Talbots signs on global apparel sourcing agent

Hingham, Mass. The Talbots and Hong Kong-based global consumer-goods exporter Li & Fung Thursday announced that they have entered into a buying-agency agreement whereby Li & Fung will act as the exclusive global apparel sourcing agent for the Talbots brand.

As part of the agreement, Li & Fung will serve as the exclusive agent for substantially all Talbots apparel products. Li & Fung will also be non-exclusive agent for swimwear, intimate apparel, footwear, jewelry, handbags and accessories. Going forward, Talbots will pay an agency commission on its product purchases through Li & Fung.

Trudy F. Sullivan, Talbots president and CEO, commented: “By leveraging Li & Fung’s position as a best-in-class sourcing agent, we will be able to simplify and centralize our sourcing activities, which we anticipate will further reduce our costs of goods sold and internal operating expenses, while improving our time to market. Together with Li & Fung, we plan to develop a single, world-class supply chain organization that will strengthen our competitive position.”