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Spencer Fung on the Remaking of a Stalwart

HONG KONG — Zippy, experimental, digitally dynamic. Not the usual adjectives to describe a company over a century old. But Spencer Fung, the head of the 111-year old trading and sourcing firm is hell-bent on self-disruption. It is dramatic, but that’s what he reasons is needed for the situation that faces his firm, Li & Fung, whose many retail customers are feeling squeezed by upheaval in the sector. And so the fourth generation of the Fung family is overseeing a reinvention of the business with a far-reaching impact over its global network of 8,000 retailers and 15,000 suppliers. That has meant, in recent years, shedding substantial chunks: its brand distribution and management division Global Brands Group, the Asian consumer distribution arm, and most recently sweater and furniture product verticals. Speaking from the company headquarters in Lai Chi Kok, in an industrial part of town, Fung told WWD in a wide-ranging interview why he’s adopted a more focused approach, how the future of supply chains rests on speed and not trimming costs, and the ambitions to one day function as a Bloomberg terminal of the sourcing industry. WWD: Li & Fung’s current three-year plan hinges on the creation of the “supply chain of the future,”

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