Latest news with #HongKong-headquartered
Fashion United
18-07-2025
- Business
- Fashion United
Li & Fung acquires UK-based Orrsum in strategic expansion move
Li & Fung, the Hong Kong-headquartered multinational group and a leading global supply chain solutions partner, today announced its acquisition of Orrsum, a UK-based company in hosiery, underwear, and loungewear. Founded in 1998, Orrsum is recognised for its deep product expertise, delivering over 50 million pairs of socks annually to more than 5,000 retail locations worldwide. This acquisition marks a strategic move for Li & Fung, representing its first acquisition in over a decade and its first since the company's privatisation in 2020. Destan Bezmen, president of LF Europe, commented on the strategic rationale, stating, 'This acquisition marks a significant step in accelerating our growth strategy. By combining Orrsum's category leadership and product development capabilities with Li & Fung's digital infrastructure and global reach, we are scaling high-demand categories, broadening our customer offering, and driving faster, more flexible execution across markets.' Orrsum will operate as an integral part of LF Europe and will continue to be led by its CEO, William Orr, ensuring seamless business continuity and integration into Li & Fung's global platform. The newly acquired business is set to leverage Li & Fung's AI-enabled digital infrastructure and extensive sourcing network spanning 40 economies to enhance supply chain agility, improve speed-to-market, and facilitate expansion into new geographies and channels. William Orr expressed his enthusiasm for the collaboration, remarking, 'Joining the Li & Fung family is a milestone for Orrsum. 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.' Looking ahead, Joseph Phi, Group CEO of Li & Fung, outlined the company's future growth trajectory: '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. This acquisition reflects our renewed momentum through expanded product specialization, leveraging our resilient, technology-enabled, and customer-focused global supply chain.'
Malaysia Sun
12-07-2025
- Business
- Malaysia Sun
China's textile giant drives green innovation as Xinjiang evolves
URUMQI, July 12 (Xinhua) -- In Shihezi, a major cotton producing area in northwest China's Xinjiang Uygur Autonomous Region, Esquel Group is building a factory that utilizes waterless dyeing technology, a first of its kind for the global cotton textile industry. The Hong Kong-headquartered garment manufacturer has long operated in Xinjiang since 1995, drawn by the region's premium long-staple cotton and strong talent pool. Despite recent external challenges, including being added to the U.S. government's "entity list" in 2020, Esquel has responded with continued investment, innovation, and an unwavering commitment to the region. Rather than retreat, the company doubled down on enhancing its technological capabilities -- turning challenges into opportunities to sharpen Xinjiang's competitiveness in the global textile value chain. The Shihezi project marks the commercialization of the technological effort to address a long-standing bottleneck in the region's textile value chain -- the large consumption of water in traditional cotton dyeing as opposed to the scarcity of water in Xinjiang. The water concerns used to prevent Esquel from setting up weaving and garment production in the region. Now, with waterless dyeing, it can complete the entire value chain locally, creating more value for Xinjiang cotton, said Marjorie Yang, chairman of the group. "The textile industry is often looked down upon," Yang said. "It falls upon us, the industry's practitioners, to change that stereotype that we harm the environment, and I'm confident we can rise to the challenge and do better." LONG-TERM COMMITMENT Xinjiang is China's foremost producer of high-quality cotton. In 2024, the region produced 5.69 million tonnes of cotton, accounting for over one-fifth of the world's total. The region's cotton and textile industry provided jobs for nearly 1 million people, despite market disruptions caused by Western sanctions. Before being added to the entity list, Esquel supplied over 100 million shirts annually to world-renowned brands. In 2018, its annual sales exceeded 1.3 billion U.S. dollars, with over 60 percent coming from European and American markets. Although the company faced significant short-term impacts due to shifting market conditions, including factory closures in Malaysia and Sri Lanka, as well as one spinning mill in Xinjiang, Esquel continues to move forward with long-term vision and purpose. Yang reaffirmed that Esquel has always upheld high standards of workplace safety, transparency, and employee well-being, adding that the Changji facility had previously been recognized by one of the group's machinery suppliers as a global model for its advanced technology and working conditions. "All our spinning mills in Xinjiang are air-conditioned," she said. "Esquel has spent over 30 years in Xinjiang creating quality jobs for people of all ethnic groups and conducting cotton purchases that have boosted