The Emperor’s New Groove
In May, Alex Yeung was appointed vice chairman of the Emperor Group. As the family business celebrates its 80th anniversary, Yeung and his father Albert tell Tatler about the legacy they are building
When Alex Yeung joined his family business in 2009, he knew exactly what he was getting himself into. After all, he practically grew up in the Emperor Group’s offices, and spent every chance he could learning the tricks of the trade from the man who knew the company best: his father and the chairman of the group, Albert Yeung. Alex’s recent appointment as vicechairman comes as Emperor Group is celebrating its 80th anniversary, giving the Yeung clan two reasons to celebrate.
Founded in 1942 by Albert’s father Yeung Shing, Emperor grew from a small watch shop in Kowloon to an integrated group with diversified business units, which include property, financial services, watches and jewellery, entertainment, culture, hospitality, digital media and home living.
The group fared well during the pandemic: despite challenging economic conditions, the team expanded the Emperor Cinemas business into The Lohas in Tseung Kwan O, Times Square in Causeway Bay and The Venetian in Macau. A new theatre brand, Emperor Cinemas Plus+, is also due to open in 2023.
Now Alex has taken up the reins as the company’s third-generation leader, he hopes to take the business to new heights while continuing his philanthropic efforts in youth development and protecting the business’s storied history and legacy.
In celebration of the Emperor Group’s 80th anniversary, the team is launching a virtual tour this autumn that will be accessible to everyone, in collaboration with a local social enterprise. The tour will take viewers on a journey through time to witness how the group has played a defining role in the history of Hong Kong, with projects in locations including The Pulse, Repulse Bay’s beachfront shopping centre, and the revitalised commercial complex 4 Kin Fat Lane in Tuen Mun.
“From Time to Timeless’ is the slogan for our 80th anniversary,” says Alex. “The number 80 has meaning too: eight is a symbol of infinite loops and zero is a circle that has no beginning and no end. It’s a reflection of how our business units work together as one.” For the first time, the father-and-son duo sit down for an interview with Tatler and share their proudest moments and biggest career mishaps.
ALBERT YEUNG, CHAIRMAN OF EMPEROR GROUP
How did you first get your start in the family business?
In 1942, my father, Yeung Shing, opened the Shing On Kee Watch Shop on Shanghai Street in Kowloon. In 1964, I opened the Observatory Watch Shop on Nathan Road and, eventually, set up the brand Emperor Watch and Jewellery to consolidate the business following the success of those two shops. We have grown into a diversified conglomerate consisting of six listed companies on the Hong Kong Stock Exchange, with our business footprint spanning across Hong Kong, mainland China, Macau, London and Southeast Asia.
What has been your proudest accomplishment so far?
I am proud of the team spirit of my colleagues, which is amazing considering the significant size of our group. A number of our staff across different business units have been working shoulder-to-shoulder with me for decades. We owe our
success to our people. My children and I are in close contact with not only our existing staff, but also those who have retired.
What is your fondest memory of your father?
I remember my father as a man of action. He would roll up his sleeves to tinker with watches and renovate the shopfront. He could always carry conversation easily with any customer. He was also a fair and strict father to me and my siblings, and instilled in us the principles of life and business that he firmly believed in. These philosophies have inspired all areas of my life.
What do you think your father would say to you today, as the company’s 80th anniversary approaches?
I believe he would have been satisfied with what we have achieved, but there is always room for improvement. Life is a journey of continuous learning. I think he would have asked everyone in the group to keep up the good work and set our eyes on the future.
What’s the best piece of advice your father ever gave to you?
The importance of integrity, loyalty, respect and impartiality towards our friends. Also, that you cannot simply judge a person by his appearance, status or line of work. This piece of wisdom has helped me cultivate lots of goodwill and helpful connections, which contribute to the success of our group. My father was the best mentor I had. When I was a child, I would follow him to his business meetings, where I would learn first-hand the art of doing business. He taught me to be generous without worrying about return, and that sometimes, today’s loss can lead to tomorrow’s reward.
What was your biggest career failure and what did you learn from it?
In 1983, I over-leveraged my business and plunged into insolvency. After an extremely difficult time, I finally managed to save my business from being liquidated by the banks, all within two years. A company must have ample cash flow to prepare for the unexpected; only then can you pick and choose your strategy. This painful lesson forever changed the way I do business.
Do you have any secret hobbies?
I am a great fan of movies. It’s my favourite pastime. I usually watch at least one movie per week at home; it’s like stepping into a dream. That is why we invested in the movie industry: to offer people a window to experience an alternative reality. The first movie I invested in was back in the 1970s called Encore, starring Danny Chan, Leslie Cheung and Mary Jean Reimer.
What is your hope for the future of Hong Kong?
Having been rooted in Hong Kong for 80 years, our group has gone through many historic moments with the Hong Kong people. Hong Kong has always been inclusive, open and diverse, and its people always see opportunity in adversity. I am confident that there will be many more opportunities for success in Hong Kong as the economic growth roadmap of mainland China unfolds.