Wilson Zhu, COO Li & Fung
As an industry, we are experiencing an unprecedented disruption we have never seen before with the coronavirus quickly spreading around the world and has become a pandemic.
As a result, sourcing and production countries such as China, Vietnam, and Korea, are going through the first wave of challenges resulting in city lockdowns, travel restrictions, stopped production and loss of jobs in addition to lost lives.
Just as these countries started to see the light at the end of the tunnel, and factories reopened, the coronavirus quickly hit the rest of the world, including India, Bangladesh, Pakistan and Sri Lanka and of course America and Europe.
As a result, stores are closed on the market side; while more and more factories are shut down on the production side. The speed and scale of the disruption is unprecedented in the history of our industry.
