Li&Fung turns to Indian retail sector; exploring logistics

New Delhi, May 26 (UNI) Eyeing the lucrative 6.4 billion dollar Indian retail industry, China-based Li&Fung Group today said it is studying the logistics and retail sectors to expand its presence here.

The company, engaged in distribution, retail, logistics, private equity and properties businesses, currently sources consumer products worth 550 million dollars from India annually for its global operations.

''We will look at India for innovative designs and creativity.

In the next three years, we expect to more than double our sourcing from here,'' Li&Fung Group Chairman Victor K Fung told reporters here sidelines of a conference.

This will lead to an increase in the number of people being employed by the company, he said adding, ''we directly employ 500 people in India, besides a large number of people indirectly.

Increase in sourcing operations will also create more jobs here.'' Asked about the Group's plan to start its retail and logistics operations in India, Dr Fung said, ''retail is an option which has been on our mind for long and another area is logistics. Currently, we are studying the market here and evaluating options.'' The Group's retailing business, including Convenience Retail Asia and Toys"R"Us, Branded Lifestyle and LiFung Trinity, with store network, is extending from Greater China Markets to Singapore, Malaysia, Thailand, Indonesia, South Korea and Philippines.

UNI SR PDT AS1817