SINGAPORE: As a child, Ron Sim sold noodles for a living. Today, the 67-year-old business magnate is the 30th wealthiest man in Singapore, with a net worth of US$1.6 billion (S$2.16 billion).
He is perhaps best known as the designer of OSIM’s high-end massage chairs, although his recent “hot streak” has gained him interest in Singapore and the media worldwide.
In Dec, Mr Sim was on the cover of Forbes Asia in a piece that largely centred around Bacha Coffee and TWG Tea, brands owned and operated by his privately held V3 Group. The piece says that from 24 Bacha stores in a dozen countries, Mr Sim aims to expand this to over 100 stores by 2030.
Earlier this week, the billionaire businessman was featured in the Vietnamese media site vnexpress.
Much has been made of Mr Sim’s rags-to-riches story arc, though it is already well-known among Singaporeans. Born into a family with seven children, he has worked as a waiter and, more famously, selling noodles since his early years.
In 2023, he told CNA, “When you are born into a low-income family, there’s nothing but hunger, and when you’re hungry, it drives you harder. Since my primary school days, I wanted to go and make money instead of studying.”
Mr Sim is the type who makes lemonade when life hands them lemons. CNA also reported that the recession in 1985 affected his household goods company, R Sim Trading, and gave rise to the realisation that he needed a niche, which he found in health and wellness products.
This, in turn, led to the development of the iconic Osim massage chair. This focus made him a fortune and took his brand to Taiwan, China, Malaysia, Indonesia, and even further afield.
“In every crisis, I would always take the opportunity to correct and consolidate and then ensure that we grow much faster,” he told Forbes.
Mr Sim’s business later morphed into V3, which stands for Vision Three, representing the three strands: V3 Assets, which deals with real estate and healthcare; V3 Brands, the arm involved with wellness and affordable luxury gourmet brands; and V3 Capital, which is into investment opportunities around the world.
Even today, he is showing no signs of slowing down, with Forbes quoting him as saying, “What will I do when I retire?”/TISG
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