At present, Victor Fung is the Group Chairman of Li & Fung Group, and his brother william is the Group managing Director. The Business was founded by their grandfather, Fung Pak-liu, in 1906 and subsequently led by their Father, Fung Hon-chu.
In 2008, Fung was appointed by Donald Tsang, the Chief Executive of Hong Kong, to be the member of "Task Force on Economic Challenges" to evaluate the situation and identify new opportunities during the financial tsunami. The company laid off employees to cut costs, for which he was publicly criticised.