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Kenneth Fang

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Dr
Kenneth Fang
GBS CBE JP
方鏗
BornNovember 20, 1938
Jiangsu, China
DiedAugust 28, 2022(2022-08-28) (aged 83)
Hong Kong
NationalityHong Konger
Alma materUniversity of Michigan Massachusetts Institute of Technology
Occupation(s)Businessman, philanthropist
ChildrenKatherine Fang [zh] (Daughter)

Susanna Fang (Daughter) Jean Fang (Daughter)

Douglas Fang [zh] (Son)
RelativesVincent Fang (Brother)
Chinese name
Chinese方鏗
Transcriptions

Dr Kenneth Fang Hung GBS CBE JP (Chinese: 方鏗; November 20, 1938 - August 28, 2022) was a Hong Kong billionaire industrialist and philanthropist. He was known as the "King of Textiles".[1][2]

Early Life

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Fang was born on November 20, 1938, in Xiaohai Town, Nantong City, Jiangsu Province. He lived in Hong Kong from the 1950s onward. For his early education, he graduated from Pui Ching Secondary School in 1956. Fang received a Bachelor of Science from the University of Michigan and a Masters of Science in chemical engineering from the Massachusetts Institute of Technology.

Family Background

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The Fang family with roots in Haimen, Nantong, Jiangsu, China has long had a prominent position in Hong Kong. They are deemed by Forbes as "the largest amongst the dozen-or-so of families that dominate Asia's textile industry".[3]

Fang's father, Fang Shui Chow (Chinese: 方肇周), made his first fortune in the yarn trade in Shanghai. Fang Shui Chow later moved to Hong Kong on the eve of the Communist takeover in 1949, shipping hundreds of the most technologically-advanced cotton spindles to the entrepôt before his arrival.[3] He later founded S.C. Fang & Sons that same year, which became Hong Kong’s largest textile maker.[4] He was regarded as one of the pioneers of Hong Kong's 20th century industrial boom. One of Fang's brothers is Vincent Fang, who inherited and serves as the Chief Executive of the Toppy Group, overseeing the family's multi-billion-dollar apparel retailing operations.[5] He is also notably the former chairman & leader of the Liberal Party of Hong Kong, and a former member of the Legislative Council of Hong Kong.

Career

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Textile and apparel manufacturing

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In the 1960s, Fang joined his father's textile-making business, S.C. Fang & Sons, for one year. Fang’s family was one of the largest holders under the textile quota system, which was in place throughout the second half of the 20th century and abolished in 2005.[6][7] They held near-monopolistic control and investments in the textile industry.

Fang was best known for founding Fang Brothers Knitting Limited (Chinese: 肇豐針織) in 1965, which was the largest apparel manufacturer throughout the mid-late 20th century, and remains one of the largest in the world.[8][9] After shopping at name-brand department stores Jordan Marsh and Filene's during his studies at MIT, he saw the demand for simply constructed sweaters, which led him to manufacture knitwear on a private-label basis.[3] As of 2002, Fang Brothers Knitting operated 25 factories in mainland China, Hong Kong, Thailand, Malaysia, Mexico, Honduras, the United States and the United Kingdom; employed over 25,000 workers; produced over 30 million pieces of high quality knitwear annually (also produced undocumented amounts of t-shirts, sweaters, and other garments).[10] The firm supplied to companies including Ralph Lauren, Burberry, Brooks Brothers, J.Crew, and more.[11]

Fang was widely regarded as the leader of Hong Kong's textile & garment industry for his contributions. Fang was credited with modernizing the industry by introducing Western production and business formats and employing vertical-integration practices.[12] During the 1980s, he led and successfully defended Hong Kong against a case raised by the US Department of Commerce on a US Anti-Dumping Duty Order against MMF Sweaters from Hong Kong. In 1999, he chaired the Textiles and Garment Industry Revitalisation Committee and established a plan to strengthen Hong Kong’s position as a world fashion hub, which was implemented by the Hong Kong government in 2000. In 2001, he led the establishment the Hong Kong Fashion and Design Centre.[10]

