2016年11月3日星期四
Fung Offers to Buy Distributor
Li & Fung Offers to Buy Distributor; Shares coach outlet stores Rise
Li & Fung Ltd., the biggest supplier to retailers including Wal-Mart Stores Inc., is offering about HK$7 billion ($901 million) for a distribution company to gain a network in China. Both companies’ shares rose in Hong Kong.
The Li & Fung offered HK$21, or 0.585 share for each one in Integrated Distribution Services Group Ltd., according to a statement to Hong Kong’s stock exchange today. The cash portion of the offer is 36 percent more than the last closing price before the announcement.
The buyout will boost Li & Fung’s revenue from China and Southeast Asia to 12 percent of its total, the Hong Kong- based company estimated. President Bruce Rockowitz today said he’s considering acquisitions in Japan as part of the drive to boost the contribution for Asia, which accounted for about 2 percent of sales last year.
“Asia is where the future growth is and the acquisition of Integrated Distribution Services would open possibilities for Li & Fung to participate in the growth,” said Morgan Stanley analysts Angela Moh and Penny Tu. They upgraded Li & Fung to “overweight” from “equal-weight” in a note to clients today.
Shares Surge
Li & Fung rose 0.8 percent to close at HK$38.00 on the Hong Kong stock exchange, extending its gain this year to 18 percent, beating a 3.7 percent drop at the city’s benchmark Hang Seng Index.
Integrated Distribution Services rose 43 percent to HK$22.00, boosting its gain this year to 95 percent. Trading in both stocks was halted Aug. 10 and resumed today.
Li & Fung links manufacturers to retailers, sourcing goods such as Tommy Hilfiger clothing and Kate Spade bags. coach purse outlet It also helps with design, production and shipping.
The IDS acquisition gives Li & Fung full ownership of a business that distributes consumer goods and health-care products in eight Asian nations, including China. The business also represents manufacturers and brand owners.
Li & Fung “management recognizes the need to shift focus to Asia,” CLSA Ltd. analysts Aaron Fischer, Huei Suen Ng and Mariana Kou said in a note to clients late yesterday. They raised their share-price estimate for the stock by 12.5 percent to HK$45, retaining their coach purses outlet “outperform” rating.
Deutsche UpgradeAnne Ling, an analyst at Deutsche Bank AG, raised her recommendation to “buy” and boosted here share price target 31 percent to HK$47.05, saying the acquisition of IDS makes it easier to predict the company’s growth.
“We have better visibility,” Ling wrote in a report today, increasing her rating from “hold.” “We believe the outlook for the next three-year plan is more promising.”
Integrated Distribution Services, which has a China network covering 150 cities and 10,000 outlets, may add $1.8 billion to Li & Fung sales and $30 million to net income, Rockowitz coach outlet stores said.
“This acquisition adds a new market for us,” Rockowitz said. “Over the next 10, 20 years, real growth will come from production countries like China, India, as they become consumer-led economies. This launches the third leg, geographically, of our customer base.”
Jimlar Acquisition
Li & Fung also this month acquired shoemaker Jimlar Corp., which supplies Coach Inc. and Calvin Klein, and also sells under its own brands Frye, Mountrek and RJ Colt. The cost of buying Jimlar may be $300 million at a price-to- earnings ratio of less than 10 times, the CLSA analysts said, citing the company.
The company made 64 percent of last year’s HK$104.5 billion coach factory outlet online sales ($13.5 billion) in the U.S. and that may go down to 57 percent after the purchase of the distributor, Rockowitz said. Still, he said the U.S. will continue to be the company’s biggest market “in my lifetime.”
Rockowitz also said there is room to grow in Japan. “We’re looking to expand in markets where we’re weak, and Japan is one that we’re working very hard to fill.”
The Hong Kong-based outsourcer’s first purchase in Japan will probably be in the clothing industry, he said. “We supply a number of customers in Japan, but business needs to be bigger.”
Li & Fung’s first-half net income surged 55 percent to HK$2.17 billion, the company said yesterday in a statement, beating analysts’ estimates. Earnings per share rose to 56.9 cents a share from 38.1 cents a year ago, with sales gaining 12 percent to HK$51.8 billion.
