D.UDVAL: EVERY CHALLENGE HAS MADE US WISER AND SHAPED TODAY’S NARAN GROUP

D.Udval, Founder and Director of Naran Group, is a woman who has navigated the path from the starting point of entrepreneurship to success, overcoming challenges by turning them into stepping stones and strengthening her company culture through soft power and unwavering determination. D.Udval is one of Mongolia’s prominent women entrepreneurs, known for introducing global brands to Mongolian customers, promoting modern culture, and expanding consumer choice. Instead of retiring and slowing down, she continued to work even harder, staying socially active, lending her voice to the business community, and setting an example of graceful and healthy living. A pillar of strength in both her personal and professional life has been her husband, Mr. S. Boldkhet.

The couple recently celebrated their Golden Anniversary, sharing their inspiring story of f ive decades together with family, friends, colleagues, and business partners. This celebration was not just about their journey but also a testament to a successful business built on shared effort, mutual respect, and deep trust. Their life and business partnership — 50 years of working side by side toward a common goal, facing trials, achieving milestones, and making wise decisions — has become a source of motivation and a model for many.

-In 1990, as Mongolia underwent a democratic revolution and the socialist system dissolved, the private sector began to emerge. One of the pioneering companies to blaze the trail in Mongolia’s business landscape was the Naran Group. Could you share with us what the conditions were like in Mongolia when you f irst established your company?

-The early 1990s marked a turning point in Mongolia’s history. Although our country’s decision to adopt democracy and a market-based economy caused significant socio-economic instability, it also created new opportunities. During this challenging period, we courageously entered the unknown by establishing our very first private company, something we had never done before. The path toward a new market and society was unfamiliar and uncertain to everyone, but looking back, I believe that taking the lead and breaking the ice without hesitation was the right start. We were the pioneers. By setting up a system of foreign trade, imports, and sales in the new market environment, we not only created opportunities for ourselves but also opened doors for many companies, some of whom are our competitors today. Back then, Naran was a pioneering leader who helped shape the new landscape of the Mongolian business environment.

-What inspired your very first business idea?

-In the early days of Mongolia’s transition to a market economy, consumer needs and choices were extremely limited. Store shelves were empty. Every day, it was clear that people lacked access to proper clothing, food, and basic consumer goods. The pressing need to offer essential products and more choices to the public became the biggest driving force for me to start a business. But it wasn’t just about “bringing in goods to sell.” I believed deeply that introducing Mongolians to global brands and internationally recognized standards of living could become a new pathway for developing consumer culture. I didn’t see it as simply launching a company, it was about building a business group with a shared vision. With that goal in mind, I committed myself to understanding consumer behavior and the needs, and to offering the right products, at the right time, for the right price. The journey was far from easy, but each step taught us something valuable and guided us toward building a much larger system — a business group with a full portfolio of brands. Today, I believe Naran Group represents more than just products. It has become a symbol of value, experience, trust, and quality.

Today, Naran Group has evolved into a diversified business group with operations spanning trade, services, media, education, and real estate

-What were the beginnings of Naran Group’s business? What products did you first introduce to Mongolian market?

-During the early years of Mongolia’s transition to a market economy, the country was cash-strapped, and most private businesses began with small-scale trade. Naran Group was no exception. We started our business in a rented space in the Naran Shop building in the 13th micro district. My husband and I founded a small company called “Naran Trade,” and our very f irst board meeting was held right in our home. We were among the first to include the English word “trade” in a company name. We decided to open a foreign-currency store called “Naran Shop” in our rented location. Our initial capital came from selling new products that may not have been needed by some, but were valuable to others — we took these items on consignment and sold them. After that, we began selling goods sourced from Japan’s 200-yen stores, products from the Intershops of East Germany, and goods we brought from Beijing. I also looked through a German fashion magazine Quelle, order clothing, and sell it in Mongolia Naran Trade was also one of the very first private companies in Mongolia to begin exporting raw materials, especially cashmere, to Western countries. This became our first source of foreign currency, which in turn allowed us to import high-quality brands from developed countries and offer them to Mongolian consumers. Our first import experience involved low-cost products. But when some of them broke or didn’t work properly, we had to take them back and refund the customers. Instead of making a profit, we faced losses and were left with piles of broken electronics. That was a turning point — it taught us that brand reputation and product quality are critical to successful foreign trade. From then on, we committed to prioritizing quality. In 1995, we started working with Japan’s Sony brand. By 1997, we launched Mongolia’s first-ever “Sony Showroom – Service Center,” integrating retail and after-sales service. Afterwards, we spent significant time traveling to countries like Italy, France, Belgium, and Germany in search of new products, brands, and partners. Our first franchise agreement was signed in 1996 with the French company Yves Rocher, marking a major milestone for Naran Group. Our employees were trained at special Yves Rocher courses in Paris and Moscow to improve their skills. By 1995, we were already providing Mongolian consumers with a wide range of European brands, including Merci and Toffifee chocolates from Germany, Luminarc glassware from France, Victorinox from Switzerland, and Delsey from France, covering food, cosmetics, and household goods.

-Could you highlight some of Naran Group’s current achievements?

-Naran Group’s success cannot be measured by numbers alone — it is also a story of strategic growth and value-based development that has brought a new identity to Mongolia’s trade and service sectors. Since its founding in 1990, Naran Group has remained one of the few pioneering companies to introduce and embed a modern business culture in Mongolia, becoming the first private-sector representative in the country’s trade industry. Our achievements are the result of 35 years of accumulated experience and deeply held values. Today, Naran Group has evolved into a diversified business group with operations spanning trade, services, media, education, and real estate. With a dynamic and creative workforce of over 1,000 people, we continue to contribute to Mongolia’s development.

We have successfully introduced and localized around 100 global brands from more than 30 countries, including the United States, Japan, Germany, France, Italy, Australia, and South Korea. Naran Group has repeatedly been named among the TOP-100 enterprises selected annually by the Government of Mongolia and the Mongolian National Chamber of Commerce and Industry. We take pride in our role as an active economic contributor, job creator, and taxpayer. Naran Group is fundamentally a family business. That is why our core values — commitment, responsibility, and unity of purpose — have guided us through even the toughest times. I believe this has been our greatest strength and most valuable asset. For 35 years, we have stayed true to our original mission, focusing on long-term growth with vision and stability. This has allowed us not only to succeed in the current market but also to be well-prepared for the business environment of the future. Our vision and values have not faded — they have only become clearer over time. That is why I can confidently say, “Naran is one of the creative and driving forces of Mongolia’s economy.” Every challenge has made us wiser and stronger — and that is what has shaped the Naran Group we see today.