Li & Fung
TypePrivate
IndustrySupply chain management
Founded1906 (1906)
FounderFung Pak-liu and Li To-ming (Li&Fung)
HeadquartersHong Kong
Key people
  • Spencer Fung, Group Executive Chairman
  • Joseph Phi, Group CEO
  • Ed Lam, Board Director, Li & Fung; CEO, LFX[1]
ProductsApparel, household goods, furnishings, toys, health and beauty products
Revenue$11.413 billion (2019)
Chinese name
Traditional Chinese利豐公司
Simplified Chinese利丰公司
Websitewww.lifung.com
Lifung Tower in Cheung Sha Wan in November 2008, the head office

Li & Fung Limited is a Hong Kong-based supply chain management company. Founded in 1906, the company experienced near-exponential growth since it first went public in 1973 by being the "go-to source" for apparel, toys, and other consumer goods manufacturing for western brands and retailers, reaching its peak market capitalization in 2011.[2][3] For decades, Li & Fung provided product design, raw material sourcing, and manufacturing services to some of the biggest retailers in North America and Europe, but a global economic slowdown affected these retailers, leading to lower profits for the then-publicly traded company.[4] Between 2011 and 2020, the company lost 95% of its market value, with its turnover almost halving.[4] The decline has been attributed to the Internet and the rise of e-commerce and the resulting subsequent closing of specialty and department stores,[5] specifically the rise of Alibaba, which connected Chinese manufacturers with buyers directly, but also Amazon, which encroached into the business of brick & mortar resellers that Li & Fung served.[6]

On 13 February 2017, as part of the index manager's quarterly review,[7] Li & Fung was removed from the blue chip index: Hang Seng Index and replaced by Geely Auto.[8] In 2020, reports emerged that the company had been struggling to turn its century-old business around for years.[9] The US-China trade wars and the coronavirus pandemic in 2020 didn't help; in March 2020, Li & Fung announced their intention to privatize.[10] In May 2021, the company was delisted after 28 years on the Hong Kong Stock Exchange, the decision attributed to the length of time associated with executing the restructuring and technology investments required to transform its business.[11]

In 2020, the Fung family privatized the company with a 94 percent stock price loss (HKD 1.25) from its best performance back in 2011 (HKD 21.319).[12] A massive restructuring took place after the privatization, that reportedly reduced 70% of staff globally[13] leading to employee protests at the entrance of the Hong Kong office[14][15] and claims of unlawful dismissals in the Bangladesh office.[16] The company has also been accused of not paying suppliers, along with a long list of retailers.[17]

A few days prior to Li & Fung's use of a coupon step-up that was announced on August 12, 2020,[18] Li & Fung announced a US$100M investment from JD.com[19]

History

1906–1970 Founding & the Early Years

Li & Fung was established in 1906 in Guangzhou by Fung Pak-liu, an English teacher, and Li To-ming, a local merchant whose family owned a porcelain shop.[20] Beyond the founders' surnames, the company name also reflects the Chinese words "profit" (Li) and plentiful (Fung). During the early 1900s, Li & Fung emerged as the first company in the export sector to be entirely owned by Chinese stakeholders.

In its early years, the firm's export focus was porcelain, recognized as China's chief export at the time. They diversified to fireworks, jade, and ivory handicrafts, and silk, primarily targeting the United States through a partnership with Ignaz Strauss & Company in New York, a notable sourcing agent for upscale retailers.[21]

In 1937, Fung's son, Hon-chu, opened the company's first branch office outside of mainland China in British Hong Kong, which subsequently was incorporated. In 1946, Li divested 300 shares of the company;[22] despite prevalent regional corporate norms, the firm's name remained unchanged with his departure. Shortly after, the Guangzhou branch was closed, and the employees were relocated to the company's main office in Hong Kong main. By the late 1940s, Li & Fung was responsible for exporting 30% of Hong Kong's rattan furniture.[23]

In 1951, due to a United Nations trade embargo on China, Hong Kong began manufacturing textiles, plastics, electronics, clocks, watches, and toys—spurred by industrialists leaving mainland China, armed with technology and capital. Factors like the influx of people from mainland China, low taxation, economic stability, minimal restrictions, and a port infrastructure catalyzed the burgeoning export sector.[23]

