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- I sold my company for hundreds of millions and have more money than I’d ever need. Yet at 66, I have no plans to retire. (businessinsider.com)
From Korean Immigrant to Beauty Mogul: David Chung’s Inspiring Journey
David Chung, a serial entrepreneur and the driving force behind multiple successful beauty brands, has a story that embodies the American dream. From his humble beginnings as a 12-year-old immigrant marveling at bananas and M&Ms in New York City, Chung has built an empire, culminating in the sale of his company, Farmacy Beauty, to Procter & Gamble for a staggering $350 million. Yet, at 66, he insists his motivation isn’t money, and retirement isn’t on his radar.
Chung’s entrepreneurial spirit was ignited by his mother, who arrived in the U.S. in 1963 with less than $100. She steadily grew a small gift shop into a multi-million dollar drugstore and pharmacy business.
“Watching her journey inspired me and has carried over even today,” Chung shared. “I have a lot of her DNA when it comes to business.”
It was while working in his mother’s shop that Chung recognized the immense potential in the beauty industry. He noted the low warehousing and shipping costs due to small product sizes, the consistent demand for consumable goods, and the recession-proof nature of personal care.
At 23, armed with an engineering degree but a mind constantly buzzing with business ideas, Chung purchased a small video rental store and gradually expanded it to include gifts and cosmetics. This marked the beginning of a career where he never worked for anyone else, learning invaluable lessons about business structure and systems through firsthand experience.
Despite accumulating wealth “beyond what I could ever spend,” Chung emphasizes that his drive has never been financial. “It’s more about the accomplishment and excitement of building something,” he explained. He recalls a pivotal moment when his unique perspective led to an idea overlooked by more credentialed individuals, solidifying his belief in his distinctive way of thinking.
When the funds from the Farmacy Beauty sale hit his account, there were no celebratory splurges. Instead, Chung immediately acquired another company. His employees often joke about his “three-year retirement plan,” a promise he’s been making for 15 years.
Chung sees his business acumen as a gift he’s compelled to utilize. Inspired by his mother’s passion for philanthropy, particularly within the Korean American community, he views wealth creation as a means to give back.
“The more money I make, the more I can give back,” he stated. “So, why not use this skill?”