The Stakes Have Never Been Higher

Family businesses form the backbone of the Asian economy, with 85% of companies in the Asia Pacific region owned by a family group. Yet longevity is far from guaranteed. Across the continent, over 30% of family businesses are expected to go through a generational change over the next five years. Around 60% of listed companies in Indonesia, Malaysia, the Philippines, and Thailand are family owned, and Southeast Asia is seeing one of the biggest transfers of ownership and wealth in history — and the ability to successfully transition to the next generation is of extreme importance given their influence in the region's economy.

The challenge is not merely one of leadership succession. It is one of brand survival. When a family business passes from one generation to the next, it must also ask, “Does our brand still speak to the world we operate in today?”

The CYC Story: A Blueprint for Brand Resilience

Few examples illustrate this challenge — and its solution — more powerfully than CYC (The Custom Shop). Founded in 1935 by Shanghainese tailors, CYC built its reputation on bespoke craftsmanship and counted Singapore's founding Prime Minister Lee Kuan Yew among its loyal customers. But by the early 1990s, over-expansion, shifting consumer tastes, and intensified competition had pushed the brand to the brink.

The turning point came when third-generation leader Fong Loo Fern made a defining decision: she hired consultants to help chart the brand's long-term survival and revamp its image. This was an act of strategic clarity. The consultants helped CYC return to its core identity as a bespoke tailor, overhaul its visual brand, rename the business, and reposition it at one of Singapore's most iconic addresses — Raffles Hotel. The business was rebuilt around what was truest for it.

The results speak for themselves. CYC went on to launch a B2B corporate uniforms division that grew to nearly 50% of company turnover, opened a London showroom, expanded into womenswear, embraced digital tailoring, and, when COVID-19 struck, pivoted its production to sew 300,000 reusable masks for migrant workers, a campaign that went viral and deepened brand affinity across generations. Most recently, the fourth-generation entry of Cara Chiang has brought millennial sensibilities and digital-first thinking into the fold, including the launch of the "1935 by CYC" ready-to-wear sub-brand targeting younger customers.

At every inflection point, the willingness to work with outside consultants, bringing in expert eyes unclouded by the weight of family legacy, was the catalyst for transformation.

Image CR: CYC and Unsplash

Why IMMORTAL

As part of ONG&ONG Group, the IMMORTAL team stands as a vanguard of expertise in branding, communications, and wayfinding.

For family businesses navigating generational transition, we offer something beyond design: a strategic process that creates action-point maps for change, defining and refining the brand identity to carry them forward.

Whether the challenge is repositioning a heritage brand for a new generation, developing a marcomms strategy, or creating physical brand environments that tell a coherent story, IMMORTAL brings the experience, the methodology, and the regional perspective to get it done.

The Opportunity

In Asia, succession planning has become a hot topic due to the number of family-owned companies facing first-wave succession challenges, and expert consultants are in demand. The families that will thrive are those that treat their brand not as an after thought, but as one of their most valuable and actively managed assets.

CYC's nearly 90-year journey proves that heritage is not a burden — it is a superpower when wielded with strategic intent.