Profit Growth
The company has increased first-half profit for 15 consecutive years, acquiring rivals and supplying retailers including Target Corp., Kohl’s Corp., Marks & Spencer Plc and Inditex SA’s Zara. With about $1.2 billion in acquisition funds, the company is considering “a number of deals,” Rockowitz said today.
Li & Fung has forecast revenue of $3 billion this year for its U.S. onshore business, under which goods are imported for clients. The rest of its sales are generated by charging a fee for organizing factories and raw materials to make consumer products such as clothes, toys and furniture.
The Hong Kong-based company has been acquiring rivals and signing supply agreements to help meet a sales target of coach factory outlet website $20 billion this year. It has acquired seven companies and signed four licensing deals this year and they mostly will contribute to earnings in 2011, Rockowitz said.
Li & Fung’s biggest shareholders are billionaire brothers Victor and William Fung.
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A Real-Life Application of 'FeedForward'
A Real-Life Application of 'FeedForward'
As all coach outlet stores coaches know, it's a wonderful moment when someone tells you you've changed their life. A few years ago, I wrote a column for Businessweek.com called Managing Up: Your Parents. I described meeting a woman, Trudy Triner, who had used the concept of "FeedForward" in a very personal way. After hearing me speak at a conference, she asked her colleagues at work what she could do to be a better team member and her employees what she could do to be a better manager. Then she asked her mother: "What can I do to be a better daughter?" When I met Trudy a few months later at a conference in San Francisco, she told me that question changed her life in a wonderful way. I've told her story at hundreds of programs since then and was happy to learn more of her story, which I want to share with all of you.
MG: Trudy, tell us about your mom and what you learned when you asked her what you could do to be a better daughter.
Trudy: First, thank you for your part in what was a wonderful life-altering experience. You helped make the last years of her life very happy. Here's what happened. My mom was in her early 80s, lived alone in rural Arkansas, down a country road almost a mile from her nearest neighbor. She wasn't in the best of health, but she was spunky, loved her life, and was determined to stay independent. The high point of her day was going to get her mail, which came to a big country mailbox by the road. She walked almost a quarter of a mile to get there. There were no sidewalks, so getting there took a lot of effort, and she wore an emergency alert necklace, just in case she should fall. When I asked her what I could do to be a better daughter, she simply said, "Send me more mail. When I walk all the way out to the mailbox and there's nothing there, I feel sad." I have to tell you, the thought of her looking into an empty mailbox day after day broke my heart. I hugged her and told her I'd do better. I can understand how you must have felt. What did you do? I started what we called our "Make Mom Happy By Mail" campaign. I sent a steady stream of mail for two and a half years—until she passed away less than a week after being diagnosed with cancer. I wanted her to find something interesting or fun almost every time she opened that box. I carried stamps with me all the time and was constantly on the lookout for interesting things that would fit into an envelope. A quick stamp, and off it went. I did it several days a week.
Wasn't it hard to find things to send so often? I think most people just think of sending greeting cards to their parents. What could you possible think of to send so often?
