Mr Rockowitz observed that the global economic environment in 2012 had been more demanding than expected and the retail business was impacted by lackluster consumer sentiment in the US and Europe.
“Despite this market condition, we are encouraged by the number of new customers attracted to us for the scale and depth of our operations. We believe the trend for outsourcing will continue as more and more retailers and fashion brands appreciate the competitive advantages offered by one-stop-shop supply chain solutions,” he concluded.
Hong Kong-based Li & Fung limited the multinational consumer goods sourcing, logistics, and distribution group, announced 2012 annual results.#
Dr. William K Fung, Group Chairman of Li & Fung Limited, said, “We remain resolute about the fundamental strengths of our core trading business, in which Li & Fung has excelled for over a century of constant change both in the global economy and how trade is conducted.”
He continued, “The distribution business performed weakly in 2012, which was the main factor taking the Group as a whole off its profit growth trend-line. To ameliorate this anomaly, we will continue to adjust our business model and seek out new opportunities. At the same time, we are encouraged by the prospects for our logistics business whose customer base is growing nicely.”
“We are confident about the prospects offered by our three interconnected Business Networks, especially in Asia, in driving Li & Fung’s growth in 2013 and beyond. We will also continue to look for strategic acquisition opportunities to complement our organic growth,” he concluded.
Li & Fung