HONG KONG — Li & Fung Ltd., the Hong Kong-based sourcing and distribution giant, reported 2012 net income fell by 9.4 percent to $617 million, mainly because of greater-than-expected costs related to the restructuring of the company’s LF USA business.
The company also warned that it wouldn’t make its three-year plan. In 2010, the company had targeted $1.5 billion in operating profit in 2013.
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?"