• COUNTERFEIT SEIZURES UP: U.S. Customs and Border Protection said last week that it seized more than 400 shipments of counterfeit and pirated goods in the New York and Newark, N.J., seaport in the fiscal year ended Sept. 30. The merchandise had a domestic value of about $100 million, a 53 percent increase over the previous year. For the total New York area, Customs last year conducted more than 700 intellectual property rights seizures, of which counterfeit textiles, apparel and footwear accounted for 78 percent.
This story first appeared in the November 11, 2008 issue of WWD. Subscribe Today.
• LI & FUNG PLANS COST CUTS: Li & Fung Ltd. said over the weekend that it is cutting travel and discretionary expenses, implementing a hiring freeze and carrying out an unspecified number of layoffs. The company said it is reviewing costs in light of worsening economic conditions around the world. “At this stage, it is envisaged that a limited number of employees working with business units whose customers have suffered most severely will be made redundant,” Li & Fung said. The company’s shares fell more than 5 percent on the Hong Kong Stock Exchange Monday to close at 5.16 Hong Kong dollars, or 67 cents at current exchange.