
Age 63 with net worth of 1.7 billion, Mr Fung with his brother Victor, runs Li & Fung, firm supplying fashions, furnishings and toys to retailers, including Wal-Mart, Target. Has 10,000 suppliers worldwide. Firm raised half a billion in September. Biggest creditor of KB Toys, which went bankrupt in December and owes Li & Fung $5 million. Stock dropped 58% in 2008. In late February paid $80 million to take over Liz Claiborne’s ailing global distribution network. The company will now be supplying Liz Claiborne brands such as Lucky Brand, Juicy Couture and Kate Spade to retailers around the world. Grandfather Fung Pakliu started the company a century ago with partner Li To-ming; duo sold porcelain, antiques. Father Fung Hon-chu ran it while brothers studied business in U.S.; they returned to take helm 1970s. William is managing director, Victor chairman.






