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CIT expands factoring relationship with LF USA

30 Mar '10

2 min read

CIT Group Inc a leading provider of financing to small businesses and middle market companies, announced that it has expanded its factoring relationship with LF USA Inc, a subsidiary of Li & Fung, the world's leading consumer goods supply chain management company.

The expanded relationship now includes LF USA's Wear Me Apparel, LLC, which conducts business as Kids Headquarters, a leading designer, marketer, and seller of young men's and children's apparel in the U.S. It is expected that the new relationship will provide an estimated $700 million in additional annual factored volume for CIT Trade Finance.

“LF USA has been an important client of CIT's for more than six years,” said John Daly, President of CIT Trade Finance. “Our ability to maintain a leadership position in U.S. factoring is evidenced through our deep industry expertise, tailored client service, and longstanding relationships within the retail sector. LF USA is also an industry leader and we're pleased to build upon this relationship.”

Rick Darling, President of LF USA, said, “We've had a longstanding relationship with CIT, so when we acquired Kids Headquarters, it was natural that we would move the factoring business to CIT. We know first-hand the level of service and expertise that CIT offers and the expansion of our relationship reflects our confidence in the services they provide.”

Kids Headquarters manages a prominent portfolio of licensed national brands, proprietary brands, private labels, and character licenses. These include Calvin Klein, Ecko, Timberland, Hurley, Rocawear, US Polo Association, Disney, Marvel, Nickelodeon, Warner Brothers, and Hasbro. The Company's brands are distributed through traditional and mid-tier department stores and mass merchants.

CIT Group Inc

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