The Business Today
Li & Fung is headquartered in Hong Kong from where it co-ordinates the manufacture of goods through a network of 70 offices in 40+ countries. While cost considerations have resulted in the concentration of manufacturing activities in Asia, recent years have seen an expansion of Li & Fung 's quick-response capabilities in areas like the Mediterranean, Eastern Europe and Central America that are closer to customers in Europe and the US. Instead of owning production facilities, Li & Fung manages a large number of independent producers (7500 as at 1998).
Li & Fung is a member of the Li & Fung Group of companies, which also includes privately held retailing and publicly listed consumer-goods distribution businesses in Asia such as Toys "R" Us and Circle K franchises. With an annual turnover of around US$20 billion, Li & Fung (Trading) Limited employs about 28,000 people worldwide.
Li & Fung is an investor and partner of Future Supply Chains of the Future Group in India.
Control of the company remains focused in the hands of the founder's grandsons, Victor and William Fung, often known simply as ‘the Fung brothers’. Together they own 32% of the publicly traded company, as well as stakes in the private parent company.
Shiu Fung Fireworks, Ltd., producer of Black Cat brand fireworks, is located in Hong Kong and is a division of Li & Fung.
Read more about this topic: Li & Fung
Famous quotes containing the words business and/or today:
“There is something in this native land business and you cannot get away from it, in peace time you do not seem to notice it much particularly when you live in foreign parts but when there is a war and you are all alone and completely cut off from knowing about your country well then there it is, your native land is your native land, it certainly is.”
—Gertrude Stein (1874–1946)
“Would that even today you knew the things that make for peace!”
—Bible: New Testament, Luke 19:41.