A significant portion of the migrant entrepreneurs hailed from the textile industry. Consequently, Hong Kong quickly emerged as the top exporter of fabrics, garments, and yarns. By the 1960s, textiles and garments accounted for 40-50% of Hong Kong's exports. Despite the societal challenges that surfaced in the mid-1960s, Hong Kong's exports continued to grow. Li & Fung expanded and established itself as a leading garment exporter in the country.[23]

1970-1989 The First Public Listing

Throughout the 1960s and early 1970s, Li & Fung's main competitors were British firms Dodwell & Co. and the Swire Group. By focusing on the USA market, Li & Fung experienced annual growth of 28% from 1969 to 1973.[21]

William and Victor Fung, the sons of Fung Hon-chu, joined the company after completing their education at Harvard University – William with his MBA in 1972 and Victor with his doctorate in 1973. They soon restructured the company by establishing Li & Fung, Ltd with six subsidiaries.[24]

In April 1973, Li & Fung was listed on the Hong Kong Stock Exchange. In October 1973, the Organization of Arab Petroleum Exporting Countries (OAPEC) instituted an oil embargo on the United States, sparking a global recession that lasted through 1975.[25] Li & Fung's revenues and profits declined during this period, rebounding in 1976.

In the 1970s, Western retailers began importing directly from Asian manufacturers. In response, Li & Fung shifted from playing the traditional broker role to becoming a manufacturing partner. Li & Fung's services included design, identifying suppliers for fabrics and manufacturing, inspection, packaging, and transportation. The strategy boosted the company's standing among Western retailers and with suppliers in China. By the early 1980s, Li & Fung's clientele included The Gap, The Limited, Express, Lerner, & Petrie Stores. By this time, Li & Fung was also a distributor of handbags, belts, shoes, scarves, and other fashion accessories from its Korea, Thailand, and Taiwan locations.[26]

By the late 1980s, Li & Fung had established a significant presence in the toy business, adopting its end-to-end supply chain model that had proven successful in the apparel business. Through a joint venture with Toys R’ Us, Li & Fung expanded into retail. Li & Fung further diversified into real estate, warehousing, shipping, finance, and insurance through other joint ventures, acquisitions, and investments.[26]

In May 1987, Gap, then the company's largest apparel client, opted to set up its own merchandising office in Hong Kong. On October 19, 1987, stock markets around the world crashed, highlighting the interconnectedness of financial markets.[27] Amid these setbacks, Li & Fung moved to privatize the company; the management buyout was completed in January 1989.[26]

1990s - 2013 The Second Public Listing: Growth Through Acquisitions

The reason for going public in 1973 was to provide an avenue for family members to benefit financially from the company without direct involvement in its operations.[28] But family members still owned 75% of the shares. To have greater control and create an environment that would attract talent, the Fung Brothers took the company private in a management buyout in 1989.

It was the same year that Li & Fung introduced the Three Year Plan, in which company executives set three-year goals based on the current business environment vis a vis what they predicted it could look like three years later. Strategic and performance goals were set accordingly, and while tactics could change, the goals did not. Some believed, as mentioned in a 2014 Harvard Business School study, that the emphasis on meeting the Three Year Plans might have influenced the acquisition of underperforming companies. Between 2008 and 2013, Li & Fung acquired approximately 50 companies.[29]

In June 1992, with the Fung Brothers now the majority shareholders, Li & Fung (Trading) Pvt. Limited, the export trading business, was relisted on the Hong Kong Stock Exchange. Soon after, the company started making strategic acquisitions to expand its geographic reach.

In 1995, Li & Fung acquired Inchcape Buying Services (formerly known as Dodwell & Co.), a UK-based sourcing company. A subsidiary of Inchcape plc, a British trading company with offices in India, Pakistan, Bangladesh, and Sri Lanka, the acquisition expanded Li & Fung's customer base and sourcing network to include the Indian sub-continent, the Mediterranean, and the Caribbean.[30]

In 1999, Li & Fung acquired two of its major competitors: Swire & Maclaine, a UK-based logistics company, and Camberley Enterprises.[31][32]

