store network closed and we expect our first quarter (to June 2020) to be severely impacted with store closures likely to be at or near peak for most of the quarter. We are leveraging our digital platforms to forge stronger connections with our customers and have mitigation plans to conserve cash and reduce operating costs, whilst retaining flexibility to respond rapidly and optimize revenues in markets as they start to recover.”

    Burberry finished March with a strong balance sheet with cash of £887 million to hand.

    Sofie Willmott, lead retail analyst at GlobalData, said Burberry’s performance prior to the impact of Covid-19 was showing “green shoots of recovery” in Europe.

    She said that with many consumers apprehensive about traveling abroad this year, Burberry will see its sales in the US, Europe and the Middle East – markets usually boosted by Asian tourists – move to Asia Pacific until shoppers feel confident traveling globally again.

    “Burberry has a robust online proposition which will help to protect its overall sales throughout the pandemic. It is in a better position than most luxury brands considering it has heavily invested in online in recent years, has an engaged digital following and regularly brings innovative concepts to its customer base, such as a live-streamed tour of its flagship Shanghai store with influencer Yvonne Ching, which attracted 1.4 million viewers,” said Willmott.

    “Other luxury retailers pale in comparison to Burberry when it comes to their digital presence and the brand’s commitment to the online channel will help to weather the coronavirus storm.”

    She added that improvements Burberry has made to its product range to focus on new collections and its monogrammed logo, have reignited the brand’s appeal in the last year, attracting younger consumers which will help to boost sales in the long term.

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  • French Connection will collapse without fresh investments

    French Connection will collapse without fresh investments

    Without securing an imminent financial lifeline, ailing UK-headquartered fashion chain French Connection is likely to collapse. The Retail Gazette reports the company has warned that if urgent funding is not secured its cash resources will be eroded within the next couple of months. Like most retail chains entering administration or bankruptcy – or likely to – French Connection was in trouble well before Covid-19 destroyed the brick-and-mortar retail sector this year.

    For the 12 months to January 31 last year, the company’s operating loss almost tripled, from £3.8 million (US$4.97 million) in 2018 to £9.3 million ($12.2 million). It did, however, record an underlying profit, a somewhat modest £100,000 which was a stark contrast to the previous year’s £2.1 million loss.

    With falling sales – both at home and in markets like Asia and Australia – French Connection has been reducing its store network for years. Founder and CEO Stephen Marks has been seeking a buyer for the company since mid-2018 while in the meantime trying to right-size the business.

    This week the company said that having agreed to new payment terms with suppliers, negotiated rent relief with landlords, and reduced its factory orders as the Covid-19 crisis impacted its sales, the company was confident of securing funding to survive.

    Online sales during the last six weeks have been up 44 percent in both the UK and the US.  But Sofie Willmott, lead retail analyst at GlobalData, says the online channel accounted for only around a quarter of revenue prior to Covid-19. “In addition, online revenue fell 8.1 percent to the end of January, highlighting that its strong digital performance is coming from a low base and is not as impressive as it first appears.”

    French Connection said in a statement reported by Retail Gazette: “In the light of the company’s current cash position and the continued expected weak trading environment, we have been inactive discussions with a number of potential funding partners.”

    “This process is proceeding well and we are making good progress on due diligence and agreeing on terms.”

    French Connection – once internationally famous for printing its initials FCUK on its t-shirts – has fallen from consumer favor since its heyday. In September 2016, Sarah Johns, of GlobalData predecessor Verdict Retail, observed of the brand: “The FCUK branding on selected lines is outdated, collections can be hit-and-miss while upper-mid and premium price points make it difficult for shoppers to justify paying full price for items when similar styles and quality can be found elsewhere for less.”

    Those comments followed the company reporting a first-half loss of £7.9 million.

    “The clothing and footwear retailer is struggling to compete with the likes of H&M, Zara, Topshop, Asos and Coast due to its inability to communicate clear brand identity and gain a loyal customer following.”

    Nearly four years on, little has changed. Today, Willmott described French Connection’s prospects as “bleak”.

    “French Connection’s brand desirability has continued to dwindle as designs lack originality, and therefore struggle to excite shoppers or justify premium price points. With its close competitor Reiss far outperforming (pre-Covid-19) and French Connection failing to find a buyer, after being for sale for a significant period of time, it raises the question once again whether French Connection can rebuild relevance as it will fail in the post-Covid-19 market if a product, pricing, and branding remain unchanged.”

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  • Cashed-up Chinese consumers are buying more local brand names

    Cashed-up Chinese consumers are buying more local brand names

    Wealthy Chinese consumers are spending up large on domestic brands sold online, according to new data from local e-commerce giant JD.

