Li & Fung
Supply Chain Management Company
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April 2025 | S&P Global Ratings affirmed Li & Fung's 'BB' credit rating, highlighting improving EBITDA, strong cash reserves, and strategic business realignment. |
September 2022 | Moody's Investors Service announced a review of Li & Fung Limited's credit rating for a potential downgrade, citing significant uncertainty about the company's future performance following restructuring and asset sales. |
December 2021 | LF Logistics, a Li & Fung subsidiary, was acquired by global container shipping company Maersk for US$3.6 billion in an all-cash transaction, sparking investigation concerns from former minority shareholders. |
April 2021 | A new company called LFX was announced, led by Li & Fung's CFO, focusing on digital services across the consumer goods supply chain. |
2020 | The Fung Family completed the privatization of Li & Fung at a value lower than its historical peak, followed by a comprehensive restructuring involving significant workforce reduction. Li & Fung received a US$100 million investment from e-commerce giant JD.com. |
November 2020 | Li & Fung sold its 340 Circle K stores, ending its operation of the convenience store chain. |
June 2020 | Li & Fung addressed rumors of significant staff reductions, acknowledging COVID-19's impact on global retail and the need to adjust staffing levels, though disputing claims of 70% procurement staff dismissal. |
May 12 2020 | 97.1% of minority shareholders approved the company's privatization plan, which was subsequently challenged by opposing shareholders who filed a complaint with Hong Kong's Securities and Futures Commission. |
March 2020 | Li & Fung announced plans for privatization in response to challenges from US-China trade tensions and the COVID-19 pandemic, signaling a strategic shift in the company's approach. |
February 2020 | Circle K stores, operated by CRA Convenience Retail Asia Limited (a Li & Fung subsidiary), distributed 100,000 surgical masks to Hong Kong residents aged 65 and older in response to widespread shortages during the COVID-19 pandemic. |
2019 | Temasek Holdings invested US$300 million for a 21.7% stake in LF Logistics, valuing the company at an estimated US$1.38 billion. |
December 31 2018 | Li & Fung ceased operations of the Accord and Alliance for Safety in Bangladesh RMG initiatives. |
2017 | Li & Fung sold three business units -- Whalen, Cobalt Fashion, and MEIYUME -- to Hony Capital for $1.1 billion, involving substantial write-downs and an accounting loss of US$610 million. |
2016 | Li & Fung divested LF Asia Distribution, its consumer and healthcare distribution business, to Dah Chong Hong for US$350 million. |
2015 | The company formed a joint venture with Beijing Wangfujing Department Store Group Co. Ltd. and Shanghai Bailian Group Co. Ltd., with plans to open 300 stores in China to expand retail presence. |
2014 | Spencer Fung was appointed Group CEO, succeeding Victor Fung, with Marc Compagnon becoming Group President. The company executed a strategic division of operations, spinning off its global brands and licensing business through a stock split. |
2014 | Li & Fung acquired China Container Line, a freight forwarding company, to expand its logistics operations. |
July 2014 | Bruce Rockowitz became Chief Executive of the newly independent Global Brands Group, which was listed on the Hong Kong Stock Exchange. |
January 2014 | Li & Fung announced initiatives to provide factories with consulting services, financing, and insurance to help meet safety standards. |
2013 | The Rana Plaza building collapse drew global attention to working conditions in the garment industry. Li & Fung noted they had no direct operations or orders with the factories at the time of the collapse. |
November 2012 | A fire at the Tazreen Fashions Factory in Bangladesh killed 112 workers. Li & Fung acknowledged having contracts with the factory valued at $175,000 and committed to providing $1,200 compensation to each victim's family, including establishing an education fund for the victims' children. |
2011 | Li & Fung reached its peak market capitalization, representing the height of its global expansion and influence in supply chain management. |
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