China's Li & Fung acquires Orrsum
Financial terms of the deal were not disclosed.
Under the deal, Orrsum will operate as part of LF Europe and continue to be led by William Orr. The British business will leverage the Hong Kong-based firm's AI-enabled digital infrastructure and sourcing network across 40 economies to strengthen supply chain agility, improve speed-to-market, and expand into new geographies and channels, according to a press release.
'Joining the Li & Fung family is a milestone for Orrsum,' said William Orr, CEO of Orrsum, which delivers over 50 million pairs of socks annually to more than 5,000 retail doors worldwide.
'With access to their global platform and advanced technology, we can expand our footprint, enhance service levels, and unlock new growth opportunities for our customers and partners.'
The deal is Li & Fung's first acquisition in over ten years, and marks the first takeover since it went private in 2020. The supply chain management company said the deal is a strategic pivot toward platform-based growth, focused on scalable product categories, digital integration, and resilient supply chain solutions.
'Looking ahead, our growth will be fueled by a combination of disciplined organic expansion and selective acquisitions that strengthen our platform and extend our category leadership,' said Joseph Phi, group CEO of Li & Fung.
'This acquisition reflects our renewed momentum through expanded product specialization, leveraging our resilient, technology-enabled, and customer-focused global supply chain.'
Founded in 1998, Orrsum makes hoisery and underwear for global brands including Ellesse, Ted Baker, Nautica, Umbro, Penguin, Hype, and Coca Cola, among others.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
LeMonde
2 hours ago
- LeMonde
Iran says it will not halt nuclear enrichment ahead of European talks
Iran has no plans to abandon its nuclear program including uranium enrichment despite the "severe" damage caused by US strikes to its facilities, the country's foreign minister said ahead of renewed talks with European powers. Iran is scheduled to meet Britain, France and Germany in Istanbul on Friday, July 25, to discuss its nuclear program, with Tehran accusing European powers of scuppering a landmark 2015 nuclear deal. The meeting will be the first since Iran's 12-day war with Israel last month, during which the United States carried out strikes against Tehran's nuclear facilities. For now, enrichment "is stopped because, yes, damages are serious and severe," Iranian Foreign Minister Abbas Araghchi told Fox News' "Special Report with Bret Baier" on Monday, July 21. "But obviously we cannot give up enrichment because it is an achievement of our own scientists," he continued, calling it a source of "national pride". US President Donald Trump responded to the comments on his platform Truth Social, saying Washington would carry out strikes again "if necessary". The 2015 agreement, reached between Iran and UN Security Council permanent members Britain, China, France, Russia and the United States, plus Germany, imposed curbs on Iran's nuclear program in exchange for sanctions relief. However, it unravelled in 2018 when the United States, during Trump's first term, unilaterally withdrew and reimposed sweeping sanctions. 'Iran holds the European parties responsible for negligence' Though Europe pledged continued support, a mechanism intended to offset US sanctions never effectively materialized, forcing many Western firms to exit Iran and deepening its economic crisis. "Iran holds the European parties responsible for negligence in implementing the agreement," said foreign ministry spokesman Esmaeil Baqaei ahead of Friday's talks in Istanbul on the deal's future. Iran will also host a trilateral meeting Tuesday with Chinese and Russian representatives to discuss the nuclear issue and potential sanctions. The Chinese foreign ministry said Beijing would "continue to play a constructive role in pushing relevant sides to restart dialogue and negotiations, and reach a solution that takes in account the legitimate concerns of all parties". In recent weeks, the three European powers have threatened to reimpose international sanctions on Tehran, accusing it of breaching its nuclear commitments.
Fashion Network
13 hours ago
- Fashion Network
Palm Angels partners with Area B to expand underwear line in EMEA region
The Palm Angels universe continues to expand. Founded in 2015 by Francesco Ragazzi and now controlled by US-based business Bluestar Alliance, the label has signed a five-year agreement with Area B to develop its new underwear line in the EMEA region. The first collection resulting from the partnership with the Padua-based underwear and beachwear specialist will include men's and women's models and will debut on the market in January 2026. "The license will enable Palm Angels and Area B to reach new markets, engage key players and offer consumers high-quality products at an affordable price," the brand announced in a statement. The deal comes a few months after the announcement of the agreement with Revlon to launch the first Palm Angels-branded fragrance line, expected in 2027. "Area B is excited to begin working with Bluestar Alliance to strengthen Palm Angels' positioning in the underwear industry," said Federico Venturato, owner and CEO of Area B. "Our team of qualified and dynamic professionals has gone through one of the most complex periods in the history of the textile industry over the past five years. I am confident that their expertise will help further develop and expand Palm Angels' distribution and continue to offer consumers the quality and craftsmanship they have come to expect from the brand." Area B has been in the business of manufacturing and distributing beachwear, underwear and sportswear for more than 20 years. Its portfolio includes licenses for brands such as Philipp Plein Mare, Kurt Geiger London, and Trussardi among others. Palm Angels was acquired in early 2025 by global brand management company Bluestar Alliance, owner of streetwear label Off-White, among others. Following the transaction, Palm Angels' Francesco Ragazzi exited the business' corporate structure.
Fashion Network
15 hours ago
- Fashion Network
Palm Angels partners with Area B to expand underwear line in EMEA region
The Palm Angels universe continues to expand. Founded in 2015 by Francesco Ragazzi and now controlled by US-based business Bluestar Alliance, the label has signed a five-year agreement with Area B to develop its new underwear line in the EMEA region. The first collection resulting from the partnership with the Padua-based underwear and beachwear specialist will include men's and women's models and will debut on the market in January 2026. "The license will enable Palm Angels and Area B to reach new markets, engage key players and offer consumers high-quality products at an affordable price," the brand announced in a statement. The deal comes a few months after the announcement of the agreement with Revlon to launch the first Palm Angels-branded fragrance line, expected in 2027. "Area B is excited to begin working with Bluestar Alliance to strengthen Palm Angels' positioning in the underwear industry," said Federico Venturato, owner and CEO of Area B. "Our team of qualified and dynamic professionals has gone through one of the most complex periods in the history of the textile industry over the past five years. I am confident that their expertise will help further develop and expand Palm Angels' distribution and continue to offer consumers the quality and craftsmanship they have come to expect from the brand." Area B has been in the business of manufacturing and distributing beachwear, underwear and sportswear for more than 20 years. Its portfolio includes licenses for brands such as Philipp Plein Mare, Kurt Geiger London, and Trussardi among others. Palm Angels was acquired in early 2025 by global brand management company Bluestar Alliance, owner of streetwear label Off-White, among others. Following the transaction, Palm Angels' Francesco Ragazzi exited the business' corporate structure.