    The data shows that 490 out of 572 high-performing brands which surpassed RMB100 million (US$14 million) in transaction volume from January to April this year were domestic. Out of 230 brands surpassing a transaction volume of RMB 300 million ($42.2 million) during the period, 79 were domestic brands – and 125 out of 151 brands surpassing RMB500 million ($70.3 million) were also domestic.

    Key insights from JD’s data suggested that domestic brands are gradually becoming the top choice of Chinese consumers as quality improves, with the proportion of domestic brand consumption increasing year-by-year in 1st-tier cities as more well-educated and well-paid consumers buy more. Female consumers aged below 25 pay more for domestic brands and pay more attention to them, and in general, domestic brands are attracting more high-income consumers.

    Furthermore, almost all consumers of domestic brands throughout last year were shown to be sensitive to product reviews, indicating an emphasis on product quality and the general pursuit of high-quality consumption.

    Last year, growth rates of domestic brands in terms of the quantities of products, brands, and orders were all more than 20 percent higher than those of international brands year on year. That growth gap further expanded to 30 percent in the first quarter this year following the coronavirus outbreak.

    In terms of transaction volume for domestic versus international brands for the whole of last year, the proportion of domestic brands in categories including maternal and baby, sports and personal care increased rapidly. In particular, facial cleansing products, female care products and other categories exceeded more than 150 percent on average. Imported products grew the most in categories such as toys and musical instruments, cleaning, and paper products.

    E-commerce channels helped domestic brands reach lower-tier markets throughout last year, with 5th and 6th tier cities remaining the primary driving force of consumption of domestic brands. Even so, the situation is evolving in 1st tier cities, which are slowly turning to embrace more domestic brands.

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  • Vestiaire Collective kicking off on Zalora

    Vestiaire Collective kicking off on Zalora

    Fashion e-tailer Zalora has partnered with global pre-owned fashion platform Vestiaire Collective.

    Zalora’s Hong Kong customers can now access more than 5000 authenticated Vestiaire items across womens’ and mens’ categories via the firm’s website and app. Plans are currently in place to extend the offering to other Zalora markets.

    The partnership is an effort to promote circular fashion, intending to inspire consumers to be more conscious of their consumption habits. All Vestiaire products listed on Zalora undergo two rounds of checks to ensure authenticity and quality. All orders are fulfilled by Zalora’s own delivery network.

    “Zalora is committed to promoting sustainability in the region and is determined to shape a sustainable fashion ecosystem,” said Zalora CEO Gunjan Soni. “Companies now need to work together to evolve from just reducing the impact to making a positive impact.

    “Our partnership with Vestiaire Collective effectively expands our pre-loved category, offering more choices to our Zalora shoppers and giving them a chance to partake in joining the circular fashion movement.”

    “Vestiaire Collective is excited to partner with Zalora to further increase our local footprint of circular fashion within Asia,” said Vestiaire’s APAC chief regional officer Pierre Everling. “Sustainability is one of the founding pillars of our business and we’re thrilled to open the doors of pre-loved fashion to more users in new markets, allowing more people to embrace circularity in their daily lives.”

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  • Puma explores sustainable technologies with Central St Martins students

    Puma explores sustainable technologies with Central St Martins students

    Puma has partnered with London design school Central St Martins to launch a new collection using sustainable technologies.

    The Puma x CSM Collection uses new dyeing technologies including “Dope Dye”, which is a process using less energy, water, and chemicals than conventional wet processing, and digital printing technology which reduces waste and chemicals.

    With these technologies, Puma is able to reduce water consumption during making the clothing by up to 17.4 percent. These technologies will be rolled out in other sectors of Puma’s product range after being tested in this collection.

    “Reducing waste goes beyond the production cycle, which is why Puma also delved into new ways to make its marketing more sustainable,” the company said in a statement.

    The Puma x CSM collection, which includes footwear, apparel and accessories for both men and women, is available on Puma’s website and in selected stores.

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  • Japanese clothing firm Renown collapses

    Japanese clothing firm Renown collapses

    Heritage Japanese clothing firm Renown has filed for bankruptcy. The company is best known for its D’Urban and Arnold Palmer brands, although business has been in decline since its heyday in the 1990s due to increasing competition and the rise of e-commerce. It was once one of the largest apparel manufacturers on the globe.

    According to a report in Nikkei, the 118-year-old firm – now under the majority ownership of Chinese textiles and clothing firm Shandong Ruyi – has become Japan’s first such victim of the Covid-19 pandemic, cauterized from its revenue stream by the closures of department stores and regular retailers.

