ESG News

Hong Kong, August 15, 2024 – LiFung Tower nestled in the historic textile and clothing manufacturing district of Cheung Sha Wan, Kowloon in Hong Kong was the focal point of the inaugural Fashion Tech Summit, drawing over 300 leading industry executives to delve into the theme of sustainability as a pivotal competitive advantage.

Spearheaded by Li & Fung Limited, the Fashion Tech Summit, focused on merging fashion and technology with the purpose of igniting creativity and innovation in the fashion sector.

Dr. Victor Fung, Chairman of Fung Investments and Honorary Chairman of Li & Fung, underscored the Fashion Tech theme’s pivotal role as a catalyst in advancing sustainable practices, manufacturing processes, and digital solutions at a juncture when brands, consumers, and stakeholders across major fashion markets worldwide expect nothing less.

“By fostering collaboration, research, and development, Fashion Tech aims to position Hong Kong as a premier hub for transformation and innovation in the global fashion arena,” said Dr Fung. “With tens of thousands of companies of all sizes in Hong Kong having strong experience in managing complex supply chains and a deep understanding of European, US, and other major markets’ ESG requirements, Hong Kong can further strengthen its role as a key global supply chain management hub through ESG training and standard setting.”

Facilitated by Li & Fung with the support of MIT Hong Kong Innovation Node and HKUST Li & Fung Supply Chain Institute, the summit focused on harnessing sustainable technology to create differentiation and value in the fiercely competitive fashion industry landscape.

Centred around sustainability as a strategic competitive advantage, the summit brought together industry leaders, practitioners, and innovators to explore cutting-edge technological advancements and their crucial role in promoting sustainability within the fashion realm.

A parallel initiative underway at LiFung Plaza in Shanghai – located in an area close to – Caohejing Hi-Tech Park – is the building of a Shanghai-Hong Kong technology innovation ecosystem for fashion, with sustainability at its core along with the adoption of new technologies such as AI.

Attendees – representing global brands, regional manufacturers, and technology providers as well as academia and researchers – at today’s summit in Hong Kong gained valuable insights into effective strategies for embedding sustainability into their business models for sustained success and positive environmental impact.

In addition to underscoring the significance of sustainability in fashion, the Fashion Tech Summit provided a platform for industry frontrunners to exchange expertise and perspectives on driving sustainable practices forward, marking a pivotal moment in marrying advanced technology with environmental stewardship.