farmers' incomes," Yang said, noting that this has only strengthened Esquel's resolve to defend Xinjiang's long-staple cotton against external pressure. Yang said the company hires openly based on merit and individual interest. The local government makes referrals including for members of ethnic minority groups, believing that the factory offers quality employment. "I think they are actively working to improve people's lives, and there is no requirement that we must hire them," she said. Today, Esquel remains a buyer of Xinjiang long-staple cotton, working with more than 1,000 local farmers. Though market shifts have reduced this from a previous peak of 12,000, the mutual trust remains strong -- reinforcing the company's decision to stay invested in the region. "We have every reason to stay here. Esquel stands committed," Yang said, adding that it was up to her generation to ensure that the unfounded allegations are no longer seen as credible. "WE WILL THRIVE" Esquel has responded to global shifts by accelerating its transformation from a manufacturing-led company to one powered by technology, brand-building, and R "Major disruptions actually forced us to tap into our potential," said Yang. "We had talked about building our own brands for a decade -- now we're finally going all in." Today, Esquel distributes PYE and DETERMINANT shirt brands, gaining traction in both domestic and international markets. Greater focus was also placed on industrial innovation and value chain upgrades. The group invests around 200 million yuan (about 27.8 million U.S. dollars) annually in R, with significant progress in water management, wastewater treatment, salt recovery and natural dyeing. "Xinjiang offers the best cotton and the most affordable energy. Before, we were missing out by shipping raw cotton out for processing," Yang said. "With this new technology, Xinjiang's cotton sector can achieve complete value-added processing locally." Thanks to government efforts to leverage regional advantages and extend industrial chains, Xinjiang is rapidly emerging as a textile manufacturing hub. By the end of 2024, the region was home to 3,848 registered textile and garment companies, employing 970,000 people. The number of spindles rose from 7 million in early 2014 to 29.1 million in late 2024, and the local processing rate for cotton climbed from 11 percent to 42 percent. "Xinjiang's textile sector is vibrant and increasingly attractive to investors from across China," said Liang Yong, director of the region's cotton industry development leading group office. The establishment of a new national-level cotton and yarn trading center in Urumqi at the end of 2023 further bolstered the industry. Huang Liansheng, managing director of China CTEXIC Corporation, a leading integrated service provider of textile trade, noted that it will help enhance the international appeal of Chinese cotton and yarn. Beyond driving product upgrades, Esquel is pioneering new growth models. In Urumqi, the company transformed its closed spinning mill into the Esquel Innovation Incubation Village, a platform for incubating cutting-edge technologies such as smart cotton-topping robots and LED plant factories, all aimed at boosting Xinjiang's local innovation capacity. Through technological and managerial innovation, Yang's company aims to equip Xinjiang's cotton textile industry with self-sustaining innovative capabilities to maintain long-term competitiveness. "No matter the external pressures, as long as we remain anchored in strong fundamentals and true confidence, we will not just endure -- we will thrive," she said.
Malaysia Sun
11-07-2025
- Business
- Malaysia Sun
Interview: China's textile giant drives green innovation as Xinjiang evolves
URUMQI, July 11 (Xinhua) -- In Shihezi, a major cotton producing area in northwest China's Xinjiang Uygur Autonomous Region, Esquel Group is building a factory that utilizes waterless dyeing technology, a first of its kind for the global cotton textile industry. The Hong Kong-headquartered garment manufacturer has long operated in Xinjiang since 1995, drawn by the region's premium long-staple cotton and strong talent pool. Despite recent external challenges, including being added to the U.S. government's "entity list" in 2020, Esquel has responded with continued investment, innovation, and an unwavering commitment to the region. Rather than retreat, the company doubled down on enhancing its technological capabilities -- turning challenges into opportunities to sharpen Xinjiang's competitiveness in the global textile value chain. The Shihezi project marks the commercialization of the technological effort to address a long-standing bottleneck in the region's textile value chain -- the large consumption of water in traditional cotton dyeing as opposed to the scarcity of water in Xinjiang. The water concerns used to prevent Esquel from setting up weaving and garment production in the region. Now, with waterless dyeing, it can complete the entire value chain locally, creating more value for Xinjiang cotton, said Marjorie Yang, chairman of the group. "The textile industry is often looked down