No, it wasn't hard. Actually, it was a lot of fun. I sent flower seeds, newspaper clippings, magazines, tea bags, money, books, Hershey bars, and dozens of other things—anything I could think of that would make her smile. And since she loved to know what was going on in my life, I also sent movie stubs, bus tickets, to-do lists, grocery receipts, restaurant menus, and performance evaluations—dozens of day-to-day things. A friend called it a "modern archaeological dig" into my day-to-day life. My mom loved it. And then you started a website and a blog and eventually wrote a book about making elderly relatives happy called Make Mom Happy by Mail. What are you hoping to accomplish? I'm hoping to change people's lives by coach outlet sale reminding them that our moms, dads, and coach outlet stores grandparents won't be here forever and that there's a wonderful opportunity to make them happy right now. And it can all start by just asking, "What can I do to be a better son, daughter, granddaughter, or friend?" My book and blog offer hundreds of suggestions for ways to make them happy. Reading the book, I found your initial concept grew beyond the idea of sending mail. How did that happen? When I started doing research for the book, I learned that not everyone has great relationships with their parents. So there's a chapter about mending relationships while there's time. There are many wonderful stories. For instance, there is one about a man in his 70s who mends his relationship with his dad, who is in his 90s. At first, I hadn't considered the parent with Alzheimer's disease, but then I learned what people are doing to bring joy to those loved ones and included their ideas in the chapter, "It's never too late." I even heard from caregivers that mail can still be important for a surprising reason: It seems that reading a letter to a patient helps the caregiver feel closer to them as a person, which can actually have a positive impact on their care giving. There are dozens of books about the issue of dealing coach purse outlet with older relatives. What's different about Make Mom Happy by Mail? This is an important issue for many people, and there are lots of great books about taking care of elderly relatives. So in my book, I list many of them in the 40-page resource section. Make Mom Happy by Mail focuses not on the problems of old age, but on the possibilities. It's all about doing what you can to bring happiness, fun, and sometimes even happy resolution. People tell me it's uplifting and inspiring. And that makes ME happy.
In the article I wrote for BusinessWeek.com, I said there would be three coach outlet stores benefits to asking a parent what you could do to be a better son or daughter.
1. It will be good for them. Even if there's nothing they would like, they coach outlet stores will be happy you cared enough to ask. 2. It will be good for you. The No. 1 regret children have when their parent dies is: "Why didn't I let them know how much I appreciated all they did for me and how much I cared before it was too late?" Later on you will be grateful that you did. 3. If you have children, asking your parent how you can be a better child is good for your children, too. What a wonderful way to model your values and the way you hope your child will treat you when you are the old person. Yes, I agree. My mom's gone now. I miss her very much. But I've found great comfort in knowing that I was able to show my love and appreciation for her almost every day for the last years of her life. There are no regrets and no "if only's." And there's one more benefit I'd like to add. That's the personal pleasure of making someone's wish come true. Thank you, Marshall. I owe it all to your magic question, "What can I do to be a better daughter?" I hope everyone reading this interview will ask their version of that magic question today.
Before it's here, it's on the Bloomberg Terminal. LEARN MORE
2016年10月3日星期一
To Escape You, But It’s Useless
Losing All My Days Tryin’ To Escape You, But It’s Useless
* Lace up “Against All Odds” top by Free People
* Bra from the local Leroy’s … See it here with a white tee and black jeans
* Suede hat
* DIY Braided choker
* Butterfly sunglasses by 3.1 Phillip Lim
* Lindsay ankle strap sandals by Jeffrey Campbell
* Balenciaga classic town bag
* Red Lips by Lancome
* Title: Rebelution ‘Upper Hand’ … always turning my head sideways, like I’m chasin’ clues… I wanna walk away but I know I am fixed on you… Here I am again, lost up in your maze, and it’s crazy… but then I caught your gaze, and it’s amazing… what you done to me. And here I am again.
I started reading The Alchemist again just last night, a book I always return to when in times of transition, because it always seems to have something new to teach me. Every time I read it, and it’s the quickest read ever, I get something completely different out of it than I did the previous time… a time of which, I cannot remember, of course. But I always know there’s a reason I randomly think “Oooh, I think I’ll read The Alchemist again” and find one of the many copies I have laying around the house and immediately begin reading it again.
And just as I suspected, after finishing just a few pages, it’s almost as if I’ve never read it before. And I have probably read this book, I dunno, at least ten times, if not more, so I obviously know the general storyline, but as soon coach factory outlet online as I begin, I know I’ve made the right choice because I find that joy of learning something new about myself or about life that makes me say “yes”. It’s as if the words change each time to speak to the exact thing I’m going through in that precise moment, a moment coach outlet store I’ve never lived through before, a moment that didn’t exist even moments before. Obviously, we see different things and make observations about whatever it is we’re going through in that moment, and therefore view things a certain way, but that’s kind of what’s so amazing about it… and recognizing it brings a new level of awareness.
