HONG KONG and SAN FRANCISCO, April 7, 2021
/PRNewswire/ -- With the rapid evolution of the retail industry
shaped by digital technologies and complex consumer demands, the
parent company of Li & Fung Limited, the world's leading supply
chain orchestrator, today launched a new company – LFX – to
capitalize on new digital opportunities transforming the retail
industry and enabling supply chain sustainability.
LFX's business model is focused on being an incubation,
investment and operating platform providing digital solutions and
digitally-enabled services across the end-to-end consumer goods
supply chain. LFX will launch and operate digital ventures
delivering solutions directly to brands, retailers, e-commerce
companies, C2M (consumer-to-manufacturer) players, as well as
manufacturers. Its solutions aim to cover all aspects of the value
chain, encompassing trade, information, and fund flows. Its initial
ventures will focus on 3D digital product development and supply
chain fintech. Additionally, a venture capital arm has been formed
to identify and invest in technologies that transform global
retailing, supply chain and logistics.
As an offshoot of Li & Fung, LFX brings knowledge, hands-on
experience spanning 100+ years, and relationships across the global
supply chain. LFX has the unique ability and insights to identify
and bring to market digital technologies that will have an
immediate impact today, while also knowing what needs to happen
next to realize the sustainable supply chain of the future, at a
time when the retail industry is being shaped by digital
technologies and complex consumer demands.
Spencer Fung, Group Executive
Chairman, Li & Fung and LFX said, "We have established LFX as a
separate company to build on Li & Fung's supply chain knowledge
to bring new ways of thinking and revolutionize how we create, make
and sell products. Sustainable consumption starts with supply chain
digitalization and LFX is forming an ecosystem that connects the
innovations, people and companies committed to accelerating
digitalization and transforming the retail industry."
Ed Lam, CFO and Executive
Committee Member of Li & Fung, has been named CEO of LFX. He
brings over 25 years of strategic, financial, and commercial
experience with deep supply chain knowledge and insights to lead
the new company. Li & Fung is in the process of appointing a
new finance leader.
"Roughly 40 million tons of textile waste goes to landfill every
year, and it is estimated that just 60% of garments were sold at
full price[1]. Sustainable consumption
requires behavioral shifts, and it starts with the supply chain.
Our goal at LFX is to reduce the environmental impact of our
industry and promote sustainable consumption. We believe that by
merging real world industry experience with new ideas that
entrepreneurs and technologists bring, we get practical innovations
the industry will embrace," said Ed
Lam, Chief Executive Officer, LFX.
[1] Business of Fashion – The BoF
Sustainability Index, March 2021
|
About LFX
LFX is an incubation, investment, and operating platform
creating digital ventures that transform the supply chain and
retail industry through its innovative digital solutions and
services. As an offshoot of Li & Fung, LFX is building an
ecosystem of entrepreneurs, technologists, and partners who are
passionate about digitalizing the supply chain and sustainable
consumption. For more information visit www.lfxdigital.com.
About Li & Fung Limited
Li & Fung, the Hong
Kong-headquartered multinational group, is the world's
leading supply chain solutions partner. It specializes in
responsibly managing supply chains of high-volume, time-sensitive
goods for leading retailers and brands worldwide, with over 230
offices across key production markets globally. Its goal is to
create the supply chain of the future to help its customers
navigate the digital economy and to improve the lives of one
billion people in the supply chain.
For more information, please
visit www.lifung.com.
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SOURCE Li Fung; LFX