Spencer Fung is the 44-year old, Silicon Valley-trained CEO of billion-pound global supply chain company Li & Fung, the 111-year-old business founded by his great-grandfather. The business remains tight-lipped about its client base, but it is believed that Li & Fung works with all of the UK’s biggest names, from supermarkets to high street retailers.
This year, Fung takes the place of his father, Victor Fung, in the Top 100. While Victor remains honorary chairman, it is Spencer, as CEO, who is leading the current shake-up of the business.
In March, Fung announced his three-year plan with which he is aiming to revolutionise not only the family business, but also the wider industry, by creating the supply chain of the future.
He kick-started this $150m (£111m) plan with the implementation of digital design and virtual sampling, which is already speeding up the sample production process and in turn the supply chain.
Fung’s changes appear to be having a positive impact on the company’s bottom line. For the six months to 30 June, operating profit increased 12% to £132.5m, although turnover edged down by 2.1% to £5.66bn.