Fung Group

What Fung Group does

Fung Holdings (1937) Limited is a privately-held Hong Kong-headquartered multinational group tracing its origins to 1906, with operations spanning the entire global supply chain for consumer goods including trading, logistics, distribution, and retail. The group operates across 40+ markets through 350+ offices with over 15,000 employees, connecting thousands of suppliers with global brands and retailers through an asset-light orchestration model that does not own manufacturing assets. Core businesses include Li & Fung (supply chain solutions), LFX and its portfolio of digital ventures (UNIFi3D for 3D-as-a-Service, Air8 for supply chain fintech, FNX Technologies for digital product creation), Meiyume (beauty), Cobalt Fashion (knitwear), Living Style Group (furniture), GFS International Freight Forwarding, and a retail network spanning over 1,900 stores in Greater China plus 500+ Toys R Us Asia locations. Following Li & Fung's 2020 privatization with GLP Pte Ltd and the 2022 divestiture of LF Logistics to Maersk for US$3.6 billion, the group has restructured around core supply chain services, digital ventures, and retail operations.

Fung Group generates revenue through multiple streams: professional service fees for supply chain management (Li & Fung), managed services for logistics and freight forwarding (historically LF Logistics, now partnered with Maersk), retail sales through Fung Retailing and Convenience Retail Asia, and subscription/recurring revenue from LFX digital platforms. Go-to-market combines enterprise field sales for B2B supply chain contracts with major global brands (Nike, JD.com, Alibaba, Furla), direct-to-consumer retail through physical stores, and digital self-serve for emerging SaaS ventures. The group's strategic technology platform includes the ecVision supply chain platform, C2M (consumer-to-manufacturer) digital infrastructure for JD.com partnerships, 3D product creation tools via FNX Technologies and UNIFi3D, and AI-powered checkout solutions deployed in Hong Kong retail environments.

The group maintains strategic partnerships with A.P. Moller-Maersk (long-term value chain partnership post-LF Logistics divestiture), JD.com (equity investment plus C2M collaboration), Alibaba Group (omnichannel retail expansion into China), Temasek (former LF Logistics minority investor), and GLP (privatization co-investor). Major shareholders are the Fung family and Singapore-based GLP Pte Ltd, with Victor Fung as Chairman of Fung Investments and Spencer Fung as Group Executive Chairman. The group is recognized through Harvard Business School, MIT Sloan, and Stanford Business School case studies, and has been ranked in the Equileap Global 100 Gender Equality Ranking (2017, 2018) and as Hong Kong's #1 company for gender equality commitment (2019).

Name

Fung Group

Legal name

Fung Holdings (1937) Limited

Website

https://funggroup.com

Company type

Private

Founded year

1906

Operating status

Operating

Headcount range

11–50 employees

Short description

Fung Group is a privately-held Hong Kong-headquartered multinational founded in 1906, operating across 40+ markets with 15,000+ employees. It provides global supply chain solutions, logistics, digital ventures, and retail operations connecting thousands of suppliers with major brands and retailers worldwide.

Ownership category

akta.pro rank

Product category

Supply Chain Management Services

NAICS

Hobby, Toy, and Game Retailers (45912), Toy and Hobby Goods and Supplies Merchant Wholesalers (423920)

SIC

Retail-Hobby, Toy & Game Shops (5945)

akta.pro primary industry

Toy & Game E-commerce Specialists (CRALAFAL)

Keywords

• Global supply chain management
• Consumer goods sourcing
• Freight forwarding services
• Retail brand licensing
• Apparel product development

