The pandemic hasn’t spared the bigwigs too!
The Hong Kong-based sourcing pioneer Li & Fung has, according to sources, asked over 120 employees from its India office to leave at a notice of just 1 month.
Sadly, some of these employees have been serving Li & Fung for over 20 years.
One person, who didn’t wish to be named, told Apparel Resources “I have goodwill for the company, but it is disheartening to see a reputed firm like Li & Fung in such a state.”
The decision is being seen as an effort to battle the crisis created out of the deadly pandemic that has gripped the whole world including India.
And it isn’t a different story in Hong Kong either! Li & Fung is all set to lay off 70 per cent of its employees in Hong Kong – which could run into several thousands.
Over the last few weeks, the sourcing giant has been sending dismissal notices to its procurement staff based in Hong Kong. Besides, there have been reports that lot of staff could be laid off in Shenzhen and Shanghai offices too.
As per the dismissal letter, employees will get a notice period of less than 4 weeks (27 days to be precise).
However, no further details were disclosed by the Group.
Here it is important to note that only last week, the company went private with its shares delisted from HK stock exchange and finally closing at 1.24 HKD ($ 0.16). That was a whopping 94 per cent value loss from its best performance back in 2011.
With nearly 17,000 employees worldwide, the company has more than 250 offices in 40 markets and works with more than 15,000 suppliers across the world.
