Li & Fung Limited is a Hong Kong-based supply chain management company. Founded in 1906, the company experienced near-exponential growth since it first went public in 1973 by being the “go-to source” for apparel, toys, and other consumer goods manufacturing for western brands and retailers, reaching its peak market capitalization in 2011. For decades, Li & Fung provided product design, raw material sourcing, and manufacturing services to some of the biggest retailers in North America and Europe, but a global economic slowdown affected these retailers, leading to lower profits for the then-publicly traded company. Between 2011 and 2020, the company lost 95% of its market value with its turnover almost halving. The decline has been attributed to the Internet and the rise of e-commerce and the resulting subsequent closing of specialty and department stores, specifically the rise of Alibaba which connected Chinese manufacturers with buyers directly, but also Amazon which encroached into the business of brick & mortar resellers that Li & Fung served. More information...
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