In 2000, Li & Fung acquired the Colby Group in an HK$2.2 billion deal,[33] and its founder, Bruce Rockowitz, remained at its helm and joined the board of directors.[34] In 2004, Rockowitz was promoted to president of Li & Fung (Trading) Limited, the Group's principal trading subsidiary. The appointment was to prepare for future growth to support the company's "Three Year Plan" for 2005–2007.[35]

In May 2006, Li & Fung acquired the Oxford Womenswear Group, a subsidiary of Oxford Industries.[36] In July 2006, New York-based Rosetti Handbags and Accessories was acquired for approximately $162 million. The move was to expand the company's private label offerings beyond apparel.[37]

In September 2006, Li & Fung raised HK$2.723 billion through a top-up share placement, a move viewed by analysts as a way to fund acquisitions. The following month, the company acquired KarstadtQuelle International Services, the global sourcing arm of KarstadtQuelle AG, Europe's largest retailer and mail order company.[38]

In 2007, the company acquired Tommy Hilfiger's global sourcing operations which was headquartered in Hong Kong for $247.8 million in cash.[39] Other acquisitions that year included: Regatta USA for $145 million, giving the company the ability to produce and market products under the names of Daisy Fuentes, Simply Vera by Vera Wang, Lagerfeld-Karl Lagerfeld, and Nicole Miller;[40] American Marketing Enterprises (AME), a US-based private label sleepwear firm and supplier to Wal-Mart. AME held 40 licenses, including Spiderman, Barbie, and Dora the Explorer.[41]

Also in 2007, Li & Fung acquired CGroup Hk Ltd., a health, beauty, and cosmetic supply chain company for US$120 million[42] and PB Beauty, a subsidiary included in the acquisition of UK-based Peter Black Group, which supplied footwear, gifts, accessories and personal care products to Marks & Spencer, Tesco, Sainsbury, and the Body Shop, among others. With the acquisition of UK-based Imagine Point of Sale which provided point-of-sale systems and RT Sourcing, a packaging company for cosmetic products, Li & Fung had officially entered the cosmetic business. In July 2009, LF Beauty was formed.[43]

In 2008, the company acquired handbag firm Van Zeeland whose brands included Kathy Van Zeeland, B. Makowsky, and Tignanello for $330 million;[44] Peter Black, a Yorkshire-based shoe manufacturer which supplied Marks & Spencer, was bought for £48.1m;[45] Slivereed, an apparel/textiles company and Wilson & Wong Trading for an undisclosed amount.[46] In the same year Miles Fashion Group, a leading German supplier was acquired for US$51 million.[47]

In September 2008, Singapore's Temasek Holdings bought 4.62% of Li & Fung for HK$3.88 billion, enabling the company to fund more acquisitions.[48]

In 2009, the company acquired Wear Me Apparel, a US children's clothing company, for up to US$401.2 million;[49] Liz Claiborne's sourcing operation for US$83 million; and Shubiz, a UK wholesaler of clothing and accessories for US$15 million. In May, Li & Fung sold US$350 million in shares at a discount to raise capital for further M&A deals.[50]

In 2010, Li & Fung acquired Hong Kong listed (2387.HK) Integrated Distribution Services Group Ltd (IDS) for US$902 million,[51] which was rebranded LF Logistics; Visage Group Ltd, a private-label apparel supplier in the UK was also acquired for £173 million ($264.1 million) to build a European platform;[52] Hong Kong-based Jackel Group;[53] Hong Kong-based HTP Group;[54] the assets of Cipriani Accessories Inc. and its affiliate, The Max Leather Group totaling US$140 million.[55] Closing the year, the company finalized the purchase of U.S.-based footwear maker Jimlar Corporation and Kenas Furniture Group, a Chinese furniture manufacturer.[56]

A share placement in March 2011 raised HK$3.89 billion to fund general working capital and future business development and acquisitions. The M&A spree continued with another 19 companies acquired that together were expected to generate approximately $2 billion annualized turnover for the Li & Fung.[57] The 19 companies included Oxford Apparel bought for US$121.7 million;[58] children's apparel firm Fishman & Tobin Inc.; costume jewelry company Crimzon Rose International; clothing supplier Loyaltex Apparel; color cosmetics maker Collection 2000; Thailand-based furniture trading company Exim Designs, TVMania, and Hampshire Designers.[59]

With the acquisitions, Li & Fung had succeeded in becoming the biggest supplier of toys and apparel to some of the world's biggest retailers, including Walmart, Toys "R" Us, and Kohl's. Its stock price peaked on 24 January 2011 at HKD 21.319.

