Victor Fung, Li & Fung
There is no dramatic move up or down this year’s list for Victor Fung, honorary chairman of Hong Kong-based global supply chain Li & Fung. It is the world’s largest supplier of clothing to retailers and works with UK names such as Marks & Spencer.
Li & Fung described the first half of 2016 as “one of the toughest trading periods we have ever seen”, as retailers continued to battle with heavy discounting and economic uncertainty. Turnover and operating profit dipped in the six months to 30 June, and it said industry pressures, geopolitical events, US election concerns, Brexit and “the sad rise of terrorist activity” had caused uncertainty in the market and affected consumer confidence.
Li & Fung is putting in place a three-year plan that will focus on speed, innovation and digitalisation of the supply chain.
- Li & Fung CEO: ‘2016 one of the toughest trading periods ever’
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