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Walmart reduces goods sourcing from Li & Fung

Move raises concerns that the buying agent may see other customers follow suit
Saturday, May 23, 2015 - 05:50
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STRONG BACKING: Li & Fung set up Direct Sourcing Group in 2010 to supply Walmart, which allowed the Hong Kong-based company to act as a buying agent for US$2 billion of goods in the first year.

Hong Kong

WALMART Stores Inc, the world's biggest retailer, pulled some goods sourcing business from Li & Fung Ltd, raising concerns that the Hong Kong company may see other customers follow suit.

"We have made a decision to transfer certain sourcing functions for Walmart in-