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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