In 1948 two experienced Melbourne wool industry identities, Rhys Fox and Cyril Lillie, decided to join forces, and the wool exporting firm Fox and Lillie was born. In their foundation year they employed James Lillie senior as a trainee wool buyer, and over the next fifteen years the company experienced steady, if not spectacular growth, laying the solid foundations for a business destined for a long and successful future, and geared for the tremendous expansion that lay ahead.

In 1963 Rhys Fox retired and sold his shares to the Lillie family, who retain 100% ownership to this day. By the late 60's James Lillie senior had taken the reigns from his father, and throughout the 70's and 80's the company diversified its operations, investing in wool growing, processing, machinery design, brokering and country buying, whilst continuing to service its ever growing global customer base.

During the 1980's, James H. Lillie, and Jonathan Lillie joined the firm, and together with James Lillie senior as Executive Chairman they successfully led Fox and Lillie into the new millennium.

With the passing of James Lillie senior in 2009, James H. Lillie, and Jonathan Lillie are the senior executives of the company today, one of the largest wool exporting companies in Australia, and indeed the world.