After achieving considerable success in prior business ventures, business mogul Chris Burch has decided to try his luck in the hotel industry. Burch has entered into a partnership with James McBride, who was awarded Independent Hotelier of the World by Hotels Magazine in 2016. According to Business Insider, the business partners purchased a beach hostel located on the Island of Sumba, in Indonesia. After purchasing the Hostel in 2012, for a reported $30 million, the business partners immediately began renovating the property. After the renovation work was completed in 2015, the property was renamed Nihiwatu, which translates to “nirvana” in surf slang. Related article on businessinsider.com.
Prior to his business venture with Nihiwatu, Burch began his entrepreneurial journey in the fashion industry, which began while he was still in college. According to an article in Boca Raton news, Burch launched a company called Eagle’s Eye in 1976, his first foray into the world of retail arbitrage. Burch purchased sweaters for $10 and sold them on his college campus for $15; having found success in this endeavor, Burch commissioned a factory to mass-produce the sweaters, which in turn boosted his profit margin. In a relatively short period of time, Burch found himself earning enough money to be able to open retail stores where he could sell these sweaters, and within 10 years, Eagle Eye was generating $140 million in sales. Click on this for a related article.
Chris Burch attended Ithaca College, earning a business degree in 1976; his early business endeavors with Eagle Eye, along with his education, helped set the stage for future business success. Burch sold Eagle Eye to Swire Group, a diversified conglomerate, in 1998, and in 2004 he launched “Tory Burch,” selling upscale women’s fashion. In 2005, Burch decided to pursue the real estate market; he purchased and renovated a home in New York, making $11 million in profit. In 2006, in an effort to further diversify his business portfolio, Burch founded J.B Christopher, a business predicated on selling construction materials to real estate developers. In 2011, Burch partnered with Austin Hearst, an American business and media executive, to develop luxury homes in Nantucket, Massachusetts, valued at $19 million. Refer to bjtonline.com for related article.
As a serial entrepreneur, Burch was also involved in telecommunications, bottled water, and invested in an Internet IPO for Internet Capital Group, a venture capital firm. Read the investor details, hit crunchbase.com. Chris Burch seemingly has the “Midas touch” when it comes to the business, and if his past performance is indicative of his future success, Nihiwatu will most likely be yet another successful business venture for the serial entrepreneur. More about the resort on wingsjournal.com.
A must-read article on http://interview.net/chris-burch-of-burch-creative-capital/