There is an old saying – where there is a will, there is a way. There are many success stories in India and around the world which show that if you dream big and work hard in that direction, you will surely find success. There may be hiccups and there may be setbacks, but that shouldn’t stop you from dreaming big, that shouldn’t give you up. It is often said that the path to success passes through failures. Today we are going to tell you the story of a small town boy who became a billionaire not by luck but by his hard work and smart mind.
migrated for better opportunities
This is the story of a man whose journey is an inspirational success story that resonates with people across the globe. This story is of Du Won Chang. Born in South Korea in 1954, Chang’s rise to prominence began with humble beginnings and countless challenges. In 1981, Chang immigrated to the United States with his wife, Jin Sook. He faced many financial difficulties, struggling to make ends meet. Despite these difficulties, he remained determined to succeed and pursue the American dream.
Worked in petrol pump, coffee shop
Chang was just 22 when he worked several low-paying jobs, including gas station attendant, janitor and coffee shop worker, to support his family. While working at a clothing store, she noticed that there was a high demand for affordable, trendy fashion. This observation sparked an idea and inspired him to venture into the clothing retail industry.
Birth of a Billion Dollar Retail Brand
With little retail experience, Chang and his wife decided to take a risk and opened their first store in Los Angeles, California in 1984 with $11,000. They named it “Fashion 21”, later rebranding it as “Forever 21”. Yes, the Chang family owns Forever 21—one of the most successful clothing brands out there.
Chang’s keen business sense, combined with his wife’s eye for fashion, proved a winning formula. His store quickly gained popularity, and he expanded his business, opening several locations throughout the United States. Forever 21 became a global fashion retailer catering to a wide range of customers. Won Chang and his wife Jin Sook have an estimated net worth of around $3 billion or more than Rs 2472 crore. The pair is at its peak on Forbes as well.
forever fall 21
Forever 21, once a thriving global fashion retailer, suffered a rapid decline following an ambitious expansion plan and a collection of missteps. The company had targeted to reach an $8 billion valuation by 2017, but faced financial troubles instead. The aggressive expansion drained its cash flow, leading to delayed payments to suppliers and the closure of two flagship stores in Los Angeles to settle $150 million in debt. Changing customer preferences also contributed to Forever 21’s downfall. People started shifting their attention from cheap prices to high quality products. Additionally, the rise of online retailers that could quickly produce new designs presented a challenge for the fast-fashion giant. Forever 21 also faced allegations of copyright infringement, adding to their troubles. As a result, the founders, Do Won Chang and his wife Jin Sook experienced a significant decline in their combined fortune, falling to $1.6 billion, and they lost their billionaire status. In 2019, Forever 21 filed for bankruptcy, and was subsequently sold to Authentic Brands Group for $81 million, marking a significant change in ownership.
hard work, testament to preservation
Chang’s success story is a testament to hard work, persistence and the pursuit of opportunity. Her story resonates with Indian readers, who are also familiar with the challenges and dreams of immigrant families. It serves as an inspiration to many aspiring entrepreneurs in India, encouraging them to pursue their dreams and take calculated risks. Chang’s journey from a struggling immigrant to a successful entrepreneur shows that with dedication, resilience, and vision, anyone can achieve their goals. His story illustrates the power of determination and the potential for success regardless of one’s background or circumstances. However, it also teaches that either you must grow with the changing times or suffer.