CEO and Cofounder, Khatabook
LI & Fung
When Spencer Fung joined the family-owned trading and logistics business Li & Fung in 2014, he was taking over a company for which many of his more traditional customers were experiencing the double hit of the rise of e-commerce and a weakening of the global sourcing market.
Fung's response was to set out a clear objective for the 114-year-old company.
"Li & Fung’s vision is to create the supply chain of the future and to improve the lives of a billion people," Fung tells Business Insider. "A diversified global network in 50-plus countries and a digital supply chain will help retailers mitigate risk, gain speed and transparency, and become more resilient to the ever-changing geopolitical landscape."
That would be no easy task for a company that has over 250 offices in 50 markets and legacy operations that date back over a century. In 2017, Fung outlined his three-year plan to transform the business by focusing on three key elements: speed, innovation, and digitalization.
As part of his long-term restructuring plans, Fung teamed up with Singapore-based GLP in May this year to buy back all publicly traded shares of the company. While the move disappointed many dividend-reliant small investors, Fung believes it will help the company adopt a less risk-averse strategy.