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Li & Fung Dismisses 70 Percent of Procurement Staff: Report

Rivet's 2020 Denim Circularity report takes a deep dive into how the global denim industry is plotting its circular future amidst a worldwide pandemic.

Now-private Li & Fung has started slashing as much as 70 percent of its Hong Kong-based procurement staff. Since last week, the once-leading sourcing giant has been distributing dismissal notices that could affect hundreds of employees, according to a report in AA Stocks. Layoffs are also rumored to be underway in its Shanghai and Shenzhen…

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