This as-told-to essay is based on a conversation with David Chung, owner and chairman of Amare Global. It has been edited for length and clarity.
I couldn’t believe there was a banana just sitting on the kitchen table. In Korea, having a banana was a big deal, but when I immigrated to New York City at 12, we had fruit and even M&Ms. Everything was so luxurious.
My mother immigrated to the US in 1963 with less than $100. When she arrived in New York, she started a small, mom-and-pop gift shop. She grew the business through and eventually got her green card. I joined her about eight years later, in the middle of a New York winter. I didn’t speak the language, but I felt lucky to be in the US.
I decided to get into cosmetics after watching my mom’s business
My mother continued to grow her store, expanding into a drugstore and pharmacy. By the early 2000s, she had a business worth tens of millions.
She was very, very entrepreneurial. Watching her journey inspired me and has carried over even today. I have a lot of her DNA when it comes to business. Now that I’m 66, I’ll think, “I’m just like my mother!” It’s scary.
My mom’s business set the stage for mine. Working in her shop, I saw that beauty products provided a great business opportunity. The products are small, which reduces warehousing and shipping costs. They’re consumable, so customers return again and again. And even if the economy is bad, people don’t give up on their skin.
I started my first business at 23
I went to college, but I found it difficult to concentrate because I was always thinking about starting my business. Even today, I don’t drive much because I get so distracted thinking about running my companies (instead, I use a driver). Eventually, I graduated with a degree in engineering.
Right next to my school, there was a small video rental store. These were the days before Blockbuster. I bought that store when I was 23, and expanded it slowly to sell gifts and cosmetics.
That was my start in business. Other than my mom, I’ve never worked for anyone else. That meant I had to learn hard lessons about business structure, processes, and systems on my own.
I have more money than I could ever spend, but still love building businesses
Over time, I pivoted from retail to research, design, and manufacturing. In 2018, I sold my shares in one company for $53.7 million. In 2021, I sold my company, Farmacy Beauty, for hundreds of millions (I’m not allowed to share the specific amount). I remember being at my computer on December 31st, watching the funds being deposited into my account. I didn’t feel anything. I didn’t think “I’m rich now.” I didn’t even go out to dinner to celebrate.
Entrepreneurship has never been about money for me. It’s more about the accomplishment and excitement of building something. I remember the first time I was in a room with people who had more credentials than me. I came up with an idea they hadn’t considered. That’s the first time I realized that I had a different way of thinking about things.
I have a huge amount of money now — I could never spend it all. And yet, when those funds hit my account, I didn’t buy a Rolex or a fancy car. I went out and bought another company to run.
I want to build wealth in order to give back
Recently, I told an employee that I’m going to retire in three years. She laughed and said I told her the same thing 15 years ago.
I don’t think I will ever retire fully. God has given me a talent for being business-minded and good at what I’m doing. I want to utilize that as long as I’m able to.
My mother was very passionate about giving back, particularly to the Korean American community. I figure the more money I make, the more I can give back. So, why not use this skill?
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