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Li & Fung opens new Istanbul hub
Istanbul, 13 January, 2010 – Hong Kong-based global consumer goods exporter Li & Fung Limited (“Li & Fung” or “the Company”, Stock Exchange of Hong Kong code: 494) today inaugurated its new 7,100 square meter hub in Istanbul for the Company’s sourcing business in Europe, the Mediterranean, Middle East, Northern Africa and the former Soviet Union republics.
Li & Fung Limited serves as the interface between suppliers in Turkey and the Company’s worldwide customers, collaborating closely with Turkish vendors and supporting them in the fields of textile export, logistics, merchandising and quality assurance.
On behalf of His Excellency Minister of State Mr. Zafer C?ag?layan, Deputy Undersecretary of State, Cemalettin Damlac? officiated at the opening of the new hub and was accompanied by Group Chairman of Li & Fung Limited, Dr Victor Fung, Group Managing Director of
Li & Fung Limited, Dr William Fung and Senior Vice President, Istanbul Hub Manager, Mr Kadri Akdemir.
In his welcoming address to 450 suppliers who attended the ceremony, Dr William Fung said: “Turkey is one of the most important sourcing countries in Li & Fung’s supply chain network.
“Our customers around the world are demanding the very best products that are efficiently produced, competitively priced and delivered on time,” he added.
Dr Fung observed that the Turkish textile industry has responded to these requirements by improving its performance significantly over the last 15 years, and today the world-famous “TURQUALITY” trademark has become a symbol of excellence, reliability, speed and creativity.
Headquartered in Hong Kong, Li & Fung Limited is listed on the Stock Exchange of Hong Kong and is a constituent stock of the Hang Seng Index, MSCI Index and FTSE4Good Index with a market capitalization of approximately US$16 billion (December 2009).
The company has about 14,000 employees in over 80 offices and works with a sourcing network of nearly 15,000 international suppliers in more than 40 economies, serving approximately 2,000 customers.
“We are very pleased with our new state-of-the-art hub, which enables Li & Fung to improve operational efficiency while offering a great location for sourcing and serving our worldwide customers,” said Mr Kadri Akdemir, Senior Vice President, Istanbul Hub Manager.
“Our strong presence in Turkey underpinned by a growing number of suppliers will further help to expand the country’s exports and contribute to the economic well-being of Turkey,” concluded Mr Akdemir.
Li & Fung was ranked number 888 in Forbes’ “The World’s 2,000 Largest Public Companies” in April 2009. The company was also named one of Hong Kong’s top 10 companies in the Wall Street Journal Asia’s “Asia’s 200 Most- Admired Companies” in September 2009 and one of the top 40 companies in BusinessWeek’s “The World’s Best Companies” in October 2009, and it made the Financial Times’ “FT Global 500” in September 2009 and Forbes Asia’s “Fabulous 50” from 2007 to 2009.
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