Tags: buffett | dayang | suit

Buffett Endorses a Suit, Tailor's Shares Rally

Monday, 05 Oct 2009 04:08 PM

By Gene J. Koprowski

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Billionaire Warren Buffett may not be a supermodel, but he is turning out to be quite a figure for Chinese clothier Dalian Dayang Trands.

Shares in China’s Dayang have soared by 75 percent on the Shanghai Stock Exchange ever since Buffett filmed a promotional video for the firm, according to a report on CNN.

The Shanghai exchange’s composite index has remained flat as the clothier has continued to climb.

Buffett became a fan of the clothing designer back in 2007 when two tailors visited his hotel room when he was in China. A few weeks later, suits arrived in the mail, and Buffett was enchanted.

Buffett even invited Madam Li, founder of the firm, to Berkshire Hathaway's annual meeting in May. Buffett's closet once included suits from the Italian fashion house Ermenegildo Zegna, but now exclusively features Dayang models. "I threw out all my other suits," Buffett claims.

Buffett is not the only mega-rich fan. Other Berkshire Hathaway executives, including Buffett's right-hand man Charlie Munger, are donning the outfits. So is Microsoft Founder Bill Gates.

The made-to-measure suits cost $700 to $5,000, depending on the style.

Buffett apparently owns no shares in the firm and taped the video as a favor to the firm’s founder for the company’s 30th anniversary celebration.

A report in the Wall Street Journal said that Buffett is attracted to the founder’s “rags-to-riches” story, as she was born to a peasant family, and grew up in a brick shack with geese in the front yard in the small town of Yangshufang.

She started Dayang Group in 1979 as a collective township enterprise with a 30,000 yuan ($3,394) loan.

"Our skills were very low, but our goals were very high," Li told the paper.

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