Li & Fung Buying Agency Agreement
The purchasing agency contract of 24 June 2014 between Millwork Pte. Ltd., a wholly-owned indirect subsidiary of Global Brands and LF Centennial Pte. Ltd., an indirect wholly-owned subsidiary of the Company`s statements contained herein regarding the company`s future performance, financial condition, liquidity or business, or any future events, are forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements are indicated by words or phrases such as “intend”, “anticipate”, “plan”, “estimate”, “project”, “expect”, “we believe”, “we are optimistic that we can”, “current visibility indicates that we anticipate” or “current visions” and similar expressions. These statements are based solely on current expectations, are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions. The Company may change its intentions, beliefs or expectations at any time and without notice, based on a change in the Company`s assumptions or otherwise. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, actual results may differ materially from those anticipated, estimated or projected. In addition, certain risks and uncertainties involve factors beyond the Company`s control. are connected. The Company assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The new purchasing agency agreement with Li & Fung will come into effect in September 2009.
Hong Kong, Aug. 13, 2009 /PRNewswire/ — Talbots, Inc. (NYSE: TLB) and Hong Kong-based global consumer goods exporter Li & Fung Ltd. (SEHK: 494) today announced that they have entered into a purchasing agency agreement under which Li & Fung will act as the exclusive global apparel sourcing agent for the Talbots brand. Under the terms of the agreement, Li & Fung will act as the exclusive agent for virtually all of Talbots` apparel products. Li & Fung will also be a non-exclusive agent for swimwear, intimate clothing, shoes, jewelry, handbags and accessories. In the future, Talbots will pay an agency commission for its product purchases through Li & Fung. Li & Fung is the global leader in consumer goods supply chain management that manages the supply chain for retailers and brands around the world. Headquartered in Hong Kong, the Group serves its customers worldwide through a supply network of more than 80 offices in more than 40 economies. Company website: www.lifung.com/ McComb continued, “With Li & Fung as a partner, our brands will have access to an extensive global network of manufacturing partners and world-class systems, management and talent, which will give us more flexibility and a better competitive position.
Greater purchasing power will improve our margin research, and disciplined execution will improve our speed to market. Ultimately, this is the best way to solve the problems related to our current supply infrastructure and an important strategic opportunity that will allow us to provide irresistible and high-quality products to our consumers and retailers around the world. As previously announced, Li & Fung will continue to act as the sourcing agent for Mexx and will be Mexx`s exclusive sourcing agent in the future. .
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