In 2010, Li & Fung created the Direct Sourcing Group to serve Walmart's sourcing needs which was estimated at the time to be worth $2 billion in sourced goods. Two years later, in 2012, Walmart announced they were taking sourcing back in-house.[60]

Early in 2012, Li & Fung raised US$504 million (HK$3.91 billion) from a top-up placement executed in March; it was the first time the company had tapped the equity market since May 2009. The money was raised to fund general working capital and future acquisitions.[61]

In 2013, the company acquired Lornamead Acquisitions Limited for US$190 million, giving them access to a portfolio of more than 20 brands, including Finesse, Aqua Net, and Yardley; Lornamead sold its products to CVS, Walgreens in the US, Rossman and DM in Germany, and Boots, Tesco, and Sainsbury's in the UK.[62]

2014–2019: A Period of Transition, Digitalization, and Challenges

The shifts in the global retail landscape that began in 2010 intensified in the latter half of the decade. The rapid transformation, attributed to the accelerated growth of e-commerce and evolving customer preferences, led some observers to refer to the period as the "retail apocalypse."[63] To adapt to the rapidly changing retail landscape, Li & Fung underwent several restructuring efforts to streamline operations. 2014 to 2019 were marked by a blend of strategic moves, investments in technology, and a shift in focus to adapt to the rapidly changing retail landscape.

In 2014, Spencer Fung, son of Victor Fung, assumed the role of Group CEO, and Marc Compagnon was appointed Group President. In a significant move, Li & Fung separated its global brands and licensing business through a one-to-one stock split.[64] Following the spin-off, Bruce Rockowitz was named Chief Executive of Global Brands Group (787.HK), which was subsequently listed as an independent entity on the Stock Exchange of Hong Kong in July. The move reflected the company's strategic reorientation towards focusing on its core product sourcing, trading, and logistics operations.[65][66][67] The company's growth strategy shifted from M&A to emphasizing organic growth, marking the culmination of eight years of expansive acquisitions. To expand its logistics operations, the company acquired China Container Line, a freight forwarding company, which was a notable development during this period.[68]

In 2015, to expand its retail presence in China, Li & Fung formed a joint venture with Beijing Wangfujing Department Store Group Co. Ltd. and Shanghai Bailian Group Co. Ltd., aiming to set up 300 stores and introduce private label brands.[69] In 2016, Li & Fung divested its LF Asia Distribution, its consumer and healthcare distribution business, to Dah Chong Hong for US$350 million.[70] By the end of the company's 2014-2016 strategic plan, the company experienced a decline in revenue and profit for three consecutive years with a notable 47% decrease in profit in 2016.[71]

On 6 March 2017, Li & Fung was delisted from Hang Seng Index.[8] In the same year, Li & Fung divested three of its businesses to Hony Capital, a Chinese private equity firm. These segments were Whalen (furniture), Cobalt Fashion (sweaters), and MEIYUME (beauty), the transaction estimated at $1.1 billion.[72] The financial performance of these segments had seen a decline in previous years, leading to an accounting loss of US$610 million, attributed to write-downs associated with the sale.[73]

In 2018, Li & Fung reported a 20% decrease in its core operating profit.

In 2019, LF Logistics postponed its planned initial public offering. Later that year, Singapore-based Temasek Holdings invested US$300 million for a 21.7% stake in LF Logistics, valuing the company at an estimated US$1.38 billion.[74] Concurrently, the market capitalization of Li & Fung was around US$1.25 billion. Various factors, including store closures, customer bankruptcies, and margin pressures, led to a 22% decline in Li & Fung's core operating profit for 2019. The challenges persisted for Li & Fung as it navigated its business landscape in 2020.

