Industry: Consumer Goods
Title: Chairman and CEO, respectively
Organization: Li & Fung Group
Dubbed the last "Great Chinese Dynasty" by some, brothers Victor and William Fung have helmed their Hong Kong-based sourcing company, Li & Fung Group, since 1973. Over time, it
has transformed from a traditional family company into a vast enterprise of 80 offices in 44 countries around the world, giving job opportunities to hundreds of thousands of workers
in over 30,000 factories in Asia, Europe, the Americas, and Africa.
And the results of the company's expansion and acquisitions are plain to see. As one of the world's largest producers of consumer goods, they're responsible for making everything from
L'Oreal cosmetics to hardware bathroom faucets.
"What my brother and I did was take a Hong Kong-only base to Taiwan, Korea, and then Southeast Asia," William Fung told Fortune
. "We followed the globalization of manufacturing
of consumer goods, which was all part of our plan to professionalize the family company."
Despite what Fung describes as the "global economic tsunami," the company still reported a net profit rise of more than 30% for 2009 thanks to smart cost cutting and it aims for $20
billion in sales for 2010.
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