Headquarters

HQ city

Hong Kong

HQ country

Hong Kong SAR China

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Trading and Sourcing Services: Li & Fung provides comprehensive supply chain management services including product design, sourcing, and procurement for global consumer goods brands and retailers, operating on a service/fee basis without owning manufacturing assets.
2. Logistics and Distribution: LF Logistics provides freight forwarding (sea, air, multimodal), warehousing and distribution services. LF Logistics was partially divested to Maersk in 2022 for US$3.6 billion. Prior to divestment, contributed significant logistics revenue.
3. Retail Operations: Fung Retailing and Convenience Retail Asia operate retail stores including Saint Honore bakeries, Mon cher cake shops, Zoff eyewear, fashion brands and convenience stores. Revenue generated from retail sales to consumers.
4. Digital Ventures (LFX): LFX incubates and operates digital companies including UNIFi3D (3D SaaS), Air8 (fintech), and FNX Technologies, generating revenue through digital service subscriptions and platform fees.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Fung Group is a privately-held Hong Kong-headquartered multinational that orchestrates the global supply chain for consumer goods across trading, logistics, distribution, and retail. Through subsidiaries such as Li & Fung (sourcing and supply chain solutions), LFX and its digital ventures (UNIFi3D, Air8, FNX Technologies), Meiyume (beauty), Cobalt Fashion (knitwear), Living Style Group (furniture), and Fung Retailing/Convenience Retail Asia (over 1,900 retail stores in Greater China), the group connects global brands and retailers with thousands of suppliers across more than 40 economies under an asset-light model.

Product overview

Fung Group is a privately-held multinational group headquartered in Hong Kong with roots dating back to 1906. The company operates as a consumer goods supply chain pioneer covering trading, logistics, distribution and retail across 40+ markets with over 15,000 employees. The product portfolio is organized around a platform-plus-services model: Li & Fung serves as the core supply chain solutions partner, while LFX functions as a digital innovation platform incubating and operating new ventures including UNIFi3D (3D-as-a-Service) and Air8 (supply chain fintech). The group includes specialized product companies spanning beauty (Meiyume), knitwear (Cobalt Fashion), and furniture (Living Style Group). Retail operations are managed through Fung Retailing Group and Convenience Retail Asia, while GFS handles freight forwarding and Lizi provides BPO/BPM services. The group also maintains sub-brands in fashion (LF Fashion, Miles, Branded Lifestyle), toys (Toys "R" Us Asia), children's apparel (Suhyang Network, Fung Kids), with a network spanning over 3,000 stores globally.

Differentiator

Problem solved

Functional benefit

Brands

• Li & Fung: Global supply chain solutions partner for brands and retailers with a vision to create the supply chain of the future
• LFX
• UNIFi3D
• Air8 (昇萃)
• Meiyume (利妍)
• Cobalt Fashion (利洋針織)
• Living Style Group
• Fung Retailing Group
• Convenience Retail Asia
• LF Fashion
• Miles
• Branded Lifestyle (利時控股)
• Suhyang Network
• Fung Kids
• Explorium (利程坊)

Products and services

• Li & Fung Supply Chain Solutions Global supply chain solutions partner for brands and retailers, providing design, development, sourcing, and logistics services across consumer goods categories including apparel, footwear, accessories, and FMCG.
• LFX Digital Incubation Platform Incubation, investment, and operating platform that creates digital ventures transforming supply chain and retail through innovative digital solutions and services.
• UNIFi3D 3D-as-a-Service 3D-as-a-Service company that accelerates apparel brands' transition to creating and selling products digitally at scale.
• Air8 Supply Chain Fintech Supply chain fintech company focused on serving financing needs of small-to-medium enterprise suppliers in the apparel and general merchandise sectors.
• Meiyume Beauty Solutions Beauty company offering one-stop-shop solutions for fragrance, skincare, color cosmetics, digital POS displays and beauty instruments.
• Cobalt Fashion Knitwear Largest specialist in the knitwear industry, using the latest technology to redefine the knitwear sector through innovation labs and partnerships.
• Living Style Group Furniture Solutions Pure-play furniture company bringing speed to market with core capabilities in design, development, sourcing and production for all furniture and home accessories.
• Convenience Retail Asia (Saint Honore, Mon cher, Zoff) Operates Saint Honore and Mon cher bakeries, Zoff eyewear stores in Hong Kong, Macau, Guangzhou, with expansion to the Greater Bay Area.
• GFS International Freight Forwarding Global leading sea, air and multimodal freight forwarding services company serving footwear, FMCG, food & beverage, healthcare, and electronics verticals.
• Lizi (Neotangent) BPO/BPM Services Business process outsourcing (BPO) and business process management (BPM) partner helping enterprises modernize operations at scale through supply chain expertise, digital platforms and rigorous process execution.
• Branded Lifestyle Fashion Brands Privately-owned retail company focused on mid-market fashion clothing and accessories brands including Hang Ten, Roots, Arnold Palmer, and Korean fast fashion brand H:CONNECT.
• Miles Global Promotional Products Products include fashion, accessories, decorations, furniture, home products, bags, sporting goods and camping equipment with global promotion theme.
• FNX Technologies 3D Imaging Digital product creation company delivering photorealistic 3D images 20x faster to enable apparel brands to scale 3D digital product creation and e-commerce capabilities.