Fang Brothers Holdings Limited

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Fang was also the chairman of Fang Brothers Holdings Limited. Through Fang Brothers Holdings, he diversified beyond the textile industry, investing into retail & trading, real estate, electronics, and energy storage amongst other sectors.[13][14]

Fang started the retailing & trading arm in 1973, his portfolio of owned brands included Pringle of Scotland, Episode, Jessica, Color Eighteen, Jean-Pierre, and Excursion amongst others, operating over 1,000 stores worldwide.[10][15] He also owned significant stakes in other fashion houses. The success of Fang's homegrown brands led him to be considered "Hong Kong's fashion pioneer of the middle market", and at one point "gave the impression that [he] owns every other shop in Hong Kong, all the busiest ones", according to the New York Times.[16] Luxury knitwear fashion-house Pringle of Scotland, acquired in 2000, holds a royal warrant and is one of the world's oldest continually operating fashion companies.[17][18][19] He has reportedly personally invested over £100 million into the brand.[20] GRI, a subsidiary operating Fang's licensing and franchising business, distributes a wide range of brands, including being the exclusive licensee of Nine West, Anne Klein New York, and Easy Spirit in Asia and Europe.[21][22]

Fang's electronics arm included several companies primarily focused on the mainland China region. He acquired Yeebo International Holdings (SEHK: 259) in 1997, a manufacturer of liquid crystal displays, OLED, and eyewear.[23][24] He was deemed a "white knight" by the media for turning around the company's debt and legal issues.[25] Yeebo Display, a subsidiary, is the world's largest manufacturer of flat-panel LCD displays.[26] In 2005, he acquired a controlling stake in Nantong Jianghai Capacitor Co (SHE: 002484), China's largest manufacturer of capacitors, from a state-owned enterprise. Its core business focuses on producing aluminium electrolytic capacitors. Since taking the company public in 2010, the stock has risen over 300% to-date.[27][28] In collaboration with CITIC Capital, through China Auto System Technologies, he also held a major stake in Aotecar (SHE: 002239), China's largest manufacturer of air conditioning compressors and HVAC systems.[29][30][31]

Fang was praised for re-investing heavily into his hometown, Nantong, and other regions in Jiangsu. He reportedly established over ten businesses in the retail, beer, printing, real estate, and healthcare industries.[32] Amongst those businesses included hypermarket chain Times Ltd, which he sold to Lotte Shopping in 2009 for US$630 million, remaining as the largest acquisition of a Chinese company by a Korean firm to date. He personally pocketed over US$450 million from the sale.[4][33][34] Another was Jiangsu Dafuhao Breweries, one of China's 10 most popular beer brands and the most popular in the Jiangsu province. It was later sold to Heineken for an undisclosed amount.[35][32]

Positions

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Business

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Community

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Political

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Fang, as a pro-Beijing entrepreneur, maintained good relations with the Chinese government, and was appointed a member of the National Committee of the Chinese People’s Political Consultative Conference, and a member of the Standing Committee of Chinese People’s Political Consultative Conference of Jiangsu Province.

Some of his other past appointments include:[36][37]

Awards and recognition

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Fang received several honours and awards:[36][12]

Personal life

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Fang was married to Diana Bin since April 1967, with three daughters and one son, Katherine, Susanna, Jean, and Douglas. He lived on Osmanthus Road, Kowloon Tong.

In 2009, Forbes estimated his fortune at US$1.6 billion (10 billion Yuan).[38][39]

Fang was frequently involved in philanthropic activities. Since 1990 he has donated more than $100 million to his hometown, Nantong. These include the construction of several primary and secondary schools in the city, establishment of a program that sent gifted students to Hong Kong each year on a multi-day exchange, donation of $10 million to Nantong University, donation of $3 million to found a cultural arts museum, and gift of $35 million worth of textile weaving equipment. [40][41] He also made significant contributions to higher education institutions. He donated over $40 million to Nanjing University, where the gymnasium & multi-sports complex is named in honour of his late father.[42][43] In 2004, he donated $5 million to Shanghai Jiao Tong University, establishing the Kenneth Fang Reward Fund. He made several donations to his alma mater, Massachusetts Institute of Technology, including a $1 million endowment to found the Chinese Language Program in 1992.[44] His son, Douglas, serves as a member of the MIT Corporation.[45] In 2004, the Fang Brothers Whole Person Development endowment fund at the City University of Hong Kong was established with a large donation, which continues to provides annual scholarships.[46] He established the Fang Professorship in Engineering at the Hong Kong University of Science and Technology, which has been in place since 2016.[47]

References

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  1. ^ "In Memoriam: Dr. Kenneth Fang Hung, GBS, JP | HKBU Foundation". foundation.hkbu.edu.hk.
  2. ^ "麻省理工學霸 紡織起家卻出售65家超市給樂天 如今坐擁10億身家".
  3. ^ a b c Berman, Phyllis (January 20, 1992). "Closer to the consumer". Forbes (International). p. 56.
  4. ^ a b Flannery, Russell. "What Slowdown?". Forbes.
  5. ^ "Apparel and Retail Executives Look to China for Growth". www.apparelnews.net. January 29, 2010. Retrieved 2023-01-24.
  6. ^ "製衣配額「四大家族」之一 - 太陽報". the-sun.on.cc. Retrieved 2025-02-17.
  7. ^ Morkre, Morris. "Rent-seeking and Hong Kong's Textile Quota System" (PDF). Institute of Developing Economies.
  8. ^ "Cutting-edge design, a media blitz – just look at fusty old Pringle now".
  9. ^ "Scotland's Fusty Pringle Retakes Fashion".
  10. ^ a b c "Industrialist of the Year Award | Past Awardees | Federation of Hong Kong Industries". www.yiah.org. Archived from the original on 2024-06-23. Retrieved 2024-12-12.
  11. ^ "EXPERTISE". fangbrothers. Retrieved 2025-02-13.
  12. ^ a b "Industrialist of the Year Award | Past Awardees | Federation of Hong Kong Industries". www.yiah.org. Archived from the original on 2024-12-13. Retrieved 2025-02-13.
  13. ^ "Named Professorship at HKUST". np.hkust.edu.hk. Retrieved 2024-11-25.
  14. ^ "香港回归20周年，"纺织大王"方铿的故事". www.sohu.com. Retrieved 2023-07-18.
  15. ^ "EXPERTISE". fangbrothers. Retrieved 2025-02-13.
  16. ^ Menkes, Suzy (June 1, 1993). "Hong Kong's Shopping Revolution: [2 Edition]". International Herald Tribune / ProQuest. Retrieved 2024-04-07.
  17. ^ "Hong Kong magnate poised to buy Pringle". HeraldScotland. 2000-02-14. Retrieved 2023-05-23.
