The smart business man in Mainland China is wearing … much the same as what you’ve got on now, depending on which city you live in.
However, business in China tends to the more formal. Forget about wearing a suit without a tie. That may work in Sydney or the West Coast of America but not in Beijing.
Talking of the north of China, leather jackets are popular for business. Of the softer kind, in dark colours.
It’s big business filling that need to look good in China where about 300 million people, nearly the population of the US, are now officially middle class.
How to get a piece of that action?
Sunbridge Group Limited listed on the ASX today after raising $4.4 million, or 47 per cent above the minimum subscription.
The 20 cent shares, giving a market cap of $94 million, were at a five per cent premium on opening.
Sunbridge is a retailer of menswear in China with two upmarket menswear labels, Pandist and Agueseadan.
The company mostly wholesales to distributors who then sell through more than 400 retail shops and outlets across 28 provinces in China.
Sunbridge will use the capital raised to expand its network, further build the brand and perhaps buy out some of the top performing franchise stores.
CEO Jiayin Xu, who’s been in the clothing business for 30 years, says being listed in Australia will help his marketing drive.
He has no plans to serve international markets.
“With the increase in spending power it makes sense to concentrate our business in China,” he says.
“The modern generation, the professionals, dress for business like they do in Australia. It pretty much follows the western trend.”
China is brand conscious and local businessmen will pay a premium for a perceived high prestige label.
The current stores could expand to nearly 1,000, he says.
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