>>
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


Must ReadView All

Pic: Shutterstock

Textiles | On 20th May 2022

China reiterates call for tariffs cut after US official’s statement

After US treasury secretary Janet Yellen called for tariffs cuts on...

Pic: Shutterstock

Textiles | On 20th May 2022

World economy projected to grow by 3.1% in 2022: UN

The world economy is projected to grow by 3.1 per cent in 2022,...

Pic: Shutterstock

Textiles | On 20th May 2022

Lowering logistics costs key to Vietnam’s export competitiveness

Reducing logistics costs is crucial to raising competitiveness of...

Interviews View All

Vandana Narang, National Institute of Fashion Technology

Vandana Narang
National Institute of Fashion Technology

Campus placements are low due to lockdowns

Gaurav Davda, Jindal Worldwide Ltd

Gaurav Davda
Jindal Worldwide Ltd

Indian MMF sector to become globally competitive

Textile Industry, Head Honchos

Textile Industry
Head Honchos

Increase foreign exchange and create jobs

Ilan Palacci,

Ilan Palacci

France-based Ever Dye develops an innovative dyeing process combined with...

Mohammad Ali Khokon,

Mohammad Ali Khokon

<div>The Bangladesh Textile Mills Association (BTMA) is the national trade ...

K Madhavan,

K Madhavan

Established in 2005 by P Manjunath, Peps is India's largest inner spring...

Silke Brand-Kirsch, Glatfelter

Silke Brand-Kirsch
Glatfelter

Glatfelter is a leading global supplier of engineered materials. <b>Silke...

Steve McCullough & Marco Weichert, Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Steve McCullough & Marco Weichert
Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Functional Fabric Fair is a trade-exclusive event showcasing the latest...

 Natacha Defeche, Edana

Natacha Defeche
Edana

Since 1971, EDANA, the International association serving the nonwovens and ...

Samant Chauhan, Label Samant Chauhan

Samant Chauhan
Label Samant Chauhan

Delhi based fashion designer, <b>Samant Chauhan</b> who mostly works on...

Abhishek Bajaj & Samiksha Bajaj, Samshek

Abhishek Bajaj & Samiksha Bajaj
Samshek

Samshek is a fashion forward tech brand which combines digital experience...

Chun-Yuan Jean, Label - C JEAN

Chun-Yuan Jean
Label - C JEAN

C JEAN is an independent designer brand founded by Chun-Yuan Jean. C...

