Home / Knowledge / News / Textiles / Li & Fung reviews operating costs in light of economic downturn

Li & Fung reviews operating costs in light of economic downturn

10
Nov '08
Due to worsening economic conditions which are impacting some of its customers, Li & Fung Ltd announced that the company is undertaking a critical review of its cost structure.

Initiatives include a hiring freeze in most locations, reduction of travel and other discretionary expenses and, as a last resort, employee downstaffing.

While extensive efforts have been made to place employees in other divisions, those who cannot be placed elsewhere in the company will be made redundant. Beyond their terms of employment and statutory requirements, the company will provide job placement and career counselling and a hotline for assistance. At this stage, it is envisaged that a limited number of employees working with business units whose customers have suffered most severely will be made redundant.

The company recognises the challenging times faced by companies worldwide. It will be monitoring market conditions to ensure the continuing strength of its franchise and to meet its responsibilities to all its stakeholders including customers, employees and shareholders.

Li & Fung Limited is the world's leading consumer goods supply chain management company, managing the supply chain for retailers and brands worldwide. Headquartered in Hong Kong, the Group services its customers globally through a sourcing network of over 80 offices in more than 40 economies.

Li & Fung Limited


Interviews View All

C Kamatchisundaram, Voltas

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Mukesh Agarwal & Rajesh Agarwal, Madhuram Fincap Pvt Ltd

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Darshan Mehta, Infinium Polychem

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Valter De Carli,

Valter De Carli

Savio Macchine Tessili is at the head of a group that holds a know-how of...

John Elmuccio,

John Elmuccio

Evolution St Louis is a company setting up a high-tech knitting facility...

Ken Butts,

Ken Butts

The mission of Swiss company Datacolor is to empower its customers to make ...

Karl Zelik, Vanderbilt University

Karl Zelik
Vanderbilt University

A team of engineers at the Vanderbilt University has designed a smart...

Paige Mullis, Glen Raven Inc

Paige Mullis
Glen Raven Inc

Paige Mullis discusses the expansion plans of Glen Raven Inc in India, and ...

Luis Quijano, Liberty University

Luis Quijano
Liberty University

Focusing on bold patterns and colour palettes, Luis Quijano, a student at...

Niti Singhal, Twee In One

Niti Singhal
Twee In One

Best known for convertible clothing, Indian brand Twee In One by designer...

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

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

Leave your Comments


October 2019

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

news category


Related Categories:

Follow us on instagram

Follow

Follow Fibre2Fashion On


Advanced Search