Recently, the leaders of seven top global fabric manufacturers, including Loro Piana, Zegna, Colombo, and Piacenza, flew to Ningbo, China, and gathered around the same table in a rare meeting.
Their visit had two purposes: to sign a strategic agreement with China’s high-end menswear brand MAYOR and, more importantly, to attend the 45th-anniversary celebration of its parent company, Youngor Group.
Founded in 1979, Youngor became a household name in the 1990s as a leading Chinese menswear brand. For 27 consecutive years, Youngor men’s shirts have held the top market share in China, earning widespread consumer acclaim.
In 1998, Youngor was listed on the Shanghai Stock Exchange (stock code: 600177). Today, this Ningbo-based company has grown from a single-brand operation into a multi-brand group through self-incubation, investments, and acquisitions, boasting seven domestic and international brands.
Luxe.CO was invited to participate in the 45th-anniversary celebrations. Through visits to the group’s headquarters and the Youngor Fashion Experience Center, we gained an external perspective on this Chinese apparel company’s growth journey, multi-brand portfolio, and its extensive industry network.
Above: Stores of five brands under the Youngor Group at Chongqing MixC
From the “Four Thousand Spirit” of Struggle to a Rational Return to the Core Apparel Business
In 1979, in Shiqi Town, Ningbo, Li Rucheng founded the “Youth Garment Factory” with RMB 20,000 in resettlement funds for educated youth. Reflecting on the challenging and determined entrepreneurial journey, the Chairman of Youngor Group, Mr. Li Rucheng, summarized the early days:
- “Lacking technology – We formed horizontal alliances and collaborated with Shanghai’s industrial and commercial sectors, gradually learning the principles of modern industrial and commercial operations.”
- “Lacking capital – We pooled internal funds and implemented a partnership model, becoming China’s first standardized joint-stock private enterprise, successfully going public on the Shanghai Stock Exchange in 1998.”
- “Lacking markets – We established joint ventures with foreign firms, engaged in cross-border operations and international acquisitions, opening vast markets both domestically and internationally.”
Every Chinese enterprise striving for survival and development undergoes numerous “feeling the stones to cross the river” moments, taking bold, unprecedented initiatives. Youngor is a standout example of this journey.
During our visit, we frequently heard about the “Four Thousand Spirit” from Youngor employees. This ethos, embodying “traveling over thousands of mountains and rivers, saying thousands of words, devising thousands of solutions, and enduring thousands of hardships,” reflects the Zhejiang entrepreneurial spirit. It encapsulates the resilience and relentless efforts during Youngor’s founding years, becoming the core corporate culture and driving force behind the company’s growth.
With time, and benefiting from opportunities provided by national development, Youngor’s corporate vitality has thrived. However, even as the company celebrated numerous achievements, Li Rucheng has consistently reflected on key questions: “Who am I? Who do I want to become?”
“In the process of development, Youngor experienced the impulsiveness of its ‘adolescence,’ pursuing growth opportunities everywhere and attempting diversified operations