The Democratization of Fashion': William Fung and Vera ' Wang on the Implications of Going Global

Vera Wang built a brand creating wedding-day fantasy gowns for celebrities and socialites. She became a household name even to the average shopper, although her creations were often too expensive to hang in their closets.
Most of those same shoppers have likely never heard of William Fung. But chances are, they own some of his work -- and may even be wearing it right now. The century-old Hong Kong-based trading company -- founded by Fung's family during the Qing Dynasty -- sources and coordinates the supply chains for about 30% of the brands found in the average American shopping mall.
As the world grows more interconnected, businesses are learning to adapt to new realities. To compete in a numbers game, Wang is trying to turn her business into one that is widely known and widely worn, expanding into a more moderately priced line for Kohl's. And as retailers face greater pressure to keep up with rapidly changing trends, expand into new markets and streamline production, Li & Fung is managing new complexity in the production process.

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