WASHINGTON — Luen Thai Holdings named Raymond Tan acting president of the sourcing company’s U.S. division, following Rick Helfenbein’s departure after 16 years to become president and chief executive officer of the American Apparel & Footwear Association.
Tan, a son of company founder Tan Siu Lin, is currently president of Luen Thai International Group. It could not be learned where he will be based while overseeing Luen Thai USA.
The Hong Kong-based apparel, accessories and footwear sourcing giant is publicly traded on the Hong Kong Stock Exchange and manufactures for retailers such as Ann Taylor, Coach, Fast Retailing and Ralph Lauren. Luen Thai went public in 2004 and used the funds it raised to make several acquisitions.
The U.S. is the largest export market for Luen Thai, representing 50.8 percent of total revenue in 2014, with sales that were up slightly to $621.6 million.
But the company, which celebrated 50 years in business last year, has been making a strategic shift away from its core manufacturing business as margins have thinned.
Luen Thai reported last year that first-half profits dropped by 55 percent, driven mainly by weak apparel orders. Profits for the year to June were $7.5 million, compared with $16.4 million a year earlier and revenue fell 7 percent year-over-year to $522 million.