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CIT and Li & Fung Expand Factoring Relationship

2010-03-30 15:03
  • English

Estimated $700 Million in Additional Annual Factored Volume Expected

NEW YORK--(BUSINESS WIRE)--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 they provide.”

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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About LF USA

LF USA, is a subsidiary of Li & Fung Limited, the world's leading sourcing company for consumer goods, managing the supply chain for retailers and brands worldwide. Headquartered in Hong Kong, the Group services its customers globally through a sourcing network of over 70 offices and 40 countries and territories. www.lifung.com

About CIT Trade Finance

CIT Trade Finance is the nation’s leading provider of factoring and credit protection services to consumer products companies. It specializes in serving the apparel, footwear, furniture, home furnishings, consumer electronics and other consumer products industries that sell into retail channels of distribution.

About CIT

CIT (NYSE: CIT) is a bank holding company with more than $45 billion in finance and leasing assets that provides financial products and advisory services to small and middle market businesses. Operating in more than 50 countries across 30 industries, CIT provides an unparalleled combination of relationship, intellectual, and financial capital to its customers worldwide. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and vendor finance. Founded in 1908 and headquartered in New York City, CIT is a member of the Fortune 500. www.cit.com

 

Contacts

CIT MEDIA RELATIONS:
C. Curtis Ritter, 212-461-7711
Vice President
Director of External Communications & Media Relations
Curt.Ritter@cit.com
or
CIT INVESTOR RELATIONS:
Ken Brause, 212-771-9650
Executive Vice President
Ken.Brause@cit.com