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

ESTEEMED CLIENTS

Zydex Industries
Recron Polyester from Reliance Industries Limited
Xtema - Thomas Lebherz Textilmaschinen
Sainsbury's Argos Asia Limited
Amazon China
COTTON COUNCIL INTERNATIONAL
EPCH
Haelixa AG
Aramark Uniform ;& Career Apparel, LLC
Aleph Srl
CSGIA(China Screen Printing & Graphic Imaging Association)
Lottmann Communications
Varner AS Retail
SYNERGIES HONG KONG LIMITED
Tory Burch Hong Kong Ltd
Asos
Bluestem Global Sourcing Limited
Savio Macchine Tessili S.P.A.
BRINKMANN GMBH
Centric Software
IDH – The Sustainable Trade Initiative
Coats Digital Limited
ZAITEX spa
Indo Tex
Grasim Industries Limited
Jiangsu Yingyang Nonwoven Machinery Company Limited
IFF Media Ag - International Media Services
BIRLA CENTURY A DIVISION OF CENTURY TEXTILES AND INDUSTRIES
Infor (Hong Kong) Limited
Tradewind International Servicing
Nihalani Events Management
Datatex Consulting Srl
Tuyap Tum Fuarcilik Yapim A.S.
John Varvatos
Istanbul Fuarcilik A.S.
VNU Exhibitions Asia
Seasalt Limited
Huntsman (Singapore) Pte Ltd
BIANCA
Equinox Impex India
Rieter India Private Limited
Desigual - ABASIC, S.A.
G-Star Raw C.V.
Eurofins BLC Leather Technology Centre Ltd
Lacoste (Wanchai)
BIMBA ;& LOLA SL
Groz-Beckert East Asia LLP
Inter Expo Center Ltd.
Chori Company Limited
T.T. Limited
THE BOMBAY DYEING ;& MFG.CO. LTD
Nandan Denim Limited
Boardriders Asia Sourcing Limited
GIOVANNI BOZZETTO S.p.A.
JES MEDIA, INC
The LYCRA Company Singapore  Pte. Ltd
SUZHOU TUE HI-TECH NONWOVEN MACHINERY CO.,LTD
Eastman Chemical Company
Etam Group Strategy Hong Kong Limited
Hela Clothing Pvt Ltd
Messe Duesseldorf
Palexpo SA
Page Industries Limited (Bangalore)
Deckers Outdoor (Guangzhou) Consultant Co., LTD.
Dow Silicones Corporation
Calvin Klein
International Sourcing Expo Australia
K AND D ITMACH EXPOSITIONS LLP
Maceton Limited
TÜYAP IHTISAS FUARLARI A.S.
Under Armour Global Sourcing Ltd
Datacolor AG Europe
Rayonese Textile Inc., Division de Culp Inc.
X-Rite Asia Pacific Limited (HK)
NV Michel Van de Wiele
TESTEX AG, Swiss Textile Testing Institute
Messe Frankfurt Exhibition GmbH
Indofil Industries Limited - Specialty & Performance Chemicals Division
Mayer & Cie. GmbH & Co. KG
Lectra Technologies India Pvt Ltd.
USTER
Weitmann & Konrad GmbH & Co. KG
Permoda(Koaj/Armi/Pronto/Bkul)
Pt. Peraga Nusantara Jaya Sakti
Loris Bellini S.r.l.
Copenhagen Fashion Summit
Zünd Systemtechnik AG
Alix Partners
Tommy Hilfiger
Restoque S.A.
Comasia Limited
IKEA of Sweden AB
Phong Phu international JSC (PPJ)
Midas Clothing Limited
International Textile Manufacturers Federation
CGS Inc.
SHAHI Exports Pvt Ltd
Thermore (Far East) Ltd.
The LYCRA Company Singapore  Pte. Ltd
Brandix Lanka Limited
Colours India Inc
Shanghai  Aige Exhibition Service Co., Ltd
Kern – Liebers Textile
ITMA Services Pte Ltd
DyStar India Pvt. Ltd
Officina Meccanica Dora Enrico Srl
Recron Polyester from Reliance Industries Limited
Groz-Beckert KG
Flainox S.r.l.
Kornit Digital Asia Pacific Ltd
Reiter India Private Limited
C;&A Sourcing International Ltd
Landmark Group
Bluesign Technologies Ag
Taiwan Textile Federation (TTF)
Shima Seiki Mfg. Ltd.
G.A.S. unternehmenskommunikation gmbh
IIGM Private Limited
Babyshop
DuPont de Nemours, Inc.,
Meera Dyestuff Industries
H. Stoll AG & Company KG
EMBEE CORPORATION
Karl Mayer Textilmaschinenfabrik GmbH
Gatsby Africa
FULGAR SpA
Rosset ;& Cia Limited
PVH Corporation
Splash
Arvind Limited
Walmart
Vianney Textil Hogar S.A. De C.V.
Decathlon
Lululemon Athletica Inc
Newtech Textile Technology Development (Shanghai) Company Limited
Saurer Textile Solutions Pvt. Ltd.
Italian Trade Commission
Vardhman Textile Ltd
Esprit Europe Services GmbH
LC Waikiki
Tchibo GmbH
Guess Europe Sagl,
Aquarelle Clothing Limited
Green Fibre
NITI Aayog
Thai Trade Center
Target Corporation (MN)
Gokaldas Exports Limited
Alison Hayes Romania
KIABI
MAS Active / MAS Kreeda / MAS Bodyline
Sportmaster Ltd.
BTSR International S.P.A.
Applied DNA Sciences Inc
GERBER TECHNOLOGY LTD.
Hirdaramani International Export Private Limited
The Top Form Brassiere Manufacturing Company Limited
Lenzing Aktiengesellschaft - India
Lifestyle
Benetton Group
Truetzschler India Private Limited
Color Service s.r.l.
Cat Tuong Real Estate Group Joint Stock Company
H;&M Hennes ;& Mauritz (Far East) Ltd
Puma
Jindal Worldwide Limited
TEXVALLEY MARKET LIMITED
Marzoli Machines Textile s.r.l.
Abit
Chico’ FAS
Sportswear Company Spa
N9 World Technologies Private Limited
EUROVET ASIA LTD
Gap International Sourcing Limited
Gloria Jeans
J ;& P Coats
Mesdan SPA
OVS Hong Kong Sourcing Ltd.
Lisa S.P.A.
Brückner Trockentechnik GmbH & Co. KG
Helly Hansen Far East Ltd
China World International Exhibition Company Limited
FESPA (Reigate)
GHCL LIMITED
Sateri (Jiujiang) Fiber Co.,Ltd
BTC Textiles LLC
Thai Acrylic Fibre Company Limited
Performance Days
Itema Weaving (India) Private Limited
Woolmark Services India Pvt. Ltd.
TESCO INTERNATIONAL SOURCING LIMITED
HYOSUNG CORPORATION INDIA PRIVATE LIMITED
Lenzing Aktiengesellschaft
APLF Limited
Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)
UBM China (Shanghai)
KAS Direct Sourcing
Stahl Holdings B.V.,

May 2022

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


Advanced Search