Dickson Poon is one of the toughest
businessmen in Hong Kong. He had one of the most unconventional moves in
business. When the Asian market faced economic recession in
the late 1990s, Poon bought back the foreign
assets of his publicly traded company Dickson Concepts for HK$1.53 billion. The
move reverted the control of the group to him and his family.
Some skeptics said it would be
better if the minority shares of Dickson Concepts were sold to other private
individuals rather than let the controlling interest take over it. However,
Poon’s idea proved to be brilliant as he got 52% of Dickson Concepts in May
1999.
Poon became popular with many
business enthusiasts in Asia. Hong Kong’s prominent investment consultant Marc
Faber praised Poon and described him as an unusual entrepreneur. “Poon doesn’t buy things just for the
prestige of owning them; they always make sense,” Faber said.
Poon maintains his low profile. He
is a natty dresser but he knows his customers and stores are the final arbiters
of what fashion really means.
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