Quantifiable outcome

• Over 1 billion people covered by improved supply chain conditions through Fung Group's network
• +5 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature5 records

Partnerships

14 partnerships are on record, tiered flagship and core.

• A.P. Moller - MaerskflagshipStrategic or Co-development Partner · 31 August 2022Maersk completed acquisition of LF Logistics for US$3.6 billion in August 2022. Li & Fung and Maersk formed a long-term strategic partnership combining Li & Fung's upstream digital and sourcing expertise with Maersk's downstream logistics capabilities to offer end-to-end value chain solutions anchored on operations excellence, technology, and sustainability.
• GLP Financial Services (Air8)coreStrategic or Co-development Partner · 18 August 2021LFX launched Air8 in partnership with GLP Financial Services as a strategic partner to serve supply chain financing needs of SME suppliers in the apparel and general merchandise sectors. Air8 leverages Li & Fung's ecosystem to build a fintech platform for cross-border trade finance.
• MANA Products and RPG (Vertical Beauty Alliance)coreStrategic or Co-development Partner · 19 January 2021MANA Products, Meiyume, and RPG formed The Vertical Beauty Alliance to deliver seamless, end-to-end beauty solutions around the world, creating a supply chain nucleus for the development, manufacturing, and merchandising of beauty products on a global scale.
• YUXINOU (Chongqing-Xinjiang-Europe)coreStrategic or Co-development Partner · 15 January 2021LF Logistics and YUXINOU reached strategic cooperation to develop a multimodal transport system for the China-Europe freight railway, providing stronger end-to-end logistics services for international and Chinese brands.
• GLP (for Transportation Hub)coreStrategic or Co-development Partner · 25 November 2020LF Logistics and GLP collaborated to implement new Digital Dock Management technology solutions at LF Logistics' new 24-hour Transportation Super Hub in Shanghai's Jiading district, marking the first step in creating a digital supply chain in the logistics industry.
• Alimentation Couche-TardcoreStrategic or Co-development Partner · 5 November 2020Convenience Retail Asia sold 340 Circle K/OK stores to Alimentation Couche-Tard, the owner of the Circle K brand, for HK$2.8 billion cash consideration. Convenience Retail Asia planned to declare a Special Cash Dividend of HK$3.85 per share from the proceeds.
• International Chamber of Commerce (ICC)coreStrategic or Co-development Partner · 4 September 2020ICC launched a high-level advisory group on trade finance co-chaired by Dr. Victor K. Fung (Chairman of Fung Group) and Marcus Wallenberg (Chair of SEB) to inform policy reforms to prime trade credit ecosystem for COVID-19 recovery.
• ELEVATEcoreStrategic or Co-development Partner · 14 July 2020ELEVATE and Fung Group partnered to transform and improve factory performance and strengthen retail supply chain recovery from COVID-19 with WorkerApp, providing digital tools for supply chain resilience and sustainability.
• First InsightcoreTechnology or Integration · 12 December 2019Li & Fung and First Insight formed a global strategic partnership integrating First Insight's Voice of the Customer analytics into Li & Fung's Digital Product Development solution, enabling brands and retailers to select, price, and buy designs with greater confidence.
• Nike and Ocean ConservancycoreStrategic or Co-development Partner · 5 November 2019LF Logistics signed the Nike and Ocean Conservancy Arctic Shipping Pledge to prohibit shipping through the Arctic Ocean, demonstrating commitment to environmental responsibility in shipping operations.
• Ruyi GroupcoreStrategic or Co-development Partner · 28 March 2019Fung Group and Ruyi Group formed a strategic partnership to jointly develop new growth opportunities in the global textile and garment sector, specifically in emerging Africa markets.
• Toys R Us AsiacoreStrategic or Co-development Partner · 16 November 2018Fung Retailing acquired an incremental 6% stake in Toys R Us Asia from Taj Noteholders, increasing its ownership to approximately 21%, becoming the largest shareholder. This facilitated separation of the Asian business from Toys R Us, Inc.
