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LiFung Tower, 888 Cheung Sha Wan Road, Kowloon, Hong Kong. Tel: (852) 2300 2300 Fax: (852) 2300 2000
www.lifung.com
Member of Li & Fung Group
Dear colleagues,
I am pleased to announce a new global sourcing agreement with Walmart.
Over the years, Li & Fung has been very fortunate in developing a strong sourcing
relationship with Walmart, primarily through our LFUSA wholesale business.
Under this new agreement, we have entered into a new direct sourcing
relationship, in addition to our current wholesale business with Walmart.
The sourcing agreement is a long-term strategic partnership with Walmart USA,
Walmart International and Sam’s Club that we think will very quickly grow into a
multi-billion dollar business relationship, US$2 billion of which we expect within the
first 12 months. The agreement covers all product categories and should mirror
Walmart’s product offering of 80% hardgoods and 20% apparel. We believe that
this will be a great opportunity for both Li & Fung and for the factories from whom
we source today.
Global sourcing for Walmart will be serviced by teams within a newly created
dedicated stream led by Dow Famulak and Emily Mak, both based in Hong Kong.
The creation of the new stream will include personnel from Walmart’s existing
global procurement organization but will also create an opportunity internally for
many of our people.
Spencer Fung will relocate to London and assume the role of CEO of LF Europe.
William Fung and Marc Compagnon will oversee LF Three teams and accounts for
the remainder of this year as we are still in the planning stages of the next threeyear
plan.
We will begin to work on many of the details involved and I am confident that we
will have a long and successful relationship with Walmart. I would like to take this
opportunity to congratulate Dow, Emily and Spencer on their new roles and thank
you all in advance for your support.
Kind regards,
Bruce Rockowitz |
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