Early Life
Victor Fung was born in Hong Kong on October 16, 1945. He is the son of Fung Hon-chu, who later led the Li & Fung Group. He is a third-generation member of the Fung family to be involved in the Li & Fung Group. Victor attended King George V School in Hong Kong. He obtained a Bachelor's and Master's degree in Electrical Engineering from MIT and a PhD in Business Economics from Harvard University.
Rise to Success
Victor Fung's career is closely tied to the Li & Fung Group, a company founded by his grandfather in 1906. He returned to the family business in Hong Kong in 1976 after teaching at Harvard Business School. Victor became Group Chairman of Li & Fung, and his brother William Fung became Group Managing Director. Together, they spearheaded the growth of Li & Fung into a global supply chain management giant. Under their leadership, the company expanded its network to over 40 countries, connecting retailers with manufacturers worldwide. In 2020, the company was privatized.
Key Business Strategies
Victor Fung played a leading role in developing the supply chain infrastructure at Li & Fung. The company's strategy has been centered around global sourcing, supply chain management solutions, and logistics services, with an emphasis on digital transformation. Key strategies included breaking down manufacturing processes to find the best suppliers for each stage. The company has adapted to the changing market by restructuring and investing in technology.
Philanthropy
Victor Fung is actively involved in philanthropy through the Victor and William Fung Foundation. The foundation focuses on nurturing human capital and supporting educational programs. He has also chaired the Civil Service Training Advisory Board.