Li & Fung Signs New Licensing Agreement with Levi Strauss & Co

Business Wire, June 28, 2004

NEW YORK -- Li & Fung, the Hong Kong-based premier global sourcing group, today announced that its U.S.-based subsidiary, Li & Fung USA has reached its second licensing agreement with Levi Strauss & Co. in which Li & Fung will design, manufacture and market men's tops for the U.S. market under the Levi's(R) Red Tab(TM), SILVERTAB(R) and Premium trademarks.

The first licensed products to debut as part of the new agreement were Levi's(R) Red Tab(TM) men's tops, including knits, wovens and T-shirts, which were presented this week to retail customers at men's market week at Levi Strauss & Co.'s showroom in New York. The Levi's(R) Red Tab(TM) men's tops are for the Spring 2005 season and will be sold at department, specialty and chain stores where Levi's(R) brand products are currently sold.

"We are pleased to extend our relationship with one of the world's leading apparel brands as it represents a significant part of our strategy to grow our brand management business," said Li & Fung USA President Rick Darling. "We will leverage our worldwide sourcing capabilities to offer great looking, trend-right products at competitive price points. Our goal is to build great looking product that will return higher margins to our customers."

About Li & Fung Limited

Li & Fung Limited is today one of the premier global consumer products export trading companies managing the supply chain for high-volume, time-sensitive consumer goods including garments, fashion accessories, toys, sporting goods, promotional merchandise, handicrafts, shoes, travel goods and household items. These goods are sourced through a network of offices in close to 40 countries for customers in the US, Europe, Asia and the Southern Hemisphere. For more information, please visit Li & Fung's corporate Web site at www.lifung.com.