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Editorial: Li & Fung Will Source Less Apparel from China and More from Bangladesh and Other Asian Countries
published in Issue 144, April 2010
Li & Fung, a major sourcing group based in Hong Kong, plans to shift some of its apparel sourcing away from China and increase it in other Asian countries.
News of this proposed shift came from Li & Fung’s managing director, William Fung, when he announced that the group had achieved a record core operating profit of HK$3,990 mn (US$515 mn) 2009, 29% more than in the previous year.
The record profit was achieved despite a 6% drop in turnover, to HK$104,479 mn, reflecting “sluggish markets, a number of customer insolvencies, and the tactic of many other customers to maintain tight inventory levels”.
The group has over 80 offices in the USA, Europe, Africa and Asia, and it sources from more than 40 economies. In 2009 it strengthened its sourcing capabilities in Europe, the Middle East, North Africa and the former Soviet Union by opening a new 7,100 m2 European hub operation in Istanbul, Turkey.
Six times a year, Textile Outlook International provides up to 200 pages of expert comment and analysis. A subscription provides an overview of the global fibre, textile and apparel industries. It is essential reading for senior executives in the fibre, textile and apparel industries – and for anyone who is not involved in the industry, but needs to quickly gain an understanding of the key issues.
Reports in Textile Outlook International include:
country profiles – providing a comprehensive guide to the textile and clothing industries in a range of countries and regions. The reports include an economic and political profile together with a comprehensive overview of the main issues, plus an outlook for the future.
company profiles – giving you the opportunity to learn from strategies employed by others. Companies profiled recently include retailers, manufacturers, innovators and sourcing companies involved in textiles and apparel as well as smaller companies which illustrate the opportunities for firms which are interested in selected sourcing locations.
trends in world textile and apparel trade and production – taking into account current issues facing the industry – such as global fibre prices; competition from China and other low cost countries; the elimination of quotas and imposition of selective new ones; relocation of production operations; the impact of economic factors affecting trade; international trade agreements; trade promotion agreements (TPAs); and much more.
trends in EU and US imports of textiles and clothing – providing comprehensive statistical data and analysis of the top ten supplying countries to the EU and US markets. These reports are updated each year and contain value and volume data as well as average prices and analyses of trends for up to 15 product categories.
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So whether you are involved in fibres, textiles or clothing – in manufacturing, spinning, weaving, knitting, sewing, import/export, retailing – or if you are in education or consultancy or investment or finance, a subscription to Textile Outlook International will tell you what you need to know about the key trends in the industry.
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