Li & Fung launch LFX to capitalise on digital opportunities in retail industry
By Leandra Monteiro
With the rapid growth of the retail industry shaped by digital technologies and complex consumer demands, the parent company of Li & Fung Limited, a supply chain orchestrator, launched a new company LFX, to capitalize on new digital opportunities transforming the retail industry and enabling supply chain sustainability.
LFX 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 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.
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. 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.
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