China-based Li & Fung Group may enter the Indian retail space and is considering the logistics business here. Also, the company has chalked out plans to increase sourcing from the country.
“Retail is an option that has been on our minds for long and another area is logistics. Currently, we are studying the market here and evaluating options,” Victor K Fung, group chairman, Li & Fung told media on the sidelines of a FICCI event.
At present, the company is engaged in distribution, retail, logistics, private equity and properties businesses. From India, Li & Fung sources consumer products worth 550 million dollars every year for its global operations.
“We will look at India for innovative designs and creativity. In the next three years, we expect to more than double our sourcing from this country. We directly employ 500 people in India, besides a large number of people indirectly. Increase in sourcing operations will also create more jobs here,” said Fung.
The Group is into retailing business through its subsidiaries including public listed Convenience Retail Asia and privately held Toys”R”Us, Branded Lifestyle and LiFung Trinity. These companies have considerable stores network in Greater China market and countries including Singapore, Malaysia, Thailand, Indonesia, South Korea and Philippines.
