Li & Fung hints at US turnaround - footwearbiz: Leading site for globa

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Li & Fung hints at US turnaround

15/08/2013
Hong Kong-based Li & Fung, one of the world’s largest sourcing groups, has said its struggling US business – which accounts for 60% of revenue – is expected to be on track by the end of the year.

It achieved a turnover of $9.129 billion in the first six months of the year, almost the same figure as in the same period last year ($9.128 billion) but said orders for the second half are “solid”.

The group’s businesses are skewed towards the second half of the year due to seasonality effects and change in the business mix towards wholesale and distribution.

“The worst is behind us and we are on track to recovery in 2013,” the company said in a statement.






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