Fast fashion is big business and no one does it quite as well as Forever 21. There's no better place to go for a $19.95 sweater that happens to be spot on with current fashion and seasonal trends. Founded in Los Angeles in 1984 by Do Won Chang and his wife, Jin Sook Chang, Forever 21 has become synonymous with trendy, affordable clothing. The couple, who emigrated from South Korea in 1981, faced numerous challenges, including financial struggles and language barriers. However, their determination to achieve the American Dream propelled them forward.
When they first arrived in the U.S., they were broke, didn't speak much English, and lacked college degrees. At just 26 years old, Don worked at a gas station, where he noticed something interesting. The customers with the nicest cars were often from the garment industry, many of whom were also Korean immigrants. This observation sparked an idea that would change their lives forever.
In 1984, the couple opened a 900-square-foot clothing store in the Highland Park neighborhood of L.A., naming it Fashion 21. Their first year yielded an impressive $700,000 in sales. Jin Sook's background as a hairdresser in South Korea gave her a keen eye for spotting trends that were easy to replicate. This unique skill set allowed the Changs to gain a competitive edge in the bustling garment industry.
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Fashion 21 was stocked with affordable clothing sourced from Korean-American manufacturers in Los Angeles. Every item in the store was meticulously selected by Jin Sook, ensuring that the latest trends were always featured prominently. Industry analytics suggest that Forever 21 turns over an astounding 20% of its stock every week, a rate that significantly surpasses that of other clothing retailers. Following the success of their initial store, the Changs rebranded to Forever 21 and embarked on a journey of rapid expansion, opening new locations every six months.
Today, Forever 21 is a fast fashion powerhouse, raking in over $4 billion in sales from more than 700 stores across the globe. Remarkably, Don and Jin Sook Chang have built this multi-billion dollar empire without any formal advertising or marketing strategies. They have maintained a low profile, rarely granting interviews, and for years, the company headquarters lacked a sign. Despite this, Forever 21 remains a family-run business, with Don serving as the CEO, Jin Sook as the Chief Merchandising Officer, and their two daughters playing integral roles in the company's operations.
The Chang family's story is one of resilience, innovation, and an unwavering commitment to their vision. With a combined net worth of $5.9 billion, Don and Jin Sook Chang have not only achieved the American Dream but have also redefined the landscape of fast fashion.
