5 Insights From Forever 21’s History

Millions of immigrants from all over the world come to the United States each year with one objective in mind: to get a taste of the American dream.

Do Won Chang and his wife Jin Sook, who are originally from South Korea, admit that the journey to the American dream was not without its bumps and bruises, but they believe it was well worth it in the end. Do Won Chang and Jin Sook are currently the owners of Forever 21, a fashion company with a multi-billion dollar valuation.

From the History of Forever 21, we may learn five important lessons:

One of the world’s fastest growing fashion shops, Forever 21 has been nicknamed “the Apple of the Fashion Industry.” They now have 470 locations throughout the globe, and they want to add more in the next years to their network.

A dream come true for the husband and wife partnership, Forever 21 is their American dream. It was Jin Sook and Do Won Chang who demonstrated that achieving the American dream is not difficult if you work hard and dedicate the necessary time.

“Forever 21 provides hope and motivation to individuals who come here with practically nothing,” Chang once said.

Here are five lessons you can learn from the extraordinary rags to riches narrative of the Forever 21 founders that will inspire you to do better in your own business.

First and foremost, great things begin with little steps.

Born from a low-income household in a modest section of Seoul, Do Won Chang grew up to become a successful businesswoman. Do Won Chang and his wife chose to go to the United States when they were 21 years old since they had few possibilities and little sign of a brighter future.

With little upon their arrival in the United States, the couple began their journey. They had to work three jobs to make ends meet since they just possessed a high school certificate from a distant nation.

In his own words, Do Won Chang:

In the beginning of my American experience I tried everything: dishwashing, cleaning and even working at a petrol station on the weekends. It was at this point that I began to look for physically hard work. After that, I became interested in fashion and decided to create my own fashion company.

Hard labor enabled the pair to save up enough money to build their first shop in Highland Park, Los Angeles, which was originally known as Fashion 21. The couple has since expanded their business. It has developed into a full-fledged retailing behemoth throughout the years.

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The pair went through a lot of trials and tribulations before they became famous. The significance of sacrifice and perseverance, on the other hand, was appreciated by them. This pair of traits is required for anybody hoping to become a successful business.

It Takes Time for People to Be Successful.

For example, according to Do Won Chang, “You can’t start into company assuming that success would come your way in one or two years.”

If you’re an immigrant, it’s much more difficult to make it large in the retail industry. Your customer may be restricted due to the likelihood of issues impacting your company such as language barrier and cultural difference.

Chang and his wife were patient, and they were soon able to establish a devoted consumer base outside of the Korean-American community in the United States.

Chang advises entrepreneurs to research the sector they’re in as well as the business environment in which they operate. Successful commercial ventures need a thorough understanding of legal culture, which is essential for success.

In business, nothing is straightforward. Before Chang and his wife were able to establish their first shop, they had to wait three years. It took even longer for their business to grow. Those who know how to be patient in their pursuit of success will find it easier to achieve it.

Learn all you can about your target audience. 3)

Customers in their twenties are our target market. “Old folks wished they could be 21 again, and young people wished they could be 21 for the rest of their lives. Do Won Chang (Do Won Chang) is a Korean actor who is known for his role in the movie Do Won Chang.

Even though Jin Sook and Do Won Chang arrived in the United States at the age of 21, the significance of the number 21 in their company name cannot be overlooked.

It is one of their keys to their success that they have a clear understanding of who their target clients are. A common mistake made by business owners is to overlook this crucial aspect of their operation. Every day, they put themselves in their customers’ shoes for a thousand kilometers.

In the event that you are able to identify who your clients are, you may create items and services that cater to their needs. After some time has passed, you’ll have amassed a substantial following of clients.

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4) Maintain Your Focus

The Changs’ success wasn’t achieved without a lot of effort and determination. Since the beginning, they have faced several difficulties, and even after they have been established, they have experienced new and more serious difficulties..

To far, Forever 21 has been hammered with copyright concerns and litigation, but the firm has risen above and above every one of them. As the firm was still in the process of expanding, the economy experienced a downturn. Despite the fact that they had to reduce the number of outlets they operated, they managed to weather the storm.

Perseverance is the key to success in the eyes of Jin Sook and Do Won Chang. Anything is achievable if you endure, even in the face of the most difficult challenges.

5) Maintain a competitive advantage by staying one step ahead of your opponents.

In spite of their scant academic background, the husband and wife duo were able to do in-depth research on their competition. In order for their company to be successful, the Changs recognized the need of differentiating themselves from other retail establishments in the market.

The first thing they saw was how costly clothing was being offered by other retailers, and they viewed this as a chance to capitalize on this. Using high-end clothing as inspiration, Forever 21 created high-quality replicas at a lower cost. Many people took note of this, and the firm quickly built up a loyal client base.

You must be a fierce competitor if you want to achieve. Analyze the flaws of your competitors and use them to your advantage.

To summarize, Jin Sook and Do Won Chang are genuinely remarkable individuals. The two of them were immigrants who came to America with hopes and aspirations, and today they are incredibly successful entrepreneurs who have developed a business in a foreign country.
It is possible to build a successful company no matter who you are or where you come from. Set goals for yourself and follow them through with diligence.

Do Won Chang has said the following on the success of Forever 21:

“That is a reward that humbles me: the thought that immigrants arriving to America, just as I did, can go into a Forever 21 store and know that it was all founded by a modest Korean immigrant with a dream.”