CIT and Li & Fung Expand Factoring
Estimated $700 Million in Additional Annual Factored Volume Expected
March 29, 2010 08:33 AM Eastern Daylight Time
NEW YORK--(EON: Enhanced Online News)--CIT Group Inc. (NYSE: CIT), a leading provider of financing to
small businesses and middle market companies, today announced that it has expanded its factoring relationship with
LF USA Inc, a subsidiary of Li & Fung, the world's leading consumer goods supply chain management company.
The expanded relationship now includes LF USA’s Wear Me Apparel, LLC, which conducts business as Kids
Headquarters, a leading designer, marketer, and seller of young men’s and children’s apparel in the U.S. It is
expected that the new relationship will provide an estimated $700 million in additional annual factored volume for
CIT Trade Finance.
“LF USA has been an important client of CIT’s for more than six years,” said John Daly, President of CIT Trade
Finance. “Our ability to maintain a leadership position in U.S. factoring is evidenced through our deep industry
expertise, tailored client service, and longstanding relationships within the retail sector. LF USA is also an industry
leader and we’re pleased to build upon this relationship.”
Rick Darling, President of LF USA, said, “We’ve had a longstanding relationship with CIT, so when we acquired
Kids Headquarters, it was natural that we would move the factoring business to CIT. We know first-hand the level
of service and expertise that CIT offers and the expansion of our relationship reflects our confidence in the services
Kids Headquarters manages a prominent portfolio of licensed national brands, proprietary brands, private labels,
and character licenses. These include Calvin Klein, Ecko, Timberland, Hurley, Rocawear, US Polo Association,
Disney, Marvel, Nickelodeon, Warner Brothers, and Hasbro. The Company’s brands are distributed through
traditional and mid-tier department stores and mass merchants.
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