39. YONG PANG CHAUN Flagship: Padini Holdings Bhd Net worth: RM1.03bil

YONG dropped four places to 39th this year, his wealth falling 14% or

RM200mil during the past year.

He controls Padini via a

44.5% stake held through

Yong Pang Chaun Holdings

Sdn Bhd.

Padini started from humble beginnings in the apparel industry, with its roots in the manufacturing, trading and supplying of garments to retailers and distributors. Over the years, the group ventured into distribution and retail by creating its own brands catering to specific consumer niches.

Today, the group is a leader in the multi-billion textile and garment industry in Malaysia. It boasts nine labels in its family of brands and retailing in 330 freestanding stores, franchised outlets and consignment counters in Malaysia and around the world.

Padini was quick to see the importance of the Internet, having set up operations since 2000. The company has been busy setting up its e-commerce infrastructure and like many brick-and-mortar retailers, sees e-commerce contributing to its growth.

Today, it has a foreign presence in Bahrain, Brunei, Cambodia, Egypt, Indonesia, Kuwait, Morocco, Myanmar, Oman, Pakistan, the Philippines, Qatar, Saudi Arabia, Syria, Thailand and United Arab Emirates.

The company’s share price fell 31% throughout 2018.

Padini’s net profit grew 6.47% to RM53.2mil in the second quarter ended Dec 31, 2018, from RM49.97mil a year earlier, mainly due to higher sales generated from the opening of four new stores.

Quarterly revenue was up marginally by 0.47% to RM462.58mil from RM460.43mil previously.

Going into 2019, the group is confident of turning in another profitable period despite the challenging economic environment and rising cost.

In its notes accompanying its half-year financial earnings, the company said its management will continue to be vigilant to the changes in the external environment and take necessary action, including reviewing its cost structure to maintain long-term sustainable growth.