Retail in Asia

In Shops

Li & Fung upbeat about exports despite gloom

Li & Fung, whose customers include major retailers like Walmart, said the slowdown in China’s export growth had not yet affected its business, which was sourcing more high-value products from the mainland for export to Western markets.

About 60 percent of the products handled by the trader are exported to the US and 20 percent to Europe, and the company remains upbeat about its prospects despite the global economic gloom.

The company’s three-year core operating profit target of USD1.5b in 2013 was still very much intact, according to Bruce Rockowitz, Li & Fung’s president and CEO.

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(Source: scmp.com)