>> ASIAONE / BUSINESS / SME CENTRAL / PRIME MOVERS / STORY
Nur Dianah Suhaimi
Sun, Aug 26, 2007
The Straits Times
$280m Coffee Bean boss queues for his cuppa

WHEN Victor Sassoon drops into the Coffee Bean & Tea Leaf outlet in Fifth Avenue near his home to get his caffe macchiato, he queues like everyone else. But unlike everyone, he owns the joint.

In fact he owns 500 or so Coffee Bean outlets worldwide, a business that has elevated the 49-year-old to Forbes magazine's list of Singapore's Richest 40 - ranked 32 with an estimated US$185 million (S$280 million).

My rival, my pal

'We get along very well which is special as not many business competitors can be good friends. He's a fun-loving person.'
- HOUR GLASS VICE-CHAIRMAN JANNIE TAY, a close family friend of Mr Sassoon

And for that, he has his buddy, American Idol judge Paula Abdul, to thank. They have been friends since Mr Sassoon staged her Singapore show in 1992 in his promoting days.

In 1995, he bumped into Ms Abdul at a Coffee Bean outlet in Beverly Hills and the star suggested he buy the company as 'it has the best coffee in the world'.

He took her advice and seven months later bought the franchise from the elderly couple Herbert and Mona Hyman, who founded it.

Forbes said Mr Sassoon and brother Sunny grew the business so fast that within two years they had opened 29 outlets in Singapore and Malaysia - almost as many as the Hymans opened in 35 years.

In 1998, Mr Sassoon bought the entire firm, which by then had 28 outlets here. Starbucks had only 21.

Its latest profit figures are not known but Forbes said in 2003 that Coffee Bean had US$110 million in revenue and an estimated US$9 million in net profit.

Mr Sassoon was born into a wealthy family of Iraqi Jewish descent and his father owned Rubina, a company selling luxury timepieces in Indonesia.

After completing his studies at St Michael's School and St Joseph's Institution, Mr Sassoon left for Indonesia to join the family business.

At 22, he met 13-year-old Michelle Elias who became his wife five years later.

When his father died, Mr Sassoon, then 29, took over the family's watch business.

Today, he is a business partner with Rolex in Indonesia where he runs the Time Place.

In the 1990s, Mr Sassoon was more well known as a promoter and his SunVic firm brought in big names such as Michael Jackson, Tina Turner and Metallica.

Things went downhill during the Asian financial crisis in 1997 but by then Coffee Bean outlets were spreading fast across the island.

But for all his success, it is Mr Sassoon's humble, friendly nature that strikes those around him most.

His pals from primary school recall him as an easygoing boy who was teased about his weight.

He is still listed in the Singapore phonebook, serves on the board of a Hebrew school and is friends with many of his business rivals.

Hour Glass vice-chairman Jannie Tay, who has known Mr Sassoon for 30 years, is a close family friend. 'We get along very well which is special because not many business competitors can be good friends. He's a fun-loving person,' said Dr Tay.

Long-time family friend, lawyer Harry Elias, added: 'Victor is a humble person who gives generously, yet prefers to remain private.'

Mr Sassoon declined a request for an interview last week but did once tell a Straits Times reporter that diva Whitney Houston was his 'worst experience' because she wanted the Singapore Indoor Stadium's air-conditioning off when she sang.

Mr Sassoon lives in a three-storey bungalow in Bukit Timah with wife Michelle and their five children.

The Fifth Avenue Coffee Bean outlet's manager, Mr Jason Fernandez, said of his boss: 'He comes for coffee just like any other customer. He dresses normally and he doesn't check on the staff or fuss around. The staff here never feel pressured that the big boss is constantly around.'

Is this article useful to you?
 
 
 

 
STORY INDEX
 
  $280m Coffee Bean boss queues for his cuppa
   
 
  From simple driver to a leading bus manufacturer
   
 
  The business of language
   
 
  Looking above and beyond
   
 
  Right time, right place, right pals led to dot.com success
   
 
  Coal giant is face of new Chinese state-owned enterprises
   
 
  A key note to a brand image
   
 
  Looking forward to dim sum in Dubai
   
 
  Software to keep the digital airways secure
   
 
  Overseeing a 200-year-old firm
   
>> RELATED STORY
$280m Coffee Bean boss queues for his cuppa
Asia boom drawing insurers to set up shop in Singapore
Overseas investment tops $372 billion for Singapore companies at end 2005
Singapore's central bank 2006/07 profit more than triples
S'pore leads world in new millionaires

Elsewhere in AsiaOne...

News: PM's speech in Mandarin

Travel: 'Uniquely Singapore' branding wins 2nd accolade

Health: The art of eight limbs

Motoring: Formula One is not just for the big boys

Digital: Leading 3D software provider picks S'pore as regional HQ

Just Women: Should we show the world our DAMSEL IN THIS DRESS?

Multimedia: Better local searches

 

We welcome contributions, comments and tips.
a1admin@sph.com.sg
Search: