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.
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