Liz Claiborne to Outsource Mexx Global Sourcing
Hong Kong-based global consumer goods exporter Li & Fung Limited and Mexx Europe BV, a wholly-owned subsidiary of Liz Claiborne Inc., announce that they have entered into a Buying Agency Agreement whereby Li & Fung will act as the primary global apparel sourcing agent for the MEXX brand. Mexx's existing buying offices, which will be integrated into the Li & Fung organization, are located in Hong Kong, Bangalore, Shanghai and Shenzhen. Completion of the deal is expected to take place by Dec. 19, 2008.
William McComb, CEO of Liz Claiborne Inc., comments, "Our agreement with Li & Fung will further accelerate the Mexx turnaround, building on recently announced moves to strengthen the management by bringing in interim leadership as we search for a permanent CEO, improve the product by bringing in a new creative visionary for the brand and enhance our store operations with a new head of retail. Li & Fung has unprecedented global reach and product expertise, making them the perfect partner to make our sourcing operation more efficient while allowing us to deliver high quality, more irresistible product to our retailers and consumers around the world."
A global fashion brand, Mexx offers an extensive range of apparel and accessories with a free-spirited, effortless point-of-view. As of the end of the third quarter of 2008, this prominent contemporary brand had a retail network totaling 466 specialty stores, outlets and concessions worldwide and pan-European wholesale distribution. Additionally, Mexx has built a strong brand position in important Eastern Europe markets, and is available in Canada at both wholesale and retail locations. Net sales for Mexx were $1.3 billion for 2007.
William McComb, CEO of Liz Claiborne Inc., comments, "Our agreement with Li & Fung will further accelerate the Mexx turnaround, building on recently announced moves to strengthen the management by bringing in interim leadership as we search for a permanent CEO, improve the product by bringing in a new creative visionary for the brand and enhance our store operations with a new head of retail. Li & Fung has unprecedented global reach and product expertise, making them the perfect partner to make our sourcing operation more efficient while allowing us to deliver high quality, more irresistible product to our retailers and consumers around the world."
A global fashion brand, Mexx offers an extensive range of apparel and accessories with a free-spirited, effortless point-of-view. As of the end of the third quarter of 2008, this prominent contemporary brand had a retail network totaling 466 specialty stores, outlets and concessions worldwide and pan-European wholesale distribution. Additionally, Mexx has built a strong brand position in important Eastern Europe markets, and is available in Canada at both wholesale and retail locations. Net sales for Mexx were $1.3 billion for 2007.