Harvard Grad from China Succeeds Family Business to Become the World’s Richest Jewelry Magnate
Among China’s richest names is the Cheng family, a clan of jewelry merchants that, according to the recent net worth evaluation is the world’s richest at this point. Their heir, a young prodigy hold the key to the family’s massive jewelry empire. Adrian Cheng, Harvard graduate is the future-owner of the world’s richest jewel empire of this era. His family is one of Hong Kong’s top 4 richest names.
Cheng’s father, Henry is 69 years old and is currently battling with an unspecified medical condition. Henry had been on a leave very recently owing to his health concerns. A spokesperson for the company made a statement to the media explaining his absence to be caused from a stroke the business person suffered.
Irrespective of the truth in the statement, Adrian Cheng is all set to take over the business and the transition is expected to happen very soon. Adrian, a 36 years old Harvard graduate will own a conglomerate of businesses that include real estate property development, hotels in NYC, and of course, a chain of jewelry stores. Their chain of stores generate a total of 80% and sometimes more of Tiffany &Co. products all over the world. The company has under it, four registered companies that have a net worth of $25 billion.
Though each of these businesses Adrian is about to inherit are in peak positions of their organizational cycle, he will still be facing copious challenges when he takes the reigns. Declining margins in property development business, slogging demands in the jewelry market are two of the prime issues that he will surely face soon after occupying the seat.
His family is in the business of high-end jewelry, which has limited and select buyers all around the world. Elites and rich collectors make most of their customers. In recent times, a slump has been noticed in the demand of high-end jewelries. Though the market will recuperate in time and the demand will be restored, perhaps amplified, for now, there are some steep climbs to make for Adrian.
Adrian Cheng has been in preparation for many years now. He has been getting groomed for the journey ahead since his Harvard days. Though he will have to toil harder once he is in position, it is expected that the heir to the world’s largest jewelry empire will continue to clutch firmly to its top position even under this young prodigy.
Meanwhile, there are a handful of other contemporaries in Hong Kong who are preparing for an imminent succession of their business empire. So, once the garb is worn, Adrian will be meeting them in the field. Some of them are rivals in similar businesses, including diamonds and jewelries. So, with the demand going sluggish for now, Adrian may have to give twice the effort to make things look up for his family’s business. He will also need to be looking into the threats faced by his other businesses to restore the position of his family’s business empire.