Kenneth Fang
Kenneth Fang Hung | |
|---|---|
| Born | 20 November 1938 Xiaohai Town, Nantong City, Jiangsu Province, China |
| Died | 28 August 2022 (aged 83) |
| Occupation(s) | Industrialist, philanthropist |
| Known for | Chairman of Fang Brothers Holdings Limited; "King of Textiles" |
Dr Kenneth Fang Hung GBS CBE JP (; November 20, 1938 – August 28, 2022) was a Hong Kong-based billionaire industrialist and philanthropist, widely acclaimed as the "King of Textiles".
Early life
Fang was born in Xiaohai Town, Nantong City, Jiangsu Province, and relocated to Hong Kong during the 1950s. He completed his secondary education at Pui Ching Secondary School in 1956 before obtaining a Bachelor of Science from the University of Michigan and a Master’s degree in chemical engineering from the Massachusetts Institute of Technology.
Family Background
The Fang family, originally from Haimen, Nantong, Jiangsu, has long been a leading presence in Asia's textile sector, recognized by Forbes as among the largest family conglomerates within the industry.
Kenneth’s father, Fang Shui Chow (方肇周), amassed his wealth through Shanghai’s yarn market prior to moving to Hong Kong in 1949. That year, he established S.C. Fang & Sons, which evolved into Hong Kong’s foremost textile manufacturing enterprise and significantly contributed to the region’s industrial growth. Kenneth’s brother, Vincent Fang, currently oversees the family’s extensive apparel retail operations as CEO of the Toppy Group and has held prominent positions including chairman of Hong Kong's Liberal Party and membership in the Legislative Council.
Textile and apparel manufacturing
During the 1960s, Fang entered his father’s textile company, S.C. Fang & Sons, which maintained a dominant position under the textile quota system until its termination in 2005. The family exercised near-monopoly control alongside substantial investments within the textile field.
In 1965, Fang established Fang Brothers Knitting Limited (肇豐針織), which grew into one of the world’s largest garment manufacturers throughout the latter half of the 20th century. Motivated by demand for straightforward sweater designs observed during his studies at MIT, he concentrated on producing private-label knitwear. By 2002, Fang Brothers Knitting operated 25 factories spanning China, Hong Kong, Southeast Asia, Mexico, the United States, and the United Kingdom; employed over 25,000 personnel; and manufactured upwards of 30 million premium knitwear items annually. The company supplied renowned brands such as Ralph Lauren, Burberry, Brooks Brothers, and J.Crew.
Fang earned recognition as an innovator in Hong Kong’s textile and garment sector by modernizing production through Western methodologies and vertical integration. In the 1980s, he effectively contested a US Anti-Dumping Duty Order on MMF Sweaters targeting Hong Kong exporters. He chaired the Textiles and Garment Industry Revitalisation Committee in 1999, crafting a strategy that reinforced Hong Kong's role as a leading global fashion center—this plan was adopted by governmental authorities in 2000. He further spearheaded the creation of the Hong Kong Fashion and Design Centre in 2001.
Fang Brothers Holdings Limited
As chairman of Fang Brothers Holdings Limited, Fang expanded operations beyond textiles into retail and trading, real estate development, electronics manufacturing, and energy storage sectors. The retail and trading division launched in 1973 grew to encompass over 1,000 stores worldwide under brands such as Pringle of Scotland, Episode, Jessica, Color Eighteen, Jean-Pierre, and Excursion. He held significant interests in other fashion labels and was regarded as "Hong Kong's middle-market fashion pioneer." A landmark acquisition was the purchase of luxury knitwear brand Pringle of Scotland in 2000—one of the oldest fashion houses globally with a royal warrant—into which Fang invested more than £100 million. His subsidiary GRI administers licensing and franchising for brands including Nine West, Anne Klein New York, and Easy Spirit across Asian and European markets.
In electronics, Fang concentrated on mainland China ventures. In 1997, he acquired Yeebo International Holdings (SEHK: 259), a producer specializing in LCDs, OLEDs, and eyewear products; he successfully resolved its financial liabilities and legal challenges. Yeebo Display has since become the world’s largest flat-panel LCD manufacturer. In 2005, he assumed control of Nantong Jianghai Capacitor Co (SHE: 002484), China’s leading aluminum electrolytic capacitor manufacturer; since its IPO in 2010, its share price has surged by over 300%. Through collaboration with CITIC Capital via China Auto System Technologies, he also maintained a significant stake in Aotecar (SHE: 002239), China’s foremost air conditioning compressor and HVAC system producer.