  18. ^ "Diamonds are forever: 200 years of Pringle of Scotland". BBC News. 2015-04-01. Retrieved 2025-02-13.
  19. ^ Nichols, Elizabeth (2015-04-10). "A Dance Takes Shape From Pringle of Scotland's Archives". T Magazine. Retrieved 2025-02-13.
  20. ^ The Fashion and Design Club, The Fashion and Design Club (March 10, 2021). Inside the Brand: Pringle of Scotland: How did it all go so wrong?. Independently published. ISBN 979-8720043438.{{cite book}}: CS1 maint: date and year (link)
  21. ^ Flannery, Russell. "What Slowdown? China Textile, Retail Pioneer Kenneth Fang Still Sees Growth". Forbes. Retrieved 2025-02-13.
  22. ^ "Jones Apparel Gains More Stake in GRI Group | License Global". www.licenseglobal.com. Retrieved 2025-02-13.
  23. ^ "Fang to take helm at Yeebo after restructure". South China Morning Post. 1997-04-19. Retrieved 2023-01-27.
  24. ^ "Yeebo (International Holdings) Limited". www.yeebo.com.hk. Retrieved 2025-02-13.
  25. ^ "Yeebo white knight to save face as well". South China Morning Post. 1997-03-24. Retrieved 2023-01-27.
  26. ^ "亿都(国际控股)新款液晶显示器大幅提升用户体验，不容错过_产品_设备_行业". it.sohu.com. Retrieved 2025-03-28.
  27. ^ 网易 (2025-01-13). "套现56亿后，香港一家人顺利撤离，又一企业被国资接盘". www.163.com. Retrieved 2025-02-13.
  28. ^ "香港一家人卖掉公司后，落袋27.6亿悄然离场，给股民留下个聚宝盆_江海股份_方铿_肇周". www.sohu.com. Retrieved 2025-02-13.
  29. ^ "Automechanika - Exhibitors & Products 2024". automechanika.messefrankfurt.com. Archived from the original on 2024-08-11. Retrieved 2025-05-08.
  30. ^ https://www.hkexnews.hk/listedco/listconews/sehk/2011/0415/01283_1053741/e116.pdf
  31. ^ "发展历程-奥特佳新能源科技股份有限公司". www.aotecar.com. Retrieved 2025-05-08.
  32. ^ a b "捐资办学实业报国---方铿 - 上海交通大学教育发展基金会". foundation.sjtu.edu.cn. Retrieved 2025-02-13.
  33. ^ "South Korea's Lotte To Expand In China". Forbes. Retrieved 2022-12-03.
  34. ^ "针织大王套现过冬 时代零售或许是方氏家族度过此轮危机最有力的后盾_滚动新闻_新浪财经_新浪网". finance.sina.com.cn. Retrieved 2023-07-18.
  35. ^ "China Resources-SAB Miller JV Acquires two Chinese Breweries from Heineken". www.foodingredientsfirst.com. Retrieved 2025-02-13.
  36. ^ a b "Webb-site Who's Who: Fang, Kenneth Hung 方鏗". webb-site.com. Retrieved 2023-05-23.
  37. ^ "Mr Kenneth FANG Hung - Honorary University Fellows - Honorary University Fellowships". www4.hku.hk.
  38. ^ Flannery, Russell (April 17, 2012). "中国经济不行啦？巨商方铿不这么看". Forbes China.
  39. ^ "香港纺织大王门前宝马遭纵火 否认与人结怨(图)". www.chinanews.com.cn. Retrieved 2022-11-03.
  40. ^ "捐资办学实业报国---方铿 - 上海交通大学教育发展基金会". foundation.sjtu.edu.cn. Retrieved 2025-02-13.
  41. ^ "传承方正精神 再创辉煌未来-南通市人民政府". www.nantong.gov.cn. Retrieved 2025-02-13.
  42. ^ "Sports Facilities". njunju.nju.edu.cn. Retrieved 2025-02-13.
  43. ^ ""纺织大王"方铿：勤勉踏实，顺势而为". www.sohu.com. Retrieved 2025-02-13.
  44. ^ "Fang $1M Gift To Support Chinese". MIT News | Massachusetts Institute of Technology. 1992-11-04. Retrieved 2025-05-08.
  45. ^ "Social Sciences – The MIT Corporation". corporation.mit.edu. Retrieved 2025-05-08.
  46. ^ "Fang Brothers Whole Person Development Scholarships 2024/25 | Student Development Services". www.cityu.edu.hk. Retrieved 2025-05-08.
  47. ^ "Named Professorship at HKUST". np.hkust.edu.hk. Retrieved 2025-05-08.
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