Korea Times, News Report, Kim Tae-gyu, Posted: Aug 25, 2011

A South Korean immigrant to the United States was among the list of 100 of the world’s most influential women, including mainly politicians and bureaucrats as well as chief executive officers.

Forbes released the 2011 list of the World’s 100 Most Powerful Women Thursday, positioning Chang Jin-sook, co-founder of the so-called “fast-fashion’’ retail chain Forever 21, in the 39th spot.

The 48-year-old was one of just six female self-made billionaires in the United States and the only ethnic Korean on the list.

German Chancellor Angela Merkel took the top spot.

Forever 21 stores feature stylish clothing, accessories and shoes that are affordable but of low quality. Thanks to its stylish image and the wide selection of products, the brand has emerged as a leader in the fast-fashion business.

Established by Chang and her husband Chang Do-won nearly three decades ago, the couple has fully realized the potential of capitalism.

“The pair emigrated from South Korea in 1981 and opened their first store in 1984. That year sales grew from $35,000 to $700,000,” Forbes said.

Originally named Fashion 21 and targeting the Korean-American community in Los Angeles, the clothes became popular with other ethnicities in the area as well.

Bold ambition led to opening a new store nearly every six months and in major shopping malls. The name was eventually changed to Forever 21.

According to Forbes, “It has continued to experience explosive growth. Today it operates more than 480 stores worldwide with more than 34,000 employees and projected sales of $3.5 billion in 2011. In an aggressive expansion plan, it is now adding massive retail stores across Europe.”

Chang Do-won leads the U.S. firm while his wife takes care of merchandising. Their daughters manage marketing and visuals. The couple attends Presbyterian mass every morning at 5 a.m. in diligent maintenance of their Christian faith,

Last year’s No. 1 Michelle Obama slid to the eighth spot, while U.S. Secretary of State Hillary Clinton was this year’s runner-up. Brazilian President Dilma Rousseff came in third followed by Pepsi CEO Indra Nooyi.

Also of note in the list are new International Monetary Fund head Christine Lagarde at ninth, pop star Lady Gaga at 11th, talk show host Oprah Winfrey at 14th and actress Angelina Jolie at 29th.