Fung & Li co-founder Fung Pak Liu’s grandson William became Chairman of the company in 2012 after his older brother Victor stepped down from the role. Victor’s son Spencer became Chief Executive of the company in 2014, tasked with restoring growth amid declining profits. In 2016, his daughter Sabrina also succeeded William as deputy chairman of the family’s menswear retailer Trinity. Between them, in 2018, Victor and William were said to be worth around $3.3 billion according to Forbes, placing them at #27 on the Hong Kong rich list. In 2019, however, the business has continued to falter, going through a tumultuous time, and has posted consecutive losses in the hundreds of millions of dollars. Both are graduates from Ivy League schools in America and continue to own a controlling 32 per cent stake in the business. Victor has three children, while William also has three.
