Li & Fung acquires Orrsum
Financial terms of the deal were not disclosed.
Under the deal, Orrsum will operate as part of LF Europe and continue to be led by William Orr. The British business will leverage the Hong Kong-based firm's AI-enabled digital infrastructure and sourcing network across 40 economies to strengthen supply chain agility, improve speed-to-market, and expand into new geographies and channels, according to a press release.
'Joining the Li & Fung family is a milestone for Orrsum,' said William Orr, CEO of Orrsum, which delivers over 50 million pairs of socks annually to more than 5,000 retail doors worldwide.
'With access to their global platform and advanced technology, we can expand our footprint, enhance service levels, and unlock new growth opportunities for our customers and partners.'
The deal is Li & Fung's first acquisition in over ten years, and marks the first takeover since it went private in 2020. The supply chain management company said the deal is a strategic pivot toward platform-based growth, focused on scalable product categories, digital integration, and resilient supply chain solutions.
'Looking ahead, our growth will be fueled by a combination of disciplined organic expansion and selective acquisitions that strengthen our platform and extend our category leadership,' said Joseph Phi, group CEO of Li & Fung.
'This acquisition reflects our renewed momentum through expanded product specialization, leveraging our resilient, technology-enabled, and customer-focused global supply chain.'
Founded in 1998, Orrsum makes hoisery and underwear for global brands including Ellesse, Ted Baker, Nautica, Umbro, Penguin, Hype, and Coca Cola, among others.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fashion Network
42 minutes ago
- Fashion Network
Indian PM Modi and UK PM Starmer ink trade deal
Prime Minister Keir Starmer praised Britain's "unique bonds" with India as he and his Indian counterpart Narendra Modi formally signed a recently announced UK-India trade deal during talks on Thursday. Starmer hailed the agreement as a "landmark moment" for both countries as he hosted India's leader at his Chequers country estate, northwest of London. "This is not the extent or the limit of our collaboration with India," added the British premier, whose year-old government is struggling to fire up an economy weakened by years of stagnant growth and high inflation. "We have unique bonds of history, of family and of culture and we want to strengthen our relationship further, so that it is even more ambitious, modern and focused on the long term," he said. Starmer and Modi announced in May they had struck a free trade agreement that the British government says will eventually add 4.8 billion pounds (6.5 billion dollars) a year to the UK economy. The UK and India hope the accord will boost trade between the two countries by 25.5 billion pounds, as well as bolstering the British economy and wages. Modi, standing alongside Starmer during a media appearance, described the deal as a "blueprint for our shared prosperity". Britain and India are the sixth and fifth largest global economies respectively, with a trade relationship worth around 41 billion pounds and investment supporting more than 600,000 jobs across both countries. The accord slashes tariffs on imports of UK goods into India, including cosmetics, whisky, and medical devices. In return, the United Kingdom will cut tariffs on clothes, footwear, and food products. Starmer and Modi have met twice recently, at the G7 summit in Canada last month and at the G20 meeting in Brazil last year. Modi was also due to see King Charles III during his brief stay in Britain, his fourth visit since becoming India's leader in 2014.
Fashion Network
an hour ago
- Fashion Network
Debenhams Group said to be 'close to' £175m refinancing deal but company stays tight-lipped
Boohoo Group -- or Debenhams Group as it's now known -- is close to a new funding deal and it's an interesting one as it will bring the Debenhams brand's former part-owner back into direct dealings with the business. TPG is the investment firm that helped take Debenhams private in 2003 in a £1.7 billion deal that left the department stores chain with more than a billion pounds of debt. Now Sky News has reported that US-based TPG is in talks to provide a big chunk of debt to Boohoo Group -- which is rebranding as Debenhams Group -- with talks on a prospective £175 million deal at an advanced stage. It said a deal could be announced soon but no confirmation has been forthcoming. however on Thursday afternoon, Boohoo/Debenhams issued a stock exchange announcement saying: "Debenhams Group, the online powerhouse in fashion, home and beauty, notes the recent speculation regarding a new debt facility. Shareholders are reminded, that as previously announced, it has in place an existing £125 million RCF [revolving credit facility] which does not expire until October 2026. It continues to review its debt facilities, in the ordinary course of business. Debenhams will provide any further updates as appropriate." TPG's earlier involvement with Debenhams saw the retailer returning to the stock exchange a few years after that 2003 acquisition only to struggle in the last decade and to throw in the towel in 2020 under the weight of its debt and in the face of tough trading during the pandemic. It went into administration (for the second time in just a few years) and was bought by Boohoo Group with all its stores closing as it became online-only. Its new owner bought it at a time when Boohoo itself was riding high on the back of the pandemic-linked online boom. Boohoo's sales were surging and it was a very active buyer of distressed brands. It was clearly a good move because Debenhams has been one of the more successful parts of the wider business since then, even as other parts of the fast fashion empire declined.
Fashion Network
an hour ago
- Fashion Network
Indian PM Modi and UK PM Starmer ink trade deal
Prime Minister Keir Starmer praised Britain's "unique bonds" with India as he and his Indian counterpart Narendra Modi formally signed a recently announced UK-India trade deal during talks on Thursday. Starmer hailed the agreement as a "landmark moment" for both countries as he hosted India's leader at his Chequers country estate, northwest of London. "This is not the extent or the limit of our collaboration with India," added the British premier, whose year-old government is struggling to fire up an economy weakened by years of stagnant growth and high inflation. "We have unique bonds of history, of family and of culture and we want to strengthen our relationship further, so that it is even more ambitious, modern and focused on the long term," he said. Starmer and Modi announced in May they had struck a free trade agreement that the British government says will eventually add 4.8 billion pounds (6.5 billion dollars) a year to the UK economy. The UK and India hope the accord will boost trade between the two countries by 25.5 billion pounds, as well as bolstering the British economy and wages. Modi, standing alongside Starmer during a media appearance, described the deal as a "blueprint for our shared prosperity". Britain and India are the sixth and fifth largest global economies respectively, with a trade relationship worth around 41 billion pounds and investment supporting more than 600,000 jobs across both countries. The accord slashes tariffs on imports of UK goods into India, including cosmetics, whisky, and medical devices. In return, the United Kingdom will cut tariffs on clothes, footwear, and food products. Starmer and Modi have met twice recently, at the G7 summit in Canada last month and at the G20 meeting in Brazil last year. Modi was also due to see King Charles III during his brief stay in Britain, his fourth visit since becoming India's leader in 2014.
