Li & Fung to Digitize Entire Supply Chain by 2019

Li & Fung to Digitize Entire Supply Chain by 2019 Tiffany Ap HONG KONG – Global sourcing and trading firm Li & Fung said it wants to digitize its entire supply chain by the end of 2019, creating what it calls the "supply chain of the future." Speaking at a press conference on Wednesday here, company chief executive officer Spencer Fung said: "Supply chains in the past, for many decades, have been optimized for cost. Supply chains of the future [are] going to be optimized for speed and also the use of data and analytics, automation – all of that. " Li & Fung is planning to spend an additional $150 million for digitalization over the next three years to achieve this goal, part of its newly announced three-year plan. Creating digital samples instead of physical ones is one example of how the supply chain could convert, Fung said. At present, about 50 to 60 percent of the Li & Fung supply chain has been digitized. Last week, Li & Fung announced a new 10-year agreement with PVH Corp., the owner of Tommy Hilfiger, which has switched to a see-now-buy-now model. "What we're really trying to help PVH with is efficiency in the supply chain as well as speed of the supply chain," Fung said. "Now I can't Follow WWD on Twitter or become a fan on Facebook. Read More... Fashion 3