Dear Colleagues,
I am excited to share with you that we have passed the final milestones in our application to list the Global Brands Group.
Yesterday our Board of Directors formally approved the spin-off and the leadership transition of Li & Fung.
Now that the application and approval process is complete, the spin-off will proceed and the record date and book close date of the Global Brands Group will be Monday, July 7th, with dealings in the Global Brands Group Shares on the HK Stock Exchange expected to commence on Wednesday, July 9th.
As part of the transition I will officially assume the role of CEO of the Global Brands Group on July 7th and Spencer Fung will take my place as the new CEO of Li & Fung on the same day.
As you all know, Spencer has been working with the company for the past 13 years, leading most recently to his role as Group COO of Li & Fung. He and I have worked very closely for many years and on the succession planning for this transition. We most certainly have the right strategy and team in place to lead Li & Fung in the future. Spencer has the support of both the Board and our management team, and of course, my own full support.
The listing of the Global Brands Group will be a very significant day in the history of Li & Fung and the Fung Group. Creating two companies not only simplifies each business to focus on core areas of strength, but also creates significant benefits to each business, our employees, and our shareholders who will benefit from gaining shares in two strong entities with solid growth prospects.
The Global Brands Group will continue to be a vital part of the success of Li & Fung, but in a new way as a customer partner. Our management team and colleagues have worked tirelessly to make the spin-off a possibility. As always, I would like to extend my thanks to all of you for your hard work. This is an exciting time for all of us and I am looking forward to the future success we will all share.
Dear Colleagues,
I am excited to share with you that we have passed the final milestones in our application to list the Global Brands Group.
Yesterday our Board of Directors formally approved the spin-off and the leadership transition of Li & Fung.
Now that the application and approval process is complete, the spin-off will proceed and the record date and book close date of the Global Brands Group will be Monday, July 7th, with dealings in the Global Brands Group Shares on the HK Stock Exchange expected to commence on Wednesday, July 9th.
As part of the transition I will officially assume the role of CEO of the Global Brands Group on July 7th and Spencer Fung will take my place as the new CEO of Li & Fung on the same day.
As you all know, Spencer has been working with the company for the past 13 years, leading most recently to his role as Group COO of Li & Fung. He and I have worked very closely for many years and on the succession planning for this transition. We most certainly have the right strategy and team in place to lead Li & Fung in the future. Spencer has the support of both the Board and our management team, and of course, my own full support.
The listing of the Global Brands Group will be a very significant day in the history of Li & Fung and the Fung Group. Creating two companies not only simplifies each business to focus on core areas of strength, but also creates significant benefits to each business, our employees, and our shareholders who will benefit from gaining shares in two strong entities with solid growth prospects.
The Global Brands Group will continue to be a vital part of the success of Li & Fung, but in a new way as a customer partner. Our management team and colleagues have worked tirelessly to make the spin-off a possibility. As always, I would like to extend my thanks to all of you for your hard work. This is an exciting time for all of us and I am looking forward to the future success we will all share.
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