Hong Kong-listed Li & Fung, which supplies products from China for international groups including Walmart, has warned the global retail market will remain weak this year as deflation continues to weigh on Chinese factories.
The world’s largest sourcing company by revenue is a barometer for the state of global trade and the Chinese manufacturing industry and has had its profits and turnover squeezed in recent years amid tough market conditions.
“The global economy looks challenging,” Spencer Fung, chief executive of the family-led company, said yesterday as the group reported another drop in profits and revenue last year. “For 2016, the consumer sector is likely to remain weak and factory deflation will continue.”
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