Victor Fung

About Victor Fung

Birth Year: 1945
Birth Place: Hong Kong, Hong Kong, United States
Alma mater: Massachusetts Institute of Technology Harvard School of Business
Occupation: Engineer, businessman
Relatives: William Fung (brother)

Victor Fung Net Worth

Victor Fung was bornon 1945 in Hong Kong, Hong Kong, United States. Victor and William Fung's Li & Fung is a middleman between Chinese manufacturers and retailers in the U.S. and Europe. Still the world's largest supplier of clothes and toys, the Hong Kong-based company is seen as a bellwether of the global retail sector. But the brothers' fortune has fallen dramatically since 2011 as more brands take greater control of their supply chain by dealing with factories themselves. Fung Pak-liu cofounded the company in 1906 with Li To-ming, who sold his stakes to the Fungs four decades later. Pak-liu's grandson Victor, who lives in Hong Kong, chaired Li & Fung until younger brother William took over in 2012. Victor's son Spencer has been serving as Li & Fung's chief executive since 2014; in 2016 daughter Sabrina succeeded uncle William as deputy chairman of the family's menswear retailer Trinity. The other two members of the fourth generation, Victor's younger son Stephen and William's son Terence, have also been rising in the family business.
Victor Fung is a member of Logistics

💰 Net worth: $1.22 Billion (Updated at 22 June 2018)

2009 $2.6 Billion
2010 $3.55 Billion
2011 $2.8 Billion
2012 $2.9 Billion
2013 $2.7 Billion
2014 $2.5 Billion
2015 $1.75 Billion
2016 $1.6 Billion
2017 $1.4 Billion
2018 $1.46 Billion

Biography/Timeline

1906

At present, Victor Fung is the Group Chairman of Li & Fung Group, and his brother william is the Group managing Director. The Business was founded by their grandfather, Fung Pak-liu, in 1906 and subsequently led by their Father, Fung Hon-chu.

2008

In 2008, Fung was appointed by Donald Tsang, the Chief Executive of Hong Kong, to be the member of "Task Force on Economic Challenges" to evaluate the situation and identify new opportunities during the financial tsunami. The company laid off employees to cut costs, for which he was publicly criticised.