The company said today he will replace the current chairman Victor Fung, who has held the post for 23 years, and who will continue as a non-executive director and assume the title of honorary chairman.
Spencer Fung, who joined the group in 2001 and who is Victor Fung’s son, has been named group chief operating officer. Previously, he was president of LF Europe, managing the group’s European distribution business.
“The appointments are in accordance with plans we unveiled last year to manage even more effectively our diverse and fast-growing business across the world,” said William Fung. He called Victor Fung’s leadership as group chairman “visionary” and said that during his tenure, the group's turnover increased 125 times to $20 billion in 2011.
The company added that Bruce Rockowitz, group president and chief executive officer of Li & Fung Ltd., is spearheading the group's latest three-year plan, which calls for the company to more than double its core operating profit to $1.5 billion by 2013.
“We now have in place an organizational structure to confidently meet the declared targets and grow across our three global networks of trading, logistics and distributions,” Rockowitz said.
In further changes, Dow Famulak will replace Spencer Fung as president of LF Europe, but he will continue as president of the DSG group of companies, a dedicated sourcing group that services Wal-Mart globally.
Famulak will also continue to lead the development of LF Beauty, the group’s health, beauty and cosmetic business, which oversees product development, sourcing and supply chain operations for its clients.
The company added that, going forward, Victor Fung would concentrate on growing the holdings of the Fung family, including the publicly listed Trinity Ltd. and Convenience Retail Asia Ltd., as well as privately held Hang Ten Group Holdings Ltd. and LiFung Kids (Holdings) Ltd. and other portfolio investments.
Fung also plans to devote more time to guide the development of Fung Global Institute, a Hong Kong-based nonprofit economic think tank and business-learning institute that provides Asian perspectives on critical global issues, and to work on the family’s charitable foundations.
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews