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.
In honor the @CFDA’s announcement of @iamnaomicampbell receiving the Fashion Icon Award at the 2018 #CFDAAwards, which will take place on June 4, here’s a #tbt of the supermodel on @michaelkors’ runway in 1991. #wwdfashion #wwdarchive (📷: George Chinsee)
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“It’s an interesting thing, playing a younger version of your mother. It’s an interesting concept. I adore my mom and love her in every capacity, but it was just something that had never crossed my mind,” says @anniemstarke on playing a young Joan Castleman in “The Wife.” The same role will be played by her mother Glenn Close. Read more about her growing up in the film industry as the daughter of producer John H. Starke and Close and what she has planned for the future #wwdeye (📷: @nataliamantini)
@asics is launching a new streetwear sneaker inspired by its latest ambassador, @steveaoki. The Hyper-Kenzen x Aoki, which will launch at @footlocker stores exclusively tomorrow, is a slip-on style that incorporates the brand’s proprietary Gel technology through beads integrated into the midsole for comfort and endurance. Read the full story on WWD.com.