Do Won Chang is the founder of the clothing store chain Forever 21 with his wife. The couple has a combined net worth of around $1.6 billion. In 1981, they migrated from South Korea to the United States during a chaotic time in their home country. With only $11,000 in savings, they opened up their first store, then named Fashion 21. Today, there are over 700 stores in the Americas, Asia, the Middle East, and the UK. They moved to the States with not much more than a high school education and built a fashion empire. Here’s Do Won Chang’s success story.
|Name||Do Won Chang|
|Date of Birth||20 March 1954|
|Age (as in 2023)||68 years|
|Organization founded||Forever 21|
|Wife||Jin Sook Chang|
|Children||Linda Chang, Esther Chang|
Early life and struggles
Do Won Chang was born on March 20, 1954, in South Korea. In 1981, he along with his wife, Jin Sook Chang, moved to the United States. Growing up, ne never attended university and only had a high school education after coming to America. After landing in Los Angeles, they worked for 19 hours a day to financially support themselves. Don Won, just 22 years old at that time, wasted no time and began looking for jobs. He started working at a coffee shop, earning $3 per hour. Later, he worked at a gas station in the evening. Still, not content, Do Won started a small office cleaning business that kept him busy until a little after midnight. Meanwhile, his wife worked as a hairdresser.
From a very young age, Do Won was extremely hard working. After three years in the United States, the couple managed to save $11,000 in savings. In 1984, they opened a 900-square-foot apparel store called Fashion 21 in the garment district located in downtown Los Angeles. In its first store, Fashion 21 garnered a total sales of $700,000 by buying clothes directly from manufacturers at discounted prices. The business did so well that the couple opened up a new store every six months.
Do Won Chang’s success
By 2013, there were more than 480 stores and revenue of $3.7 billion. Forever 21’s sales reached an all-time high in 2015 with $4.4 billion in global sales that year. By 2016, the company made $4.4 billion in sales, had 43,000 employees in 790 stores in 48 countries including his native South Korea. Do Won Chang and his wife created Forever 21 with their own money and reached great heights. Their success story is an inspiration to many entrepreneurs all around the world.
Unfortunately, due to the increase in online retailers, the company filed for bankruptcy protection in 2019. However, Forever 21 is still one of the most popular brands in the world. Today, the couple’s combined net worth is $1.6 billion. Even with a drop in revenue in recent years by $4 billion from personal net worth. Do Won said that his family matters to him the most than any other measurement of success. His two daughters, Linda and Esther, also work in the company.
Interesting Facts About Do Won Chang
- Do Won Chang immigrated to the United States from South Korea in 1981.
- He and his wife started Forever 21 with just $11,000 in savings and a small store in Los Angeles.
- Do Won Chang is a devout Christian and has credited his faith as a driving force in his business endeavors.
- He is known for his frugality and has been known to fly economy class and stay in budget hotels even as his company has grown to become a multimillion-dollar enterprise.
- Forever 21 has faced criticism for its business practices, including its rapid expansion and the low wages it pays its workers.
Lessons we can learn
He’s life inspired many there is much out as in he was philanthropist also donated for many churches, religious groups and also he travels perform social works and missionary works.
Do Won Chang and his wife migrated to the States with just a high school education. He worked three jobs in order to support his family. Right from the beginning, the couple worked hard and never lost hope. If you believe in yourself, anything is possible. You just need to put in the effort and you will ultimately achieve all your dreams. Finally, hard work is the key to success.
Frequently Asked Questions
Do Won Chang was born in South Korea and immigrated to the United States in 1981. He and his wife, Jin Sook Chang, founded Forever 21 in 1984.
Do Won Chang became successful through a combination of hard work, determination, and a keen eye for spotting trends in the fashion industry. He and his wife started Forever 21 with a small store in Los Angeles and grew it into a major international fashion retailer through a combination of aggressive expansion and a focus on offering affordable, fashionable clothing.
Do Won Chang’s net worth is estimated to be $6.6 billion.
Do Won have been involved in charitable work through their charitable organization, the Forever 21 Foundation. The foundation supports a variety of causes, including education, healthcare, and disaster relief.