By and and  on January 13, 2013

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.

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