FOR seven years, Stephanie Chai graced the covers of numerous glossy magazines and was featured in TV commercials. From the likes of Coca Cola to Harper’s Bazaar, Chai had a successful career as a model and commercial talent, appearing in more than 50 advertising campaigns. Even as a university student, she would regularly fly to countries like Hong Kong and Taiwan for photo shoots.
When she was not jet-setting around, she was busy rushing her assignments to complete her commerce degree in Finance and International Business at the University of Auckland in New Zealand.
“It definitely was a lot of work during my university years as every holiday I had was spent in different parts of Asia,” she recalls.
After modelling for seven years, Chai went on to become a TV presenter for 8TV. Her career as an actress launched after she was awarded the role in 8TV’s first English dramedy, Kl-lites. Her foray into television later got her the job as the host for Malaysia’s first dating reality show, Cornetto Love Perhaps.
On the outside looking in, Chai seemed to be living the dream life. However, she knew she had to switch lanes.
“My true calling was entrepreneurship. My original goal was to start my own business at the age of 25. I didn’t actually do this till I was 27! I realised it is not that easy to find the ‘right idea’.”
Today, she is chief executive officer of The Luxe Nomad, a successful luxury villa booking portal and management company she founded in July 2012. Since its establishment, The Luxe Nomad has gone on to reach over 250,000 people, with 85 managed properties and more than 600 curated list villas in the region.
What challenges have you faced thus far?
I would say a big challenge certainly has been Covid-19! My management team and I were literally churning out a new budget forecast every week from last March to May. It was tough but I learned a lot about cost savings and quickly adapted to the new normal. I’m also far more confident with budgeting and forecasting than before.
A key highlight would be our expansion into villa management where we successfully completed two acquisitions. I had no experience in M&A, but our COO did, and it was great to learn about the dynamics needed to make it a success. We are grateful both our acquisitions have shown better performance and numbers once we came onboard.
How can The Luxe Nomad relate to audiences at a time like this?
For the interim, we have had to pivot quickly and focus on domestic markets. For example, my team and I have now started following Thai and Indonesian KOLs to help showcase our villas – a market that we never looked at before because historically, the Thai and Indo travellers were not large proponents of luxury villas.
At the end of the day, you really have no choice but to adapt to the new normal and make the best of it until things return. And I’m confident they will come back – look at New Zealand and Taiwan, where due to no Covid-19 cases, life is normal!
Could you describe your thought or creative process behind the business moves you make?
I like to study an opportunity, ask questions and then decide for myself. I cannot emphasise it enough that having a strong sense of instinct is really important. If not, you end up being a leader of indecision as there are always different ways to analyse an opportunity and numerous people to ask advice from.
When it came to the two acquisition targets we had, I had actually had the idea to approach them one to two years before they were finally open to it. And that was based on my experience working with the companies, knowing what we could improve if we came onboard and again, my gut feel.
Having said that, with Covid-19, where we are suddenly marketing to domestic markets – a lot of it is trial and error. Sometimes, you just need to try and make a best guess.
What advice do you have for aspiring entrepreneurs?
Entrepreneurship is 24/7 and it is a passion, not a job. So be sure about something when you embark on it. It was four years before I came up with The Luxe Nomad idea. I went through a range of business ideas from vodka jellies that don’t melt, building a wellness resort in KL city and so forth.
When you find the right idea, you’ll know. And be sure that you know how to listen to your inner voice. A good leader seeks advice but is confident in their own decision. Don’t be afraid to go against the grain.
What are your plans for yourself and Luxe Nomad?
Continue our plans to expand! More destinations, more beautiful villas. As for me personally, to keep learning and to be better than I was yesterday.