2020 and beyond

"In April 2021, a separate and new company called LFX was announced with the CFO of Li & Fung taking the helm in the new company.[75]

In December 2021, LF Logistics was sold to container shipping giant Maersk for US$3.6 billion in an all-cash deal.[76] The former minority shareholders has requested the Securities and Futures Commission investigate the sale of the LF Logistics as it was 4 times the value of the LF privatization deal.[77]

In September 2022, after years of struggled restructuring under the reign of Fung Family and after completed sale of LF Logistics to Maersk, Li & Fung Limited and its credit rating was unsurprisingly placed on review for downgrade by Moody's Investors Service. In further elaboration, Moody's Investors Service cited that, “The review for downgrade reflects Li & Fung’s significantly weakened business profile and reduced earnings base after the transaction, which will more than offset a likely material improvement in its net financial leverage,” and "...there is a degree of uncertainty over whether the company can sustain such a positive trend over the next 2-to-3 years," [78]

Charity

Li & Fung Foundation

Marking its 100 years in business, the Fung Foundation was formed in 2006[79] to contribute to the communities in which members of the Fung Group lived and worked. In 2016, it was renamed the Li & Fung Foundation (LFF).[80] The foundation's charter is to promote sustainable development and improve the lives of the people in the communities in which Li & Fung operates. The foundation's activities are focused on supporting sustainable development initiatives in the areas of education, healthcare, and the environment.

Since its creation, the foundation has supported numerous organizations around the world, including the Asian University for Women (AUW), Business for Social Responsibility (BSR), Captivating International, Crossroads, Habitat for Humanity, Junior Achievement, Movember Foundation, Red Cross/Red Crescent, Room to Read, The Women's Foundation (TWF), World Vision, World Wide Fund for Nature, and various cancer research funds.[81]

Examples of the type of education initiatives that the foundation supports:

  • In 2006, the foundation established a $100 million scholarship program that funds up to 100 Hong Kong undergraduates to study abroad, and students from mainland China to study in Hong Kong.[79]
  • Through Captivating International, a Hong Kong-based charity that focuses on helping schools that serve children living in poverty, the Li & Fung Foundation provided sewing machines and matched employee contributions to the Seng Girls Vocation School Program in Tibet, enabling the school to teach girls how to make clothes and bags.[82]
  • The foundation partners with the Cambodian Children's Fund whose mission is to transform the lives of impoverished children through education.[83]
  • Through House of Heart, Li & Fung Foundation helps provide shelter for abandoned children and education for impoverished women.[84]

Other foundation activities include providing disaster relief through the Red Cross[85] and UNICEF,[86] and supporting the annual "Get Redressed Month," Hong Kong's largest clothing drive that aims to create awareness for fashion waste.[87]

Li & Fung Foundation's primary strategy is to partner with local charities that align with the foundation's mission.

Victor & William Fung Foundation

A separate philanthropic organization, the Victor & William Fung Foundation promotes leadership through scholarships and fellowships. The Fung Scholars program supports more than 6,000 scholars and fellows across 31 universities worldwide.[88]

COVID-19 Response

In February 2020, in response to widespread shortages, Circle K stores gave away 100,000 surgical masks to Hong Kong residents 65 years and older.[89] Circle K at the time was operated by CRA Convenience Retail Asia Limited, a subsidiary of Li & Fung; the company sold its 340 Circle K stores in November 2020.[90]

In June 2020, the Sourcing Journal reported a rumor that Li & Fung dismissed 70 Percent of procurement staff.[91] The next day, the same publication reported that Li & Fung admitted that COVID-19's impact on global retail was forcing the company to adjust staffing levels but that the total percentage across all units in all countries wouldn't be anywhere near 70%.[92]

Sustainability

Partnership and initiatives

Li & Fung is a founding member of the Sustainable Apparel Coalition (SAC) and has been involved in the development of the Higg Index. The Index helps organizations standardize how they measure and evaluate environmental performance of apparel products across the supply chain at the brand, product, and facility levels.[93] Li & Fung offered consultation service offering(s) for vendors to "upgrade" factories and "help them navigate supply chain complexity and compliance demands."[94]

In 2012, Li & Fung, through the Fung Group, started working with the Business for Social Responsibility (BSR) to train female workers in Bangladeshi factories in the basics of health, nutrition and financial planning.[95] They later extended the HERProject to Cambodia, India and Vietnam.[96]

Between 2011 and 2014, Li & Fung supported CARE International's Hemaya project.[97] The project targets women working in garment factories in Qualified Industrial Zones (QIZs) around the northern cities of Irbid, Al Mafraq and Az Zarqa, where many textile factories are located. Hemaya is part of a larger effort by CARE Jordan to promote linkages between local employment opportunities and the local female workforce in the face of Jordan's low rate of female participation in the workforce which has one of the lowest in the world. Li & Fung barely sources from Jordan and where majority of its sourcing is, there are currently no efforts to improve the lives of those millions of workers there.