    The bankruptcy was approved on Friday, the same day it was filed with the Tokyo District Court, listing ¥13.9 billion (US$130 million) in liabilities. Renown had previously posted a net loss of ¥6.7 billion ($62.55 million) in the last financial year. Shares in the firm are now likely to be delisted from the first section of Tokyo’s stock exchange.

    Analysts expect the clothing firm Renown to take about a month before the company identifies a turnaround partner to enable it to resume business.

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  • Indonesia’s Bank Rakyat Receives Bids for Life Insurance Unit

    Indonesia’s Bank Rakyat Receives Bids for Life Insurance Unit

    Talk are ongoing and an agreement could be made in the next few weeks. The insurance arm of the French bank BNP Paribas and Hong Kong insurance group FWD are said to be among the parties that have bid on a significant minority stake in Asuransi BRI Life, the life insurance arm of Indonesia’s Bank Raykat, Bloomberg reported on Thursday.

    BNP Paribas Cardif has reportedly submitted the highest bid, according to people familiar with the matter, the report said.

    According to the publication, this is at least the third attempt by the bank, Indonesia’s oldest lender, to sell a stake in the unit.

    FWD and BNP Paribas Cardif were already among interested parties when Bank Rakyat tried to sell 40 percent of the unit in 2015. It revived the plan in 2018, hiring Morgan Stanley to advise on the process, though it was put on hold. It revived the plan to sell a $500 million stake in March this year.

  • Li Ning founder bids to acquire Bossini

    Li Ning founder bids to acquire Bossini

    A Chinese company controlled by Li Ning plans to buy a controlling stake in Hong Kong-listed apparel group Bossini, with plans to expand the business in Mainland China.

    A venture called Viva China will buy 1.09 billion shares in Bossini, paying just HK$46.6 million (US$6 million) for 66.6 percent of Bossini’s issued capital, effectively buying out the family interests of Bossini’s founder Law Ting-pong. After that deal is concluded, the buyer is required under Hong Kong stock exchange rules to offer to buy out the remaining shareholders, which would lead to the company’s privatization. However, in a stock-exchange filing, Viva China said it intends to maintain the company’s listing.

    The offer for Bossini’s shares represents a discount of 71 percent to the 14.8 cents Bossini shares last traded at and an 87.39-per-cent discount to its December net asset value of $560.2 million. The offer reflects “the deteriorating financial performance of Bossini Group and its widening loss in the latest financial years (2018 net loss of $29 million; 2019 net loss of $139.1 million),” according to the filing. A further loss is expected in the current trading year, with the company recording a $93 million deficit in the first half.

    Viva China Group is principally engaged in sports competition, event production and facilities

    management, esports, sports-talent management and last year expanded into the development, design, and sale of sports, health, and leisure consumables. As part of that plan, the company has been actively seeking investment in an apparel brand.

    Viva currently owns about 13.42 percent of Li Ning Company, the sports apparel retail brand established by its namesake, a former Chinese Olympiad. Li Ning facilitated an introduction between Bossini and Viva China and is effectively underwriting the purchase through companies he controls.

    Keystar, the other partner in the entity bidding for Bossini’s shares, is owned by Boso Law, a nephew of the Bossini founder, who is CEO of Laws Fashion Group.

    Viva believes there is strong potential to expand Bossini’s existing network of 180 stores in Mainland China, now largely based in Guangdong province, across the county.

    “The Viva China board will work together with the existing management of the Bossini Group to

    rejuvenate the brand of Bossini with a younger image to appeal to younger generation in the PRC. It will also renovate the stores of Bossini to enhance its layout so as to create a more immersive retail experience to the customers and capture the minds of the young generation,” the company said in the filing.

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  • Puma searching sustainable technologies with Central St Martins students

    Puma searching sustainable technologies with Central St Martins students

    Puma has partnered with London design school Central St Martins to launch a new collection using sustainable technologies.

    The Puma x CSM Collection uses new dyeing technologies including “Dope Dye”, which is a process using less energy, water, and chemicals than conventional wet processing, and digital printing technology which reduces waste and chemicals.

    With these technologies, Puma is able to reduce water consumption during making the clothing by up to 17.4 percent. These technologies will be rolled out in other sectors of Puma’s product range after being tested in this collection.

    “Reducing waste goes beyond the production cycle, which is why Puma also delved into new ways to make its marketing more sustainable,” the company said in a statement.

    The Puma x CSM collection, which includes footwear, apparel, and accessories for both men and women, is available on Puma’s website and in selected stores.

