A shake-up atop Li & Fung’s LF USA unit — which saw the baton passed to Dow Peter Famulak from Rick Darling — signals a renewed effort to turn around the company’s U.S. operations and, perhaps, a new approach at fashion’s most powerful sourcing firm.
On Friday, the company warned its 2012 profits would likely fall short of the prior year’s take of $681.4 million. Core operating profit is expected to fall 40 percent.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"