Red Bull founder Chaleo dies at 90
Red Bull founder, Chaleo Yoovidhya, who passed away in Bangkok on Saturday, will be remembered as a business and marketing genius who put the Thai energy drink on the global map.
He had a humble beginning working in a variety of jobs including bus conductor but ended up with an estimated wealth by Forbes of US$5 billion and distribution in 70 countries plus ownership of a winning Formula 1 team.
Born in a poor Chinese migrant family in Phichit which earned a living through duck raising and fruit trade, he made himself a billionaire through his preserverence. All valuable business lessons were passed on to his five children.
From a salesman, he started a small pharmaceutical company, TC Pharmaceutical Industries Ltd in 1962. First producing anti-biotics, it produced fortune to Chaelo when Krating Daeng was introduced in the 1970s, first targeted at truck drivers and blue-collar workers. Huge fortune came when he established a joint venture in 1984.
The partnership with Austrian-born Dietrich Mateschitz 28 years ago took the world beverage market by storm. Mateschitz, who visited Thailand in 1982 and discovered Krating Daeng helped cure his jet-lag very quickly. He approached TC Pharmaceuticals with a proposal to market Krating Daeng in Europe, starting in his native Austria. His proposal was accepted, resulting in the incredibly successful launch of “Red Bull” in the West in 1987.
Publicity-shy Chaleo had always worked alongside grassroot networks in Thailand where Red Bull main market is. He never showed off his wealth.
His associates regard him as having business intuition par excellence. He was fully convinced that in whatever you do, you must have in-depth knowledge in the thing or it would lead to loss of money and time.
In his book on the world's famous figures, Vikrom Kromadit, founder of Amata Group, devoted part of the book to Chaleo. Recalling a meeting with the old man during a trip to China in 1993, Vikrom remembered him as "a man who knew no nonsense talk, with long sightedness and respect for others". It was a short conversation, "but I learnt a great deal from him. Though he was at old age, he appeared as a young man full with fire."
In its special issue released at the end of last year, The Nation enlisted Chaleo as one of 40 individual Thais who have made themselves known internationally.
As of March 2012, his net worth is estimated by Forbes magazine at US$5 billion, making Chaleo the world's 205th richest man and Thailand's third richest.
