Family Business Resilience and Succession at Koon Nam Wah

October 2026

5 mins

For Winnie Lam, the third-generation successor of Koon Nam Wah, family business succession is not only about passing on responsibilities, but also about carrying forward principles of doing business and a long-standing commitment to caring for staff and customers. In this episode of HSBC Life LIFETalk, we explore business resilience and succession through the story of a Hong Kong kwa bridal-gown house with nearly a century of history. Winnie shares lessons learnt from the 1997 Asian financial crisis, SARS and the pandemic, and her approach to managing risk for “steady wins” and preparing the next generation to carry the family business forward.

Key Highlights

Lessons from the financial crisis: Winnie was running her own handbag business when the 1997 Asian financial crisis triggered a sharp downturn in retail market. The experience taught her to look beyond short-term returns and maintain the capacity to withstand unexpected setbacks. She subsequently joined Koon Nam Wah at her family’s invitation.
Staying Resilient during the pandemic: During the pandemic, asset buffer built over the years helped sustain Koon Nam Wah, while ample stock enabled it to meet customer demand as the market recovered.
Measures to diversify risk amidst market volatility: Currency movements affect costs and profits, but selling prices cannot always rise to match. Winnie adjusts purchasing accordingly, buying more when exchange rates are favourable and taking a more cautious approach when rates are high, with the aim of keeping profits and cash flow stable.
Passing on responsibility: Winnie hopes the next generation will use new tools to help the company evolve while carrying forward its approach to doing business, taking risks, caring for staff and respecting customers.
Planning wealth and business succession: Planning the transfer of wealth and a family business involves balancing family needs, tax and legal arrangements, and future flexibility. This episode includes the introduction of the Currency Diversification Option* of the HSBC Luminous Global Insurance Plan, which provides flexibility against exchange rate swings and potentially reduces the adverse impact due to currency devaluation. The episode also introduces the Chief Legacy Planner Service, launched by HSBC Life with third-party professional advisers to support family legacy planning and address questions about business succession.

*Under the Currency Diversification Option, the function to allocate all or part of the Aggregate Cash Value into different currencies within two Currency Accounts per Policy.

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