Fang heavily reinvested in his native Nantong and Jiangsu province by founding more than ten enterprises spanning retailing, brewing, printing services, real estate development, and healthcare industries. Among these ventures was Times Ltd., a hypermarket chain sold to Lotte Shopping in 2009 for US$630 million—the largest acquisition by a Korean company of a Chinese firm at that time—yielding Fang profits exceeding US$450 million. Additionally, he owned Jiangsu Dafuhao Breweries, ranked among China’s top ten beer producers and dominant within Jiangsu province; this brewery was later sold to Heineken for an undisclosed amount.
Business
- Chairman of Fang Brothers Holdings Limited and its affiliated enterprises (肇豐集團)
- Chairman of Fang Brothers Knitting Limited (肇豐針織)
- Chairman of S.C. Fang & Sons Limited
- Chairman of Yeebo (International Holdings) Limited
- Non-executive Director at the Hongkong and Shanghai Banking Corporation (HSBC)
- Independent non-executive director for Wing Tai Properties Limited
- Independent non-executive director at Jiangsu Expressway Company Limited
- Independent non-executive director of Nan Hai Corporation Limited
Community
- Chairman of the Hong Kong Productivity Council
- Chairman of the Hong Kong Research Institute of Textiles and Apparel
- Chairman of the Hong Kong Examinations Authority
- Chairman, Board of Governors, Prince Philip Dental Hospital
- Honorary Chairman of both the Hong Kong General Chambers of Textiles and the Hong Kong Textile Council
- Honorary Life President at the Hong Kong Polytechnic University
- Honorary President of the HKBU Foundation
- Honorary Member of the Court at Hong Kong University of Science and Technology
- Honorary Member, Board of Trustees, Nanjing University
- Member of the governing Courts for the University of Hong Kong, Hong Kong Polytechnic University, and City University of Hong Kong
- Member of the Textile Advisory Board under the Hong Kong Government
Political
As a pro-Beijing business leader, Fang sustained close connections with Chinese authorities. He was appointed as a member of both the National Committee and Standing Committee of the Chinese People’s Political Consultative Conference representing Jiangsu Province.
Other roles he held included:
- Member of the Selection and Preparatory Committee for the inaugural Government of the Hong Kong Special Administrative Region
- Member of Hong Kong’s Election Committee
- Hong Kong Affairs Adviser to Beijing authorities
- Member of the One Country Two Systems Research Institute
- Member within the Hong Kong Coalition
Fang was honoured with multiple distinctions:
- Justice of the Peace in Hong Kong (1986)
- Awarded Most Excellent Order of the British Empire by the UK (1990)
- Elevated to Commander of the Most Excellent Order of the British Empire (UK, 1997)
- Recipient of the Gold Bauhinia Star in Hong Kong (2004)
- Named Honorary Citizen of Nantong, PRC
- Designated Honorary University Fellow by the University of Hong Kong (2002)
- Conferred Honorary Doctorate in Business Administration from Hong Kong Polytechnic University (2005)
- Awarded an Honorary Doctorate from Nanjing University (2014)
- Recognized as Industrialist of the Year by Federation of Hong Kong Industries (2002)
- Honoured as Outstanding Leader in Business by Sing Tao News Corporation (2011)
- First awardee of "Jiangsu Overseas Chinese Entrepreneurs Charity Star" (2013)
Personal life
In April 1967, Fang wed Diana Bin, and together they had four children: three daughters—Katherine, Susanna, Jean—and one son, Douglas. Their family home was located in Kowloon Tong.
Forbes valued his fortune at approximately US$1.6 billion (10 billion Yuan) in 2009.
Fang was deeply involved in philanthropy, having donated over $100 million since 1990 to support his hometown Nantong. His generosity funded construction projects for primary and secondary schools, initiated a student exchange program between Nantong and Hong Kong, contributed $10 million to Nantong University, $3 million toward establishing a cultural arts museum, and provided $35 million worth of textile weaving machinery. Additionally, he donated upwards of $40 million to Nanjing University; its gymnasium bears his late father’s name.
In 2004, he gave $5 million to Shanghai Jiao Tong University to create the Kenneth Fang Reward Fund. His support for MIT included a $1 million endowment established in 1992 for their Chinese Language Program. His son Douglas serves on MIT’s Corporation.
The Fang Brothers Whole Person Development endowment fund at City University of Hong Kong was founded through his contribution in 2004 and continues to award annual scholarships. Since 2016, funding has also supported the Fang Professorship in Engineering at Hong Kong University of Science and Technology.