Li & Fung was founded in Guangzhou in 1906 as a traditional Chinese company engaged in trading. In 1937, it was established in Hong Kong as Li & Fung (1937) Limited, the holding company for Li & Fung (Retailing) Limited.
In the 1970s, the management of Li & Fung was transferred to the third generation of the Fung family - Dr. Victor K. Fung and Dr. William K. Fung - who remain at its helm today. Li & Fung is now a multinational group of companies driving strong growth in three distinct core businesses: export sourcing through Li & Fung Limited, distribution through IDS and retailing through CRA and other non-listed entities.
Li & Fung (Retailing) Limited, the holding company of Convenience Retail Asia, was formed in 1985. There are three retailing entities within the retailing group: Circle K, Toys "R" Us and Branded Lifestyle. The retailing group's business extends from Greater China, South Korea to major markets in South East Asia.