In April 1999, CVC Asia Pacific Funds co-led the acquisition of the Inchcape Marketing businesses in Asia and the group was renamed Li & Fung (Distribution) Ltd.. Minority shareholders in the listed Singaporean business were subsequently bought out.
Headquartered in Hong Kong, the primary business of the group was the inward distribution of consumer products into Asia. In addition, the business distributed industrial products, provided contract manufacturing services and manufactured beds. With an extensive global presence and over 14,000 employees, the company today operates a sourcing network of over 80 offices, managing supply chains for major brands and retailers in over 40 countries worldwide.
After re-structuring to focus on consumer distribution, the business was listed on the Hong Kong Stock Exchange as IDS Ltd. in December 2004.