The Dubai-headquartered global port terminal operator DP World has entered retail and fashion logistics sector with the acquisition of supply chain provider, Cargo Services Far East Ltd, headquartered in Hong Kong.
As it is estimated by DP World, by the end of the year it will operate more than 200 freight forwarding offices, covering up to 95% of global trade flows.
Founded in 1989, Cargo Services was one of the earliest foreign logistics service providers to enter the China market.
Over the decades, it has established an extensive portfolio of solutions such as origin purchase order management, ocean freight, air freight and warehousing for a diverse range of sectors.
This includes sophisticated supply chain management services for retail and high-fashion customers in the US, UK, Europe, South Africa, Australia and New Zealand.
It has also expanded its portfolio to provide specialised cruise logistics services globally.
As it is reported, the acquisition process is officially complete, with plans for full integration over the next few months.
Meanwhile, the group managing director of Cargo Services Group, John Lau will remain with the business and assume a senior leadership position within DP World.
“By joining DP World, we will gain access to extensive resources and expertise, allowing us to continue delivering top-tier freight-forwarding and logistics services that our customers demand,” Lau said.
DP World Group chairman and chief executive officer, Sultan Ahmed bin Sulayem, noted: “Cargo Services’ logistics expertise and global network perfectly complement our own footprint, and will be yet another tool in our offering to customers. Together, we’ll create a powerful force propelling trade globally.”
