In connection with the partnership, Li & Fung will provide additional value-added services to PVH. The agreement also provide for the cessation of the existing non-exclusive buying agency agreement between them. The transaction is expected to close on July 1, 2017.
The new supply chain relationship is expected to be mutually beneficial to both companies and will focus on applying the latest technology and knowhow into the PVH supply chain.
"Our focus is to create a more effective and efficient supply chain that will enable us to adapt and evolve so we can stay ahead in our rapidly changing industry. This transformation in our sourcing strategy is an important step in our initiative to improve speed to market and for the faster integration of consumer insights into our new collections," said Daniel Grieder, CEO, Tommy Hilfiger Global and PVH Europe.
"We have had a long-standing relationship with PVH and we are excited to continue building on that under this new strategic partnership where we will have an opportunity to create what we see as the supply chain of the future," said Spencer Fung, group chief executive officer of Li & Fung.
Li & Fung, the Hong Kong-headquartered multinational group, specialises in responsibly managing supply chains of high-volume, time-sensitive goods for leading retailers and brands worldwide, in more than 250 offices across 40 economies. (KD)
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