Toolan exits home textiles industry
October 26, 2006,
New York -- Home textiles veteran Jack Toolan is moving on to a different segment of the consumer products business and will end his tenure as Li & Fung's executive vp of the Home Brands Group tomorrow.
Scott Maddalene, senior vp of the home business, will assume control of the commodity bed and bath business. Upon Li & Fung's expected acquisition of Homestead in December, Homestead ceo David Greenstein and his team will lead fashion bedding efforts, according to Rick Darling, president, Li & Fung USA.
"Jack made a huge contribution to home for us," said Darling, adding, "Homestead is going to dramatically change our opportunities."
Other acquisitions may follow. Li & Fung is in "productive discussions with what I consider pretty solid companies," Darling said. The Hong Kong-based trading agency is considering both acquisitions and formal coalitions with home textiles suppliers, he said.