upon," Yang said. "It falls upon us, the industry's practitioners, to change that stereotype that we harm the environment, and I'm confident we can rise to the challenge and do better." LONG-TERM COMMITMENT Xinjiang is China's foremost producer of high-quality cotton. In 2024, the region produced 5.69 million tonnes of cotton, accounting for over one-fifth of the world's total. The region's cotton and textile industry provided jobs for nearly 1 million people, despite market disruptions caused by Western sanctions. Before being added to the entity list, Esquel supplied over 100 million shirts annually to world-renowned brands. In 2018, its annual sales exceeded 1.3 billion U.S. dollars, with over 60 percent coming from European and American markets. Although the company faced significant short-term impacts due to shifting market conditions, including factory closures in Malaysia and Sri Lanka, as well as one spinning mill in Xinjiang, Esquel continues to move forward with long-term vision and purpose. Yang reaffirmed that Esquel has always upheld high standards of workplace safety, transparency, and employee well-being, adding that the Changji facility had previously been recognized by one of the group's machinery suppliers as a global model for its advanced technology and working conditions. "All our spinning mills in Xinjiang are air-conditioned," she said. "Esquel has spent over 30 years in Xinjiang creating quality jobs for people of all ethnic groups and conducting cotton purchases that have boosted farmers' incomes," Yang said, noting that this has only strengthened Esquel's resolve to defend Xinjiang's long-staple cotton against external pressure. Yang said the company hires openly based on merit and individual interest. The local government makes referrals including for members of ethnic minority groups, believing that the factory offers quality employment. "I think they are actively working to improve people's lives, and there is no requirement that we must hire them," she said. Today, Esquel remains a buyer of Xinjiang long-staple cotton, working with more than 1,000 local farmers. Though market shifts have reduced this from a previous peak of 12,000, the mutual trust remains strong -- reinforcing the company's decision to stay invested in the region. "We have every reason to stay here. Esquel stands committed," Yang said, adding that it was up to her generation to ensure that the unfounded allegations are no longer seen as credible. "WE WILL THRIVE" Esquel has responded to global shifts by accelerating its transformation from a manufacturing-led company to one powered by technology, brand-building, and R&D. "Major disruptions actually forced us to tap into our potential," said Yang. "We had talked about building our own brands for a decade -- now we're finally going all in." Today, Esquel distributes PYE and DETERMINANT shirt brands, gaining traction in both domestic and international markets. Greater focus was also placed on industrial innovation and value chain upgrades. The group invests around 200 million yuan (about 27.8 million U.S. dollars) annually in R&D, with significant progress in water management, wastewater treatment, salt recovery and natural dyeing. "Xinjiang offers the best cotton and the most affordable energy. Before, we were missing out by shipping raw cotton out for processing," Yang said. "With this new technology, Xinjiang's cotton sector can achieve complete value-added processing locally." Thanks to government efforts to leverage regional advantages and extend industrial chains, Xinjiang is rapidly emerging as a textile manufacturing hub. By the end of 2024, the region was home to 3,848 registered textile and garment companies, employing 970,000 people. The number of spindles rose from 7 million in early 2014 to 29.1 million in late 2024, and the local processing rate for cotton climbed from 11 percent to 42 percent. "Xinjiang's textile sector is vibrant and increasingly attractive to investors from across China," said Liang Yong, director of the region's cotton industry development leading group office. The establishment of a new national-level cotton and yarn trading center in Urumqi at the end of 2023 further bolstered the industry. Huang Liansheng, managing director of China CTEXIC Corporation, a leading integrated service provider of textile trade, noted that it will help enhance the international appeal of Chinese cotton and yarn. Beyond driving product upgrades, Esquel is pioneering new growth models. In Urumqi, the company transformed its closed spinning mill into the Esquel Innovation & Incubation Village, a platform for incubating cutting-edge technologies such as smart cotton-topping robots and LED plant factories, all aimed at boosting Xinjiang's local innovation capacity. Through technological and managerial innovation, Yang's company aims to equip Xinjiang's cotton textile industry with self-sustaining innovative capabilities to maintain long-term competitiveness. "No matter the external pressures, as long as we remain anchored in strong fundamentals and true confidence, we will not just endure -- we will thrive," she said.
