Home / Knowledge / News / Apparel/Garments / Li & Fung completes spin-off & Global Brands listing
Li & Fung completes spin-off & Global Brands listing
09
Jul '14
Li & Fung Limited, the world’s leading multinational consumer goods sourcing, logistics, and distribution group, announced the successful completion of the spin-off and separate listing of Global Brands Group Holding Limited, SEHK: 787 (“Global Brands”) on the Main Board of the Stock Exchange of Hong Kong Limited.
 
Public trading of Global Brands commenced. The listing was by way of a 100 per cent distribution in specie, with no capital market fundraising activities. Each Li & Fung shareholder received one Global Brands share for every share it owns in Li & Fung. 
 
As previously announced, Spencer Fung assumed the role of CEO of Li & Fung on July 7, 2014, succeeding Bruce Rockowitz, who became CEO and Vice Chairman of Global Brands on the same day. 
 
Commenting on the spin-off, William Fung, Chairman of Li & Fung, said, “Throughout our history, Li & Fung has responded to the changing needs of the market through continuous innovation. This day marks another historic step in the evolution of Li & Fung.
 
“While operating the businesses together provided a period of unprecedented growth, we are confident that this separation will provide even greater value for Li & Fung shareholders as we look to the future. The brands business of Global Brands will develop and grow independently and Li & Fung will continue to focus on its dominant sourcing and logistics businesses.
 
“On behalf of everyone at Li & Fung, I thank Bruce Rockowitz for his important contributions over the past 14 years to our business. The brands business will be spearheaded by a leader with unrivalled expertise and vision in the global branded space.”
 
Spencer Fung, CEO of Li & Fung, said, “It is an honour for me to become the CEO of Li & Fung after 13 years with the company.
 
“Li & Fung’s new structure after the spin-off will be simplified and will allow us to focus on our core businesses of sourcing and logistics.  As we begin to execute our Three Year Plan announced in March, we aim to deliver long term value to all our shareholders and business partners.”
 
“I am excited about the future of Li & Fung as we continue our journey to build a world class company with innovative supply chain management services provided to our customers around the world.”
 
“I would like to personally thank Bruce Rockowitz for his leadership and vision over the past decade.  I wish him and everyone at Global Brands Group success as they begin their exciting journey as a newly listed company.”
 
The intention to spin-off and list Global Brands as a separate publicly-listed entity was announced on 20 March 2014 at the same time the new Three-Year Plan was unveiled.  At that time, the Company announced the reorganization of the distribution network by aligning the private label business to the trading business and creating the new standalone Global Brands Group, which consists of the brands and licensing businesses.  The decision to spin-off and list Global Brands is a natural extension of this strategic realignment.
 

Li & Fung


Must ReadView All

Textiles | On 29th Jun 2017

Nan Ya files trade petition in US against Korea & Taiwan

Nan Ya Plastics Corporation, America, a US synthetic fibre producer,...

Textiles | On 29th Jun 2017

Indian textile industry will reach new milestone by 2020

By 2020, textile technologies will be highly advanced not only with...

Apparel/Garments | On 29th Jun 2017

Amazon intends to keep investing and growing in India

American online retail giant Amazon intends to keep investing and...

Interviews View All

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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

news category


Related Categories:
July 2017

July 2017

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

SUBSCRIBE


Browse Our Archives

GO


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



X