  • Menswear retailer TM Lewin sold to PE investor

    Menswear retailer TM Lewin sold to PE investor

    British menswear retailer TM Lewin has been sold by Bain Capital to private-equity company SCP through its new subsidiary Torque Brands. The deal, announced today, ends speculation over the brand’s future, with rival UK menswear retailer Charles Tyrwhitt tipped to be preparing a bid as recently as last week.

    In Asia, TM Lewin has stores in Singapore, Malaysia, the Philippines.

    Bain Capital bought the 122-year-old business in partnership with the company’s management in 2015, for a reputed £100 million, and sought expressions of interest a month ago.

    TM Lewin is the first business to be bought by Torque Brands which plans to create a portfolio of contemporary British brands which – according to company documentation – will “share a centralized services platform”.

    The company is “actively acquiring heritage homegrown talent which we see having a long and successful future,” said SCP managing partner James Cox.

    “We wholeheartedly believe that specialist vertical-specific British brands, such as TM Lewin, will continue to hold a premier position in the eyes of the global consumer, and look forward to the challenge of helping the company adapt to the rapidly changing retail landscape.”

    TM Lewin operates 66 stores in the UK, all of which are currently closed due to the Covid-19-related lockdown. About 90 other stores are located outside the UK, including in Europe, Ireland, the US, Australia and Asia, but it is not clear how many of these are company-owned as opposed to operating under licensing agreements.

    While TM Lewin was founded as a specialist shirt maker, it has since expanded into suits, outerwear, knitwear, chinos, jackets, ties and accessories. In the year to March the company achieved sales of more than £120 million.

    Brad Palmer, MD at Bain Capital, said that – notwithstanding the challenges facing the retail sector, most recently from Covid-19 – the business has become a truly multi-channel retailer in the UK under Bain’s ownership.

    He said the brand has “a large and loyal customer base and an even stronger brand proposition”.

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  • AmorePacific buys Australian luxury skincare brand

    AmorePacific buys Australian luxury skincare brand

    South Korean beauty firm AmorePacific has acquired a substantial minority stake in Australian luxury skincare brand Rationale.

    The investment is aimed at boosting AmorePacific’s credentials in the high-end personalized cosmetics market and will help Rationale expand across Asia, focusing on South Korea, Hong Kong, and Singapore initially during the next five years. The deal also effectively gives AmorePacific a manufacturing facility in Australia.

    Rationale currently operates 15 flagship stores in Australia, sells via its own online site and also through a network of about 50 medical agencies including dermatologists and plastic surgeons.

    Under the deal, AmorePacific will secure an advisory role and voting rights on Rationale’s board.

    “With a truly shared innovation vision, Rationale and AmorePacific will take personalized skincare solutions to a new level,” said Saehong Ahn, president of AmorePacific, in a statement.

    “AmorePacific will continue to look into mergers and acquisitions and partnerships with promising companies and secure opportunities for future growth.”

    Richard Parker, who founded Rationale in 1992, described the alignment between the two companies as “intuitive”.

    “Rationale is acknowledged worldwide as the environmental skincare authority and leader in epigenetic research, and we are thrilled to be empowered to expand this vital work with AmorePacific.

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  • Li & Fung to delist this month

    Li & Fung to delist this month

    The privatization and delisting of Li & Fung Limited is set to proceed this month after 97 percent of shareholders who were not a party to the transaction voted in favor of the move.

    The key vote paves the way for Golden Lincoln Holdings I Limited, owned by the Fung Family and Singapore-based global logistics warehouse operator GLP, to purchase all the shares of Li & Fung. The company expects to delist on May 27 after a court hearing in Bermuda, where the company is registered, which scheduled for May 21. These are the final steps in the process.

    “I am pleased that our shareholders are supportive of the privatization proposal for Li & Fung,” said William Fung, group chairman.

    Li & Fung, which has been listed in Hong Kong for nearly 30 years, will remain under the control of the Fung family, which will hold 60 percent of the voting shares in the business, post-delisting. GLP will hold the remaining 40 percent of the voting shares and 100 percent of the non-voting shares, resulting in the effective economic ownership of 67.67 percent of Li & Fung.

    In a statement, the company said its plan to create “the Supply Chain of the Future remains more relevant than ever” with the digital disruption to retail and the ongoing uncertainties of the US-China trade war, compounded by the dramatic impact of Covid-19 on retail supply chains.

    “With the breadth and depth of its global sourcing and production platform, pan-Asia logistics network, and industry-leading digital product development capabilities, Li & Fung is helping retailers and brands navigate a highly uncertain and ever-changing global environment.”

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