NZ Herald
11-07-2025
- Business
- NZ Herald
Luxury retail giant Duty Free Shoppers closing New Zealand stores
Luxury retail giant Duty Free Shoppers will close its New Zealand and Australian stores by September amid challenging economic conditions. The Hong Kong-headquartered company confirmed the closure of its Auckland, Queenstown and Sydney locations after three decades in the Oceania market. Duty Free Shoppers (DFS) stores in New Zealand are
The Sun
10-07-2025
- Business
- The Sun
Covation Launches BATCH Flagship Store in Zhejiang Offering Complete Family Cycling Solutions
NINGBO, CHINA - EQS Newswire - 10 July 2025 - Covation Holdings Limited ('Covation' or 'the Group') celebrated another milestone in its China expansion strategy with the grand opening of its BATCH flagship store in Ningbo yesterday. With the successful launch of BATCH Shenzhen as the first flagship store in China, the Group accelerated its expansion in China, this latest opening coming just one month after the June 8 launch of its Suzhou flagship store. These strategic openings underscore the century-old cycling brand's commitment to the Chinese market. Building a Lifecycle Cycling Ecosystem: Comprehensive Solutions for Every Rider. The BATCH Ningbo flagship store operates under a direct retail model, integrating a branding showcase, product experience, professional services, and after-sales support. It offers riders a comprehensive solution from initial discovery and bike selection to joining cycling communities. The Ningbo store's product range covers the complete user lifecycle, including children's bikes, mountain bikes, and road bikes. The store has also introduced HUFFY, Covation's century-old children's bicycle brand, further enriching its family cycling portfolio. HUFFY, a household name overseas, revolutionized the children's bicycle market by inventing training wheels in 1949, significantly enhancing children's riding safety and setting a new global standard for children's bikes. On the grand opening of the BATCH Ningbo Flagship Store, the Chairman of COVATION, Bailey Liu stated,' Since the opening of the BATCH Suzhou Flagship Store, within just 30 days, we have opened the second flagship store in the Jiangsu-Zhejiang-Shanghai region. The opening of the Ningbo Flagship Store is not merely about opening another new store; it signifies COVATION's commitment and actions in promoting cycling culture. From Suzhou to Ningbo, we will continue to strive to bring high-quality products and services to customers in more cities. At the same time, we aim to further expand and develop in the Jiangsu-Zhejiang-Shanghai region, enabling more consumers to enjoy BATCH's premium products and services. President and CEO of United Wheels Inc. (a wholly owned subsidiary of Covation) Bruno Maier stated: 'We are a century-old global brand dedicated to cycling. HUFFY and BATCH play a crucial role in our global business strategy. We will continue opening stores in different regions of China, and we believe that the BATCH bicycle direct retail store model will fuel our growth in China. We believe our products will be well-received by Chinese consumers and provide them with a sustainable and healthy mode of transportation.' Covation is a Hong Kong-headquartered vertically integrated holding company, specializing in the research, development, manufacturing, and global operations of cycling and outdoor brands, driven by manufacturing excellence. The Group owns multiple outdoor cycling brands, including Huffy, Batch, Niner, VAAST, Buzz, and Green Machine. Currently, its business serves millions of consumers across more than 50 countries and regions worldwide. Digital Factory Transformation Drives Growth in Volume and Quality. Since their inception, Covation's brands including BATCH and HUFFY have consistently delivered diverse, high-quality products to consumers supported by Covation Group's global manufacturing network. The Group's manufacturing division FuturuX, dedicated to bicycle manufacturing, operates four major production bases in Ningbo (Zhejiang), Jurong (Jiangsu), Cambodia, and Vietnam. These facilities produce a comprehensive range of products from balance bikes and bicycles to E-bikes, with a maximum annual production capacity of 11 million units. Paul Zhang, Vice President of Production Operations at FuturuX, stated: 'Our industry-leading intelligent equipment, production efficiency, global manufacturing network, and rigorous quality control system enables us to complete bicycle production with guaranteed quality.' FuturuX pioneered the intelligent and digital transformation of bicycle manufacturing, upgrading traditional production lines to MCU (Mini Cell Unit) production systems. These integrate laser cutting, automated processing, robotic welding and robotic painting. This transformation has achieved a 20% increase in overall efficiency while reducing workforce requirements by 30%. While advancing digital transformation to enhance productivity, FuturuX maintains its unwavering commitment to quality. In partnership with ACT International Testing Institute, FuturuX operates an independent testing laboratory within its facilities. This lab conducts over 50 ISO standard bicycle tests, including salt spray testing, fatigue testing, and static load testing. Where Aesthetics Meets Technology, leading the Smart Cycling Revolution. Covation - a name that merges 'Collaboration' and 'Innovation' - continues to revolutionize cycling through technology-driven design. The company's commitment to innovation is exemplified by BATCH's new R2 road bike, recipient of the 2025 Red Dot Concept Design Award. The R2 represents a breakthrough in smart cycling technology, featuring an integrated handlebar display system for real-time performance monitoring. Combined with its super magnesium alloy wheelset, the R2 achieves both lightweight performance and smart functionality - a combination previously unseen in traditional road bikes. This revolutionary smart system will be available worldwide this year, marking a new chapter in cycling innovation. Looking Forward, guided by its mission to 'become the world's best wheeled products company,' Covation remains committed to excellence on multiple fronts. In manufacturing, FuturuX will continue its digital and intelligent upgrade, enhancing production efficiency to deliver superior wheeled products. On the brand front, anchored by diverse brands like BATCH and HUFFY, along with flagship stores across three locations, Covation provides comprehensive cycling solutions covering the entire lifecycle of our customers' needs.
