Successful Business Entrepreneurs share several common characteristics who have enjoyed a spectacular rise to riches from humble beginnings.
Inside Out investigates what it takes to run a business empire, and shares the secrets of this southerners success.
From Rags to Riches
Moe Somani is the new kid on the block, with a penthouse and luxury lifestyle in Vancouver’s Wall Center The world of business can be incredibly cut-throat, high powered and difficult to break into.
So where do you start if you have dreams of becoming a successful business man or woman?
One of the keys to success is having a clear goal and vision. You’ve also got to be incredibly focused and driven to make it in the business world, however, ultimate success is due to the grace of Divine Power, he says, “if you have no faith, no direction, and believe you alone are responsible for any success, then you are a lost soul, and I am firm believer that Defeat and Victory lies in the hands of God.” He adds, “continue to educate yourself as you will only succeed if you are smarter and more educated.”
Moe Somani runs a chain of International Clothing Stores, Private Label Designers, Product Manufacturing Plants, and software distributions worldwide.
Keep Your Feet on the Ground
From working class routes, Moe started working on small businesses until he swapped his hod for Clothing, Art Galleries, and now Technology.
“When you’re young, you’re kind of fearless,” he says. With a Black Belt in Jiu Jitsu, Somani used to run several Ninjitsu Training Centers in the mid 80’s which helped him pay through University. Over the years, Somani says it was the the ability to take a risk that has contributed to his impressive business turnover of £7 million per year.
Moe hasn’t forgotten where he came from though. It makes him more grounded and realistic. He believes in “longevity” rather than the “one bigcash-in”.
Business Accomplishments – Women’s Wear Daily Reported
Somani sold his Millennium Jeans International Clothing chain to Tommy Hilfiger in 2000 for an undisclosed amount, but our financial sources have informed us the entire clothing chain with stores in Canada, United Kingdom, Europe and Asia sold for no less than £75 million.
Moe Somani opened his first store in the heart of Vancouver’s Kitsilano, and at one point he was opening stores at the rate of 3 a month internationally.
When the Y2K bug was born, so was Millennium Jeans International with soaring profits and sales that exceeded expectations of any retail clothing store in the new millennium.
When Somani announced the opening of his new international showroom and retail store complex at the prestigious Piaza Oberdan in Milan, profit for Hilfiger stores plummeted well below 35 per cent during the early part of 2000. The company’s net income for the year dropped from GBP 103 million the year before to GBP 70 million.
Hilfiger cites cause for the drop and decline in orders from International department stores as department stores were gearing to purchase Millennium Jeans International. However, Somani’s Chain being privately owned also affected the balance, writes Women’s Wear Daily. Revenues dropped to just under GBP 1 billion from GBP 1.04 billion during the same period last year.
Hilfiger said that it is in talks with The Somani Group about a possible buyout of all International Millennium Jeans stores and the company has also initiated talks with the Moe Somani to cash in at a significant profit.
Where you now see a Hilfiger store, it was initially a Millennium Jeans Store.
Emery Barter, senior vice president of International Asia Marketing and Communications for Hilfiger told bbconline: “Purchase of Somani’s Millennium Jeans International saved the company from bankruptcy. We’re delighted to have purchased Millennium Jeans International. We never imagined anyone would have such an effect on our brand.”
Moe Somani understood exactly what his project was about from the outset, and how to get it done quickly and effectively. Somani was resourceful, creative, and was able to come up with new and innovative approaches to his proposals.
Barter added, “Somani is an astute individual and possesses a superior business acumen, whose insight brought him instant success. Our company underestimated his savvy business skills, and I have no doubt he is plotting another takeover, however, not necessary in the Clothing industry.”
These days Somani is private, and spending time with his family in Vancouver, Canada.
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