Li & Fung
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| Public company | |
| Traded as | : 0494 |
| Industry | Supply Chain Management |
| Founded | 1906 |
| Headquarters | Hong Kong |
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Key people
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William Fung, Executive Chairman, Spencer Fung, Group Chief Executive Officer |
| Products | Apparel, household goods, furnishings, toys, health and beauty products |
| Revenue | $18.83 billion (2015) |
| Website | www |
Li & Fung Limited (Chinese: 利豐有限公司; Jyutping: Lei6fung1jau5haan6gung1si1) is a global supply chain manager primarily for US and EU brands, department stores, hypermarkets, specialty stores, catalogue-led companies, and ecommerce sites.
Li & Fung was founded in 1906 in modern-day Guangzhou and is headquartered in Hong Kong. As of 2016, apparel makes up around two-thirds of the business, with furniture and home furnishings, beauty and personal care products, fashion accessories and general merchandizing, such as seasonal gifts, constituting the rest.
Today, Li & Fung employs about 22,000 people worldwide. It does product design and development, raw materials and factory sourcing and capacity building, vendor compliance and distribution. It has over 250 offices in 40 markets. It works with 15,000 suppliers to service 8,000 customers.
It is a constituent member of the Hang Seng Index, MSCI Index Series, FTSE4Good Index Series, and the Hang Seng Corporate Sustainability Index Series.
It is a member of the Fung Group.
Li & Fung was founded in 1906 in Guangzhou (Canton) by Fung Pak-liu (d. 1943), an English teacher, and Li To-ming, a local merchant whose family owned a porcelain shop It started as an export trading company, exporting porcelain, fireworks, jade handicrafts and silk mainly to the United States.
In 1937, Fung's son Fung Hon-chu opened the company's first branch office outside of mainland China in Hong Kong. It was incorporated later that year in Hong Kong. Li sold his 300 shares of the company in 1946, leaving the company in the hands of the Fung family. In 1951, due to a United Nations trade embargo on China, Hong Kong started manufacturing textiles and plastics. With this change, Li & Fung began exporting garments, toys, wigs and plastic flowers.
By the early 1970s, Li & Fung's broker role was being squeezed by both manufacturers and importers, the rise of competing Asian Tiger economies as low-cost production locations and major Western retailers engaging directly with Asian suppliers. William and Victor Fung, the sons of Fung Hon-chu, returned from the US to work on modernizing the company. Starting in China and Asia, sources from countries closer to target markets were sought out: Mexico, Honduras and Guatemala, for the US; Turkey, Egypt and Tunisia for Europe.
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Wikipedia