Chinese conglomerate Li & Fung Group said on Monday that it is studying India's logistics and retail sectors to expand its presence in the country.
NEW DELHI: Chinese conglomerate Li & Fung Group said on Monday that it is studying India's logistics and retail sectors to expand its presence in the country.
The company, engaged in distribution, retail, logistics, private equity and properties businesses, currently sources consumer products worth 550 million dollars from India every year for its global operations.
"We will look at India for innovative designs and creativity. In the next three years we expect to more than double our sourcing from this country," Li & Fung Group Chairman Victor K Fung said on the sidelines of a FICCI event.
He said this will also lead to an increase in the number of people being employed by the company. "We directly employ 500 people in India, besides a large number of people indirectly. Increase in sourcing operations will also create more jobs here," he added.
Asked about the group's plan to start its retail and logistics operations in India, Fung said, "Retail is an option which has been on our minds for long and another area is logistics. Currently, we are studying the market here and evaluating options."
The group's retailing business, including the publicly listed Convenience Retail Asia and privately held Toys"R"Us, Branded Lifestyle and LiFung Trinity, with store network, is extending from the Greater China markets to Singapore, Malaysia, Thailand, Indonesia, South Korea and the Philippines.
One of the divisions of the group manages supply chains for major brands and retailers worldwide. In addition to the wide range of consumer products, Li & Fung also provides customs product design and development.
The USD 10.4 billion company deals in three distinct businesses - export sourcing through Li & Fung Ltd, distribution through IDS and retailing through CRA and other non-listed entities.
The Group operates a sourcing network of over 80 offices covering over 40 economies across North America, Europe and Asia.
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