The Group started in 2005 when Li & Fung established a wholesale business focusing on private label and branded apparel in order to broaden its relationships with existing and new retailer customers. Founded in 1906 in Guangzhou, China, Li & Fung is a leading global sourcing firm which has expanded into a multinational group and is recognized as a leader in consumer goods design, development, sourcing and distribution. Li & Fung has been listed on the Hong Kong Stock Exchange since 1992. From its origins with just a few small-scale licensed brands, the Group has evolved and grown to become one of the world's leading branded apparel, footwear, accessories and related lifestyle product businesses in the world. Following completion of the Reorganization and the Spin-off, the Group's business will be separate and independent from Li & Fung's trading and logistics businesses.