I.T Founder Shen Jiawei: Private Brand Development Is The Direction.

I.T brand Integrated store b+ab storefront

The I.T group of Hongkong, China, was first developed by an integrated store Green Peace, which sells foreign popular brands. It was founded in 1988. After more than 20 years of development, it was supported and supported by many fashion lovers. In 1997, it was officially renamed the current name of Hongkong. The Brand Company takes the concept of "providing self creative space for young people who want to show their individuality with clothes" and gradually develops into the largest scale in Hong Kong. Fashion fashion One of the group is fashion seekers and many stars. Trend "Holy land".

Shen Jiawei, founder of I.T fashion group

In 1988, Shen Jiawei Kar Wai, the founder of I.T fashion group, failed to find his favorite British punk fashion in Hongkong, so he began her clothing business in 1988.

At that time, as a 21 year old boy, he ran a small shop in Doc Tongluowan shoes and European version of Levi s jeans in Tongluowan, Hongkong, and he worked as a clerk in a bank during the day.

Shen Jiawei grew up in a public housing estate and he didn't read it until he was in high school. When he was 23 years old, he changed the simple shop to I.T limited. The clothing company made a profit of 3 billion Hong Kong dollars last year. The company listed in Hongkong and its market value was more than 8 billion Hong Kong dollars.

I.T Brand Company sells its own brand and high-end imported brands, including the French fashion brand A.P.C. and Japanese designer Wakubo Suzu's brand like "Comme des Garcons". Although I.T stores in Hongkong account for 72% of the company's total sales, it has developed quite rapidly in mainland China. When interviewed by US media reporters, Shen Jiawei talked about his brand management strategy and the challenges he faced in the sales process in mainland China.

Q: half of your income comes from your own brand, and the other half comes from imported brands. Which of these is more potential?

Shen Jiawei (hereinafter referred to as the answer): since 1995, our own brand is more important to us. Now, we have 10 private brands, and we can set goals for different consumers and markets. We find this way to be more flexible and have more sales outlets at different prices.

The mainland is like an early Hongkong. People who are interested in fashion can not afford designer brand. Because of this, our own brand is a good choice for them. And in mainland China, there are not many platforms for private brand development, such as department stores or street shops. These are suitable for importing designer brands, which is why we focus on private brands in the mainland. Our goal is to sell our own brand to 70% in the next 3 to 5 years.

And we haven't stopped expanding about imported brands. But this pace is different, it is more gradual. These brands need uniqueness and need specific circumstances. However, our own brand can be sold in department stores, shopping centers or flagship stores. In mainland China, we mainly enter private brand. As for the import brand, it is good for our brand. {page_break}

I.T shop "boy like" storefront

Q: what is the most powerful growth of the company?

A: from the perspective of sales rate, we hope to grow 30% in mainland China. In Hongkong, we also need to expand, but not so fast. We can increase sales in Hongkong by 10% and increase in mainland China by 30% or more. This is our goal.

Q: Hongkong market is so dense and competitive. What can I.T do to increase its market share?

A: you can think that Hongkong is very saturated, but the scale of the market is still very large. Our market share occupies only 5% to 6% of the total market. I still believe that we have some room for profit. That's why we are always trying different concepts to increase our market share.

For the first time in mainland China, visitors to Hongkong will buy watches, jewellery or luxury goods. But a few years later, two years ago, the consumption power of mainland tourists began to account for a large proportion of us. We also built the same stores on the mainland, so they knew our names when they arrived in Hongkong. About 40% to 50% of Hongkong's share of sales comes from such customers.

Q: in February of this year, I.T bought Japanese brand A Bathing Ape. Why did you buy this brand? What is your strategy?

Answer: A Bathing Ape is one of our favorite brands. Hongkong has been very successful. But in Japan, because the economy is not so prosperous, and the operation of the company is not very good, they have some problems in the flow of funds, which also gives us the opportunity to merge them. We think we will make it better than before.

First, we need to be clear about how we can benefit from it. Then we will expand the scope of our products and push them to a wider international market. The brand has become famous in the US and Europe. Similarly, we believe that Japan's business will help us bring some of our ideas to Japan. Of course not now, we are still looking forward to it. After our merger, a great earthquake happened.

Q: what are the unique challenges faced by managing retail businesses in China's Hongkong and Mainland China?

Answer: rent is in Hongkong. In other parts of the world, because the rent is not so high, we have more room for creativity. In Japan and Europe, you can have some very interesting stores and interesting ideas, but not in Hongkong. There is not much creativity here. We need to pay high rents for the shops, so the shops become very commercial.

Communication is in mainland China. In Hongkong, we publish a message that we can get a lot of resources. But there are too many brands on the mainland, and advertising costs are 3 times to 4 times higher.

Another challenge is personnel. I am not satisfied with the standard of service of our staff. We need to spend more time on education and training. And there is a lot of competition for salesmen. Suddenly, everyone is opening shops, and therefore fewer excellent salesmen. This is the story of a developing country, with certain manpower problems. {page_break}

I.T: private brand development is the direction

About I.T

I.T group has a large number of fashion brands, known for its avant-garde, diversified and leading trend, suitable for people of different ages and styles. Clothing category from international high fashion to Asia Japan fashion brand. I.T group's stores are mainly divided into two categories: English uppercase I.T and lowercase I.T. I.T and I.T are just the different codes of the group's shops. It seems that the same parent has split off the independent individuals.

What I.T is concerned about is the world-famous brand designers, such as D&G, Miu Miu, Jean Paul Gaultier, Alexander McQueen, Cacharel, A.P.C., and so on. I.T, which sells Japanese young fashion, provides a space for self creation for young people who want to show their personality with clothing. Shops display their youthful attitude from clothing to decoration, and sell several Japanese brands including Asknowas, poudoudou, toutacoup, Mystywoman, pageboy and so on. Izzue, 5CM, Arnold Palmer, b+ab and Fingercroxx are all popular brands made by I.T group.

Out of text sharing: business and business

The following is the column of "business to business", which aims to share the brilliant remarks of international business people with their views on business, experience and specific events.

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