Poon has thrived by recognizing that newly rich Asians have a passion for status symbols. ““People want to differentiate themselves from the masses, so they’ve moved toward foreign brands,’’ says Alan Wong of the Hong Kong brokerage W.I. Carr. ““Dickson spotted that trend and [licensed] labels that would be successful.’’ Flush with cash, Poon will now try to gain a foothold in the risky American market. If he succeeds, he’ll become the first Chinese to build a truly global retailing empire.
In Hong Kong, Poon is known more for tight budgets than creative vision. He has acquired an impressive list of glossy brand names–but unlike Barney’s, his company doesn’t make extravagant fashion statements. In Asia, Dickson owns licenses to peddle Polo/Ralph Lauren clothes, Joan & David shoes, Lalique crystal and Du Pont lighters, among other top brands. Poon’s icy manner reflects his shrewd business style. Poon claims he never gets caught up in the thrill of chasing a deal; he sets a price and waits. ““We are not in business to be excited,’’ he told NEWSWEEK. ““We are in it to make the right decisions.’’ Roberto Dominici, the managing director of the Joyce Group, a Hong Kong-based competitor, says that ““Poon’s strategic thinking is very sharp.''
Brands help any retailer make money. Careful budgeting helps more. Though a big spender in his personal life–he owns a small fleet of Bentleys and Rolls-Royces–Poon keeps a tight rein on corporate spending. His offices in Hong Kong are shabby: dull carpeting, cheap furniture and bare walls. Says Raymond Lee, Poon’s finance chief, who helped structure the Barney’s deal: ““He’s not taken with the hype. It doesn’t matter how glamorous the business is–it’s the numbers that count.''
Outside Hong Kong, Poon’s biggest success to date is in Britain. In 1991 he bought the Harvey Nichols department store in London’s Knightsbridge, and quickly transformed the faintly prissy place into the trendy store in town, with high-profile customers like Diana, Princess of Wales.
America may be a tougher nut to crack. Some analysts think that Barney’s, which has 14 stores and caters to affluent trend-setters, is a good fit with Dickson Concepts. But others are skeptical. Kurt Barnard, a New York retail analyst, notes that America is a mature market with a limited number of people willing to shell out $3,000 for shiny Gucci suits. ““The approach to fashion is very different than that of nations that cater more to young people.’’ Assuming the Barney’s deal goes ahead, expect Poon to impose tight financial controls on the chain. The current owners, Bob and Gene Pressman, are notorious spenders.
Not that Poon doesn’t know how to spend. He lives in a 3,000-square-foot apartment on Victoria Peak, Hong Kong’s exclusive hilltop enclave, and moves around town with a coterie of bodyguards. Poon has married three times: first to a businesswoman from a prominent Shanghainese textile family whose father helped him win the Asian rights to Polo/Ralph Lauren; second to Michelle Yeoh, a kung-fu film star who stars in this year’s James Bond movie ““Tomorrow Never Dies,’’ and third to the Harvard-educated daughter of a stockbroker.
Yet Poon sounds more management consultant than socialite. ““When we make an investment,’’ he says, ““it’s with a long-term view and after thorough research.’’ Sounds fine. But retailers who are famous in their home market don’t always find it easy to succeed elsewhere. Says Dominici, the Joyce executive: ““He’s not fighting in his own territory.’’ Maybe not. But these days it isn’t easy to see where Hong Kong ends and New York begins.
