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

Indian textile & apparel exports fall 13% in Jan 2018

Textiles | On 17th Feb 2018

Indian textile & apparel exports fall 13% in Jan 2018

A decline of 13 per cent year-on-year has been observed in the...

Brazilian cotton prices move up in first fortnight

Textiles | On 17th Feb 2018

Brazilian cotton prices move up in first fortnight

Cotton prices rose in Brazil in the first fortnight of February, as...

Courtesy: OrganoClick

Textiles | On 17th Feb 2018

OrganoClick introduces OrganoTex for water repellency

OrganoClick has introduced OrganoTex, a textile impregnation product...

Interviews View All

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kerem Durdag
Biovation II LLC

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

Bani Batra

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

Silvia Venturini Fendi
Fendi s.r.l

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

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

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

February 2018

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

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.0%
No
13.0%
Skip
17.0%

Total Votes: 100

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

Yes No

Active Poll

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

Yes
63.0%
No
30.0%
Skip
7.0%

Total Votes: 100

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

Yes No

Active Poll

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

Yes
88.0%
No
9.0%
Skip
3.0%

Total Votes: 100

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

Active Poll

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

Yes
83.0%
No
8.0%
Skip
9.0%

Total Votes: 100


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