|Castling Group and Li & Fung Limited To Form Internet-Based Global Sourcing Play; Castling Group and Li & Fung Trading Announce | |Online B-to-B Play in Global Sourcing. |
Castling Group, an e-business accelerator that has helped build leading Internet businesses such as jcrew.com and hifi.com, and Li & Fung Ltd., the leading global consumer products sourcing company based in Hong Kong, announced the formation of a business-to-business Internet company for leveraging Li & Fung's core capabilities, provisionally named lifung.com. William K. Fung, Group Managing Director of Li & Fung, stated, "This new company will leverage the sourcing power and supply chain management skills of Li & Fung Trading Group to become the ultimate resource for small retailers and wholesalers (SMEs). SMEs have many of the needs of the larger retailers, but lack the purchasing power and know-how to source differentiated products at competitive prices." "The Internet allows cost-effective servicing of the SME market with quality, speed and pricing levels comparable to those offered to Li & Fung Ltd.'s traditional larger clients," added John Suh, Chairman of Castling Group and new CEO of lifung.com. "In addition, lifung.com will offer a host of other product offerings and a wide array of informational services. The objective is to create a complete and compelling site designed to satisfy the unique needs of this customer segment." "We are very excited to work with Castling Group on our Internet business, a top priority at Li & Fung, and are completely committed to the success of this venture," pledged Victor Fung, Chairman of Li & Fung Ltd. "We are the early mover in this space, and will apply all of our resources towards the success of our .com initiative." The initial sourcing opportunity is estimated at $54 Billion in the United States alone. Li & Fung Trading Group has announced their willingness to invest $200 Million in order to hit the target of $2 Billion in online sales by 2004. The newly formed company, provisionally named lifung.com (not to be confused with Li & Fung's corporate site, www.lifung.com), will be headquartered in San Francisco. John Suh will remain as Chairman of Castling Group but has stepped down as Castling CEO to serve as a full-time CEO of lifung.com. Other Castling managers have also assumed dedicated senior management roles at lifung.com, including Derek Chen, CTO. ABOUT CASTLING GROUP
Castling Group, with offices in New York, San Francisco and Los Angeles, is one of the fastest growing e-business accelerators. It specializes in building online businesses by strategically aligning with established offline companies and entrepreneurs in the B-to-C and B-to-B e-commerce sectors. Castling offers a complete set of capabilities, including e-commerce execution expertise, interim general management, incubation facilities, and investment capital, resulting in a tightly aligned partnership to quickly and efficiently build Internet businesses. For further information about the Castling Group, LLC (http://www.castling.com), contact Samantha Cho at (415) 402-0480 or e-mail email@example.com. ABOUT LI FUNG TRADING
Headquartered in Hong Kong, Li & Fung Limited is today one of the premier global consumer products export trading companies managing the supply chain for high-volume, time-sensitive consumer goods including garments, fashion accessories, toys and games, sporting goods, furnishings, handicrafts, shoes, travel goods and tableware. The goods are sourced through a network of 47 offices in over 30 countries for customers in the US and Europe. For further information about Li & Fung Ltd. (http://www.lifung.com), contact Scotchbrook Communications Limited at (852) 2877-3939, or Fannie Mok at (852) 2863-9119.
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