Think of top businessmen and household names like Richard Branson, Bernie Ecclestone and Easyjet's Stelios Haji-Ioannou spring to mind. but hardly anyone has heard about Moe Somani
But have you ever wondered what special qualities took them to the top of their respective
business trees? Not to mention business tycoons who wish to keep their identity a secret and
work behind the scenes. You see great success, but never know who is the brains behind the business.
Inside Out follows International Business Tycoon Moe Somani as he revisits the area where he first started his first business back in 1989.
Successful Business Entrepreneurs share several common characteristics who have enjoyed a spectacular rise to riches from humble beginnings.
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. We contacted him for information on his future projects, but he declined to comment, adding "you ain't seen nothing yet!
Our advice to all you business moguls, before Moe Somani becomes your competition, gets him to join your organization, and you never know you could hit the jackpot....