In response to queries received from analysts, Li & Fung Limited wishes to clarify that the value of orders placed with Tazreen Fashions Limited in Bangladesh where a tragic fire has occurred will not have any material impact on the financial performance of Li & Fung.
The total value of orders placed for the year with Tazreen on behalf of Kids Headquarters, a division of LF USA amounted to approximately US$111,000. Li & Fung also confirms that the Company has not placed orders for other customers with Tazreen.
The Company issued the following statement: “Li & Fung is very distressed and saddened by the deaths of workers and wish to express our deepest condolences to the families of the victims. Li & Fung is participating in aid efforts for immediate relief and is matching the Bangladesh Garment Manufacturers and Exporters Association’s financial assistance by pledging 100,000 Bangladeshi Takas (approximately US$1,200) to each family of every victim.
“Furthermore, through the Fung Foundation, a fund will be set up for the education of the victim’s children. The Company is in contact with the owner of the factory and it will be carrying out its own investigation into the circumstances which led to the fire.”
