Li & Fung gets into a JV with South Ocean to create global knitwear
Global supply chain manager Li & Fung Limited has inked a joint venture with knitwear exporter South Ocean Knitters which will give it the status of one of the largest suppliers of the global knitwear sector. Hong Kong-based Li & Fung tied up with Tommy Hilfiger and Calvin Klein owner PVH in a supply chain deal earlier this year. The joint venture, Cobalt Fashion Holding Limited, will be owned 62 per cent by Li & Fung and 38 per cent by South Ocean. The JV will combine the operations and resources of Li & Fung’s sweater vertical together with South Ocean’s knitwear business to become one of the largest knitwear suppliers globally.