According to recent sources, Do Won Chang, the South Korean-American businessman who founded the apparel brand Forever 21, is projected to be worth over $800 million. Chang worked at a number of occupations after arriving in the US in 1981 until he and his wife founded Forever 21 in 1984. The company quickly grew into a major worldwide retailer, particularly with youthful consumers. Chang’s fortune is still substantial because to his early success and ownership part in Forever 21, even if the company filed for bankruptcy in 2019 and was later sold. His tale is a well-known illustration of the American dream.
Table of Contents
Do Won Chang wife & children
The creator of Forever 21, Do Won Chang, talks to his close-knit family about his inspirational journey. He and his spouse, Jin Sook Chang, left South Korea for the United States in 1981. Together, they transformed Forever 21 from a little store into a well-known worldwide brand. Jin Sook, who oversaw fashion purchasing, was essential to the expansion of the business. Linda and Esther Chang, the couple’s two daughters, were also active in the company and held management positions. The brand’s success and ability to withstand setbacks were largely attributed to the Chang family’s solidarity, work ethic, and common goal.
Humble Beginnings
In 1954, Do Won Chang was born in South Korea. Like many South Koreans in the post-war period, he had early financial difficulties. In 1981, he and his spouse, Jin Sook, moved to the United States in search of brighter prospects. It was not an easy beginning for them in America. Chang supported his family by doing a variety of low-paying jobs, including gigs as a coffee shop employee, gas station attendant, and janitor—all at the same time.
Chang stayed committed to his dream of being a company owner in spite of the obstacles. He was perceptive and inquisitive, pointing out that a large number of prosperous people he met in Los Angeles worked in retail. This piqued his curiosity and established the groundwork for what would grow to be one of the most recognizable brands in the retail fashion industry.
The Birth of Forever 21
Do Won Chang and his wife launched their first business in Los Angeles in 1984 with just an idea and $11,000 in funds. The business, which served the Korean-American community and was first known as “Fashion 21,” immediately became well-known for its stylish yet reasonably priced apparel. The Changs concentrated on providing stylish items that reflected current fashions at costs that younger consumers could afford.
From the start, Fashion 21 was a success. Sales at the store reached $700,000 within a year, and the couple started to grow. To reach a wider audience, they relaunched the company as “Forever 21,” focussing especially on teens and young people who wanted to appear stylish without going over budget.
Fast fashion was their straightforward yet successful concept. Forever 21 was excellent at quickly creating fresh looks based on the newest trends in fashion. Because of its agility, the company was able to regularly replenish its inventory, which made customers feel pressed for time and encouraged them to return.
Faith and Business Philosophy
The part that Do Won Chang’s Christian religion played in his business is one distinctive feature of his tale. Chang has often claimed that his faith in God is the reason behind his success. In a little but significant homage to the couple’s religious beliefs, the firm famously put Bible passages, including John 3:16, on the bottom of their shopping bags.
Chang also valued diligence, self-control, and thrift. He continued to be modest and interested in the day-to-day management of his company in spite of his increasing fortune. He and his spouse put in years of nonstop labour, with Do Won concentrating on strategy and growth and Jin Sook managing design and items.
Rise to a Global Brand
Forever 21 was a major player in fast fashion by the 2000s. The business had rapid plans to develop both domestically and abroad. At its height, Forever 21 employed tens of thousands of people and had more than 800 locations in more than 50 countries. Revenues above $4 billion annually.
A modest store was turned into a worldwide fashion empire because to Chang’s ideas. A devoted following of customers was drawn to the company by its affordable prices, regular new collections, and stylish designs, especially among teenagers and young adults.
Rapid expansion, meanwhile, also presented difficulties.
The Journey of Do Won Chang
The tale of Do Won Chang is a potent illustration of tenacity, faith, and an entrepreneurial spirit. His career, which included jobs as a petrol station attendant and caretaker before he and his wife founded the international apparel conglomerate Forever 21, epitomises the American ideal. Notwithstanding obstacles, such as Forever 21’s 2019 bankruptcy, Chang continues to have a big influence on the retail sector. His success was largely attributed to his strong work ethic and dedication to his family. Do Won Chang’s modest origins and audacious future vision continue to serve as an inspiration to aspiring business owners throughout the globe.
