Investment mogul Warren Buffett has sworn by Dayang Group’s suits for years. Now the Chinese manufacturing powerhouse has set its sights on North America.
Buffett loves the brand so much, he appeared in a promotional video in 2009 extolling the virtues of the 15,000-employee company. Buffett claimed he “threw out all his suits” and bought nine made by the company instead.
“They’re comfortable and people tell me they look good,” Mr. Buffett told the Wall Street Journal then. “I went 78 years before I got a compliment on my appearance.”
Buffett has even had four Berkshire Hathaway shareholders, including Bill Gates, fitted for Duyang suits, even though he maintains no stake in the company.
Buffett isn’t the only American who’s a fan of Dayang. The company also makes suits for Ralph Lauren, Macy’s, Banana Republic, J. Crew, and others, as well as their own luxury suit brand Trands (Buffett’s favourite).
Suits sold by the company go for about $800, which is especially expensive for Chinese markets. The company mainly serves Chinese leaders, and their stores are closed to the general public.
Boosted by its relationship with Buffett, Duyang is now looking to expand to America.
The company just purchased a $30 million stake in Vancouver-based web-first suiting brand Indochino, according to Bloomberg, which has made a name for itself selling well-fitting suits at affordable prices. Though the company primarily sells its suits online, Indochino is looking to expand from its current 10 showrooms in North America to 150 worldwide by 2020.
Bloomberg speculates the $30 million investment may lead to a the North American retail outlet for the ambitious Chinese brand.
The company has also leased a 4,000 square foot showroom on Fifth Ave in Manhattan since August of 2015, according to the Real Deal, which has not yet opened to the public.