Home / Knowledge / News / Apparel/Garments / Li & Fung enters into new sourcing deal with Wal-Mart
Li & Fung enters into new sourcing deal with Wal-Mart
21
Sep '12
Reference is made to the announcement of Li & Fung Limited dated 28 January 2010 in relation to the sourcing arrangements with the Wal-Mart Group.  Capitalized terms used herein shall have the same meanings as those defined in the Previous Announcement unless the context requires otherwise.

The board of directors of the Company announces that on 20 September 2012, the Company and its wholly-owned subsidiary, Direct Sourcing Group Pte. Ltd. (DSG) entered into a new agency agreement with Wal-Mart Stores, Inc. that supersedes the previous buying agency agreements made on 28 January 2010. 

At the same time, the Option Agreement pursuant to which Wal-Mart Stores, Inc. had the option exercisable on or after 1 January 2016 to purchase all of the shares of DSG was terminated.

Under the new agency agreement and related agreements, DSG will continue as the primary direct resource for Sam’s Club in the United States and will continue to provide buying agency services to Walmart U.S. and certain Walmart International markets on a category-specific basis on terms similar to those under the previous buying agency agreements.

The new agency agreement will continue for a period of five years with an option to extend for an additional two years upon written mutual consent.

Li & Fung Limited


Must ReadView All

Textiles | On 24th Jul 2017

Govt extends deadline for GST composition scheme to Aug 16

The Government on India has extended the deadline for small...

L-R: Dhanapal, JMD, Best Corporation; Prabhu Damodaran, Convenor, ITF; Narayanasamy, MD, Micro Cotspin; Senthilnathan, MD Rasitex India; and Sabapathy, MD, Prasanna Spinning Mills

Textiles | On 24th Jul 2017

TN mills seek partnership with cotton growing states

Spinning mills in Tamil Nadu are seeking stronger partnership with...

Textiles | On 24th Jul 2017

Irani terms GST as a ‘great step towards transparency’

Union textiles minister Smriti Irani has termed the Goods and...

Interviews View All

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X