Up-and-Coming Importers: Steven Yap, C-Global
By Thomas Russell -- Furniture Today, March 7, 2004
CHICAGO — If you told Steven Yap five years ago that he was going to end up in the furniture business, he might not have believed you.
After all, he already had a successful career as a financial planner in Chicago and wasn't planning on a 180-degree career change.
Then a long-time friend who worked for a furniture manufacturer in Seattle told him about the opportunities in the furniture business. That conversation inspired him to make the leap into a new career.
"It was without hesitation," he said of his decision to make the change. "I believed in my friend and trusted in his knowledge and understanding of the business."
That inspiration led him to form C-Global, a furniture importer that specializes in leather upholstery and master bedroom furniture.
The two-and-a-half-year-old company had 2002 wholesale shipments of $2.2 million, and about $2.4 million last year.
This year, it plans to grow its volume by about 25%, targeting mid-to-high-end furniture stores in the Chicago area. It also may soon expand and diversify into the contract furniture business.
Yap admits starting his own furniture import company has not been easy. He currently has a partner in Asia and is working with a new vice president, Alberto Rodriquez, a Chicago-area retailer with about 17 years of furniture industry experience.
A steep learning curve
But in many respects, Yap has had to learn and start the business from scratch.
"I am the lone ranger here," he said from his Aurora, Ill., office. "I do all the research and pricing myself. I am doing everything from scratch."
But he doesn't complain about the challenge. For him, the opportunities and potential profits in furniture importing far outweigh the difficulties and risks.
"The investment of time is one that has been a lot of effort," he said.
"Nobody ever gave me any guidelines. It was tough, but I'm glad I went through it."
But Yap also has skills that make importing a lot easier than for some of his American-born counterparts. He is a native of Malaysia who speaks the language and subsequently does 22% of his business in that country.
He also speaks Indonesian and seven different Chinese dialects. That is an obvious plus, especially considering that 78% of his sales come from goods produced in China.
"I have some relationships in Malaysia, but my major suppliers are in China," Yap said.
But he also attributes his success to his customers, many of whom have provided him important advice that has helped him learn the ropes.
In return, he aims to provide them with excellent service and prices resulting from a strategy that includes shipping 100% of his goods direct from Asian markets.
Based on the cost savings involved, he plans to continue that strategy.
"The customers have pushed for direct (shipping)," he said. "It saves them a lot of money."
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