Li & Fung

Li & Fung is a Hong Kong-based global trading group, that supplies high-volume, time-sensitive consumer goods, and is a major customer of global retail giant, Wal-Mart. Garments make up around two-thirds of the Li & Fung business which also covers the sourcing of hard goods such as fashion accessories, furnishings, gifts, handicrafts, home products, promotional merchandise, toys, sporting goods and travel goods. Key officials are William Fung, executive chairman, and Bruce Rockowitz, president and chief executive.

Li & Fung plans to replace Bruce Rockowitz as chief executive by the son of a co-founder of the firm. Photo: David Wong

Li & Fung needs to focus on its core businesses - and get rid of the rest

Investors should be sceptical of any company that heavily depends on a strategy driven by acquisitions and restructuring, but Li & Fung's appetite for deal-making, which chief executive Bruce Rockowitz claims offers "huge synergies", is looking less credible by the year.