The founder of one of the largest fast fashion brands in the world managed to amass a net worth of millions of dollars after escaping a dictatorial regime.
Do Won Chang is a businessman of Korean origin who managed to realize his American dream of earning million of dollars. He did this after founding one of the most recognized brands in the international retail fashion market, Forever 21. The emigrant was able to form his company after raising the necessary funds with three jobs in the United States.
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The brand is characterized by offer affordable fashion items in its 800 stores in 56 countries around the world. Its infrastructure allows it to hire around 43 thousand employees and generate billions of dollars in annual profits. These figures position Forever 21 among the 100 most important companies worldwide.
The company also distinguishes itself by including a Bible verse on each company bag. This is fragment 3: from the book of John that says: “God so loved the world, that he gave his only begotten Son, that whoever believes in him should not perish but have eternal life.” But this does not remove the controversies of the firm in trials of design plagiarism and labor rights because of their long work hours.
What were the beginnings of Do Wong Chan like?
The Korean is originally from Seoul and his first venture was in his country’s capital, when he opened a cafeteria when he barely finished high school. His business enjoyed the prosperity of the modern Myungdong neighborhood but everything changed with the coup d’état and the dictatorial regime that was formed in 1979. The current billionaire remembers that: “At that time it was impossible to lead a decent life in South Korea, there were hardly any possibilities”.
Do emigrated to the United States, along with his wife Jun Sook Chang, in 1982. In his new nation he managed to find employment even though the language was difficult for him. The Korean started by working part-time in a cafeteria. There I earned about 3 dollars an hour. and he covered shifts that started at four in the morning, when he had to wash dishes.
His low income forced him to look for other jobs to cover his expenses. First he got a position at a service station and then took a third job as a cleaning staff. in an office center. Do Won Chang argued that; “Even now, but especially back then, there were a lot of opportunities.”
From humble to millionaire: how Do Won Chang became a millionaire
Do Won Chang 2.jpg
Los Angeles Business Journal
The idea of starting a business in the textile world arose when working at his position at the service station. The Korean observed that his clients with better cars were dedicated to this field and became interested in being part of it. That’s how invested $11,000 that he and his wife had saved to start their fashion empire.
They used the money they had raised to buy a clothing store that was near their apartment. Its business model was buy clothes directly from Korean producers who were in the same city of Los Angeles. This allowed it to have low operating costs, which translated into the modest prices of its merchandise since Fashion 21, now Forever 21, opened in 1984.
Source: Ambito