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Do Won Chang and Forever 21

Monday, 21 October 2019
9789 viewers.

Do Won Chang is best known for founding the clothing retail store Forever 21.

Do Won Chang is a Korean-born American businessman. He founded the clothing store chain Forever 21 with his wife Jin Sook Chang. At the company's peak in 2015, Jin Sook and Do Won Chang had a combined net worth of $5.9 billion, according to Forbes.

Do Won Chang Forever 21 八字 BaZi Four Pillars of Destiny Patt Chee

An Immigration Success Story of Perseverance, Adaptability, and Faith

Humble Beginnings

Do Won Chang was born in a village called Myeong-Dong in Seoul, South Korea in 1954. His strong work ethic was in him from an early age. When he was old enough, he worked in coffee shops and started his own coffee delivery service. In 1981, Don Chang moved to America with his wife, Jin Sook. At one point, he had to work three jobs. He worked in coffee shops, he worked as a janitor and as a gas station attendant.

In 1984, using the wages from his three jobs, Do Wan Chang was able to open his first store in the Highland Park area of Los Angeles. He called it Fashion 21 and targeted it towards his fellow Korean-Americans. In just the first year, sales soared from $35,000 to $700,000. Do Wan Chang changed the name of his store to Forever 21 to appeal to more customers. This clearly worked as he was then able to open more stores in the United States and even in his hometown, Myeong-Dong back in South Korea. Within five years, he had opened eleven stores.

Recession Bites in 2009

2009 was a very tough year for everyone, including businesses, as we all know, due to the recession. Chang was forced to make a few cuts and close seven stores. However, you can’t keep a man with his tenacity down for long. Forever 21 soon recovered and has continued to grow and grow. It now has over 600 stores around the world, including one in Birmingham and one in London, UK.

2019

Forever 21 just filed for bankruptcy — and the husband and wife duo who founded it have lost nearly $4 billion from their personal net worth since 2015

Forever 21 cofounders Jin Sook and Do Won Chang are no longer billionaires, according to Forbes estimates. The fast-fashion retailer filed for bankruptcy on September 29 after a failed attempt to restructure its debt. Each half of the married couple now has a net worth of $800 million, according to Forbes.

What happened to his BaZi in 2009 and in 2019?

References

https://en.wikipedia.org/wiki/Do_Won_Chang



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