HONG KONG, Dec. 8 /CNW/ - Hong Kong-based global consumer goods exporter Li & Fung Limited ("Li & Fung" or "the Group", SEHK: 494) and the Hudson's Bay Trading Company today announced a global sourcing strategic partnership for Hudson's Bay Trading Company's four main retail banners, the Bay, Zellers, Home Outfitters and Lord & Taylor.
According to Jeff Sherman, Chief Executive Officer, Hudson's Bay Trading Company, the consolidation of the company's global sourcing requirements and activities into one North American shared services group with a best-in-class partner will accelerate the company's overall business strategy to integrate and improve operating effectiveness of each of the retail brand merchandising entities.
"The signing of buying agency agreement with Li & Fung complements our shared services strategy to consolidate and align global sourcing needs into one group for all of our banners. By partnering with the world's leading consumer goods sourcing company, we will be able to leverage Li & Fung's scale and expertise," said Mr. Sherman.
Mr. Bruce Rockowitz, President of Li & Fung (Trading) Company, said, "We are delighted to see the execution of this outsourcing deal with one of the oldest companies and one of the leading retail groups in North America. We are very excited about this strategic relationship as the four main retail banners are well-established and we see great potential in them. With our strong network of offices in over 40 economies, we are confident that we will be able to contribute to the long term success of Hudson's Bay Trading Company in North America."
The new buying agency arrangement with Li & Fung will go into effect in 2010.
About Hudson's Bay Trading Company
Hudson's Bay Trading Company is a leading North American retailer with key banners spanning Canada and the United States. The Hudson's Bay Trading Company's Canadian retail entity, Hudson's Bay Company, operates the Bay, a major department store, Zellers, a mass merchandise format, Home Outfitters, a kitchen, bed and bath specialty store, and value-priced Fields stores. In the US, Hudson's Bay Trading Company includes Lord & Taylor, an upscale specialty retailer with 46 stores in nine states.
About Li & Fung Limited
Li & Fung Limited is the world's leading consumer goods supply chain management company, managing the supply chain for retailers and brands worldwide. Headquartered in Hong Kong, the Group services its customers globally through a sourcing network of over 80 offices in more than 40 economies. Corporate website: www.lifung.com
SOURCE HUDSON'S BAY TRADING COMPANY
For further information: For further information: Media Contacts: Li & Fung Limited: Sue So, GolinHarris, Tel: +852 2501 7984, email@example.com; Annie Leung, GolinHarris, Tel: +852 2501 7918, firstname.lastname@example.org; Hudson's Bay Company: Alexis Redmond, Edelman, Tel: (416) 979-1120, ext 310