Criticism & Controversies

Labor

In November 2012, a fire at the Tazreen Fashions Factory in Bangladesh killed 112 workers.[98] The factory's customers included Walmart, C&A, and Li & Fung.[99] Li & Fung confirmed that it had contracts valued at $175,000 with Tazreen,[100] and the company pledged US$1200 to each of the victims' families.[101] The company also said it would set up an education fund for the victims' children.[102] In January 2014, the company announced it would provide factories with consulting services, financing, and insurance to help meet safety standards.[103]

In April 2013, the Rana Plaza building, which housed five garment factories, collapsed. Li & Fung noted that it had neither operations nor orders with any of the companies at Rana Plaza.[100] The two incidents, however, drew global attention to the unsafe working conditions of many workers in the garment industry. With Li & Fung serving as middleman for many western vendors, it found itself at the center of the controversy.

Li & Fung also became a signatory of the Accord and Alliance for Safety in Bangladesh RMG, which ceased operations effective December 31, 2018.[104]

Critics have attributed the company's clout in negotiating the lowest prices to factories cutting corners so that they could continue supplying to Li & Fung's customers. Activists have also blamed the company for depressing wages in developing countries and failing to investigate factory conditions.[105]

Financial

The company has been criticized for its growth by acquisition strategy. An opinion piece in the Financial Times in July 2014 cited that between 2006 and 2014, Li & Fung's acquisitions (including performance-related payments) cost up to US$7 billion. While revenue grew from US$4 billion to US$16 billion during that period, “the top line increased by only 30%,” leading the publication to question the value of the acquisitions.[106] The synergies expected from the acquisitions have not materialized, opined Peter Guy of the South China Morning Post, calling for a refocus on Li & Fung's core business.[107]

In 2019, the online publication SimplyWallSt opined that Li & Fung's CEO was overpaid, that his compensation for the previous year was higher than other companies with similar market caps.[108]

In 2020, the Inland Revenue Department of Hong Kong reviewed two issues relating to the company. "The first issue was whether Li & Fung Trading's (LFT) profits relating to goods sourced from suppliers located in places other than Hong Kong, Mainland of China and Macau were offshore and so not chargeable to profits tax. The second issue was whether LFT's deduction of a marketing commission paid to its holding company incorporated in the British Virgin Islands from onshore profits was caught by the anti-avoidance provisions in sections 61 and 61A of the Inland Revenue Ordinance." The Board of Review decided in Li & Fung's favor in the first issue, and for the Commissioner in the second; the case was settled.[109]

On May 12, 2020, 97.1% of the minority shareholders approved of the company's privatization plan. Li & Fung Shareholders who opposed the deal filed a complaint with Hong Kong's Securities and Futures Commission (SFC) to investigate whether Li & Fung's May 12 shareholders meeting was conducted in accordance with regulations.[11]

See also

References

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  2. ↑ Bland, Ben (10 April 2017). "Hong Kong's Li & Fung faces dilemma of 'innovate or die'". Financial Times.
  3. ↑ Sun, Nikki (8 May 2020). "Hong Kong's Li & Fung plots future as global supply chain frays". Nikkei Asia.
  4. 1 2 "Hong Kong's Li & Fung plots future as global supply chain frays". Nikkei Asia.
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  8. 1 2 "Geely Automobile to join Hang Seng Index, Li & Fung to be removed". Reuters. 10 February 2017. Retrieved 13 February 2017.
  9. ↑ "Century-Old Li & Fung Wants to Go Private as Blows Keep Coming". Bloomberg.com. 23 March 2020 – via www.bloomberg.com.
  10. ↑ Chang, Rachel; Wei, Daniela (20 March 2020). "Li & Fung Gets $930 Million Privatization Offer From Consortium". Bloomberg.
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