• Alibaba GroupflagshipStrategic or Co-development Partner · 6 November 2018Alibaba Group and Fung Retailing formed a strategic partnership at the first China International Import Expo to bring more international lifestyle brands to mainland China. Fung Retailing's global network of 3,000+ stores and Alibaba's e-commerce capabilities are combined for retail expansion.
• Christensen Institute (Clayton Christensen Institute for Disruptive Innovation)coreStrategic or Co-development Partner · 5 December 2017Fung Group and the Christensen Institute announced a five-year collaboration to explore how global market shifts and rapidly advancing technology are disrupting industries and paving the way for supply chains of the future.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Inditex (Zara): Inditex operates Zara and other global fashion brands with highly responsive supply chain operations spanning Asia sourcing to global retail. Comparable to Fung Group as a customer of Asian sourcing and as a model for integrated consumer goods supply chain.
• Kuehne+Nagel: Kuehne+Nagel is a top global freight forwarder and contract logistics provider with strong Asia-Pacific exposure. Comparable to Fung Group's GFS freight forwarding and former LF Logistics in integrated supply chain and multimodal transport solutions for consumer goods.
• DHL Supply Chain: DHL Supply Chain, part of Deutsche Post DHL Group, is a global leader in contract logistics and supply chain management for consumer goods, fashion, and retail. Comparable to Fung Group's Li & Fung and former LF Logistics operations as an end-to-end supply chain solutions provider serving major brands.
• Swire Pacific: Swire Pacific is a Hong Kong-listed conglomerate with significant operations in Greater China retail (including fashion and food retail) and logistics/property. Comparable as a Hong Kong-based diversified group operating Greater China consumer retail and supply chain assets similar to Fung Retailing and Li & Fung.
• Fast Retailing (Uniqlo): Fast Retailing operates the Uniqlo global apparel brand with deeply integrated Asia-based supply chain operations. Comparable to Fung Group as both a customer and a benchmark for vertically integrated apparel supply chain management in Asia.
• DSV A/S: DSV is a global transport and logistics company providing air, sea, and road freight forwarding plus supply chain solutions. Comparable as a competing end-to-end logistics and supply chain operator targeting consumer goods customers similar to Li & Fung's enterprise roster.
• Jardine Matheson: Jardine Matheson is a Hong Kong-headquartered diversified conglomerate with Asian retail, automotive, property, and logistics holdings. Comparable to Fung Group as a long-standing family-controlled Asian conglomerate with multi-sector consumer and supply chain exposure.

Direct peers

• Li & Fung (subsidiary): Li & Fung is Fung Group's core operating subsidiary providing global supply chain solutions for brands and retailers. Listed here as the canonical direct peer representation of the group's flagship business model of asset-light consumer goods supply chain orchestration.
• C.H. Robinson: C.H. Robinson is one of the largest global third-party logistics providers with North America strength and global freight forwarding. Comparable to Fung Group as a non-asset-based supply chain orchestrator serving enterprise retail and consumer brand customers.
• A.P. Moller - Maersk: Maersk acquired LF Logistics from Fung Group for US$3.6B in 2022 and entered a long-term strategic partnership. As the strategic partner and former owner of Fung's largest logistics asset, Maersk is a direct peer in integrated logistics and supply chain solutions for consumer brands.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInhk.linkedin.com/company/li-&-fung-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles49 records

Subsidiaries16 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fung Group