I’m certain now, coach online outlet that this book is the very reason I started viewing life as a mystery unfolding, seeing anything and possibly everything as a clue that unlocks life’s hidden treasures. I think it’s what makes life so vivid, so beautiful, and so exciting too. I didn’t realize coachoutlet.com it until I started reading it again though, that IT-this very book- was what would map out my experience on this planet. I think the first time I read it I was about 15 years old, so at that point, I was in awe about viewing life in such a mystical way, that it gave me a certain awareness I hadn’t had prior, or even thought of probably, and changed my mind about this thing called life. I felt awake and pretty much in awe of everything, which I still do. Of course, as I read it again now, I see it so differently, having lived the way it taught me to, and gaining a completely different perspective on this very moment in time; now. It’s pretty amazing really.
It’s probably the reason I love movies with a similar theme, like Field of Dreams {and ’80s Kevin Costner, AF}… which I’ll watch any time it’s on, among others, but it just so happened to start last night as soon as I was tired of reading. 🙂
In other news: Frozen blueberries make fabulous late night treats.
…that braid tho
I’m loving reading all your answers/comments to my question on my July giveaway 🙂
What I’m Wearing…
* Black cutoffs coach factory outlet online coach online outlet by FRAME* Lace up “Against All Odds” top by Free People
* Bra from the local Leroy’s … See it here with a white tee and black jeans
* Suede hat
* DIY Braided choker
* Butterfly sunglasses by 3.1 Phillip Lim
* Lindsay ankle strap sandals by Jeffrey Campbell
* Balenciaga classic town bag
* Red Lips by Lancome
* Title: Rebelution ‘Upper Hand’ … always turning my head sideways, like I’m chasin’ clues… I wanna walk away but I know I am fixed on you… Here I am again, lost up in your maze, and it’s crazy… but then I caught your gaze, and it’s amazing… what you done to me. And here I am again.
I started reading The Alchemist again just last night, a book I always return to when in times of transition, because it always seems to have something new to teach me. Every time I read it, and it’s the quickest read ever, I get something completely different out of it than I did the previous time… a time of which, I cannot remember, of course. But I always know there’s a reason I randomly think “Oooh, I think I’ll read The Alchemist again” and find one of the many copies I have laying around the house and immediately begin reading it again.
And just as I suspected, after finishing just a few pages, it’s almost as if I’ve never read it before. And I have probably read this book, I dunno, at least ten times, if not more, so I obviously know the general storyline, but as soon coach factory outlet online as I begin, I know I’ve made the right choice because I find that joy of learning something new about myself or about life that makes me say “yes”. It’s as if the words change each time to speak to the exact thing I’m going through in that precise moment, a moment coach outlet store I’ve never lived through before, a moment that didn’t exist even moments before. Obviously, we see different things and make observations about whatever it is we’re going through in that moment, and therefore view things a certain way, but that’s kind of what’s so amazing about it… and recognizing it brings a new level of awareness.
I’m certain now, coach online outlet that this book is the very reason I started viewing life as a mystery unfolding, seeing anything and possibly everything as a clue that unlocks life’s hidden treasures. I think it’s what makes life so vivid, so beautiful, and so exciting too. I didn’t realize coachoutlet.com it until I started reading it again though, that IT-this very book- was what would map out my experience on this planet. I think the first time I read it I was about 15 years old, so at that point, I was in awe about viewing life in such a mystical way, that it gave me a certain awareness I hadn’t had prior, or even thought of probably, and changed my mind about this thing called life. I felt awake and pretty much in awe of everything, which I still do. Of course, as I read it again now, I see it so differently, having lived the way it taught me to, and gaining a completely different perspective on this very moment in time; now. It’s pretty amazing really.
It’s probably the reason I love movies with a similar theme, like Field of Dreams {and ’80s Kevin Costner, AF}… which I’ll watch any time it’s on, among others, but it just so happened to start last night as soon as I was tired of reading. 🙂
In other news: Frozen blueberries make fabulous late night treats.
I’m loving reading all your answers/comments to my question on my July giveaway 🙂
Happy Friday Lovecats!
* Find all my Style Posts hereLoewe Hires New CEO from Céline
Loewe Hires New CEO from Céline
Loewe has hired Pascale Lepoivre from Céline as the coach factory outlet online brand’s new CEO, replacing Lisa Montague and joining Jonathan Anderson.
According to an article on WWD, Loewe has hired Pascale Lepoivre as the brand’s new CEO. Lepoivre was previously the Executive Vice President of Céline but has now moved from one LVMH owned brand to another.
Lepoivre is replacing Lisa Montague who left Loewe and returned to London for personal reasons and is “considering other options within LVMH.”
Pierre-Yves Roussel told WWD that Lepoivre’s experience would work well for the brand with creative director Jonathan Anderson.
AdvertisementRoussel released a statement saying,
“In addition to coach online outlet the fashion injection Jonathan has brought, there’s been incredible work that has been done in leather goods, which is the pillar of Loewe. The business is doing super well. [Anderson is] bringing a very interesting, coach outlet sale fresh vision and at the same time, one that’s very coherent coach online outlet with Loewe. We’re very excited with the project.”
Lepoivre has been with Céline for almost ten years managing the brand’s product operations. She joined Céline around the same time as Phoebe Philo, the brand’s current creative director. Both Lepoivre and Philo worked under coach factory outlet online CEO Marco Gobbetti.
Before working at Céline, Lepoivre worked at Louis Vuitton and became director of the brand’s fashion and leather goods products division.
Montague worked at Loewe for about 7 years after joining from Mulberry and helped manage the replacement of Coach’s Stuart Ververs by Anderson.
Gobbetti is also leaving Céline as he recently announced he’d be moving to Burberry. As Burberry’s current CEO Christopher Bailey resigns, Gobbetti will replace him. Gobbetti will be joining the brand in 2017 when his current contract is up.
So, what do you think? Will Pascale Lepoivre do well at Loewe? Let me know in the comment below. Also, don’t forget to subscribe to coachoutletonline get new posts sent directly to your inbox and follow me on Facebook, Instagram, and Snapchat.
Image Sources: (Featured Image)
Loewe has hired Pascale Lepoivre from Céline as the coach factory outlet online brand’s new CEO, replacing Lisa Montague and joining Jonathan Anderson.
According to an article on WWD, Loewe has hired Pascale Lepoivre as the brand’s new CEO. Lepoivre was previously the Executive Vice President of Céline but has now moved from one LVMH owned brand to another.
Lepoivre is replacing Lisa Montague who left Loewe and returned to London for personal reasons and is “considering other options within LVMH.”
Pierre-Yves Roussel told WWD that Lepoivre’s experience would work well for the brand with creative director Jonathan Anderson.
AdvertisementRoussel released a statement saying,
“In addition to coach online outlet the fashion injection Jonathan has brought, there’s been incredible work that has been done in leather goods, which is the pillar of Loewe. The business is doing super well. [Anderson is] bringing a very interesting, coach outlet sale fresh vision and at the same time, one that’s very coherent coach online outlet with Loewe. We’re very excited with the project.”
Lepoivre has been with Céline for almost ten years managing the brand’s product operations. She joined Céline around the same time as Phoebe Philo, the brand’s current creative director. Both Lepoivre and Philo worked under coach factory outlet online CEO Marco Gobbetti.
Before working at Céline, Lepoivre worked at Louis Vuitton and became director of the brand’s fashion and leather goods products division.
Montague worked at Loewe for about 7 years after joining from Mulberry and helped manage the replacement of Coach’s Stuart Ververs by Anderson.
Gobbetti is also leaving Céline as he recently announced he’d be moving to Burberry. As Burberry’s current CEO Christopher Bailey resigns, Gobbetti will replace him. Gobbetti will be joining the brand in 2017 when his current contract is up.
So, what do you think? Will Pascale Lepoivre do well at Loewe? Let me know in the comment below. Also, don’t forget to subscribe to coachoutletonline get new posts sent directly to your inbox and follow me on Facebook, Instagram, and Snapchat.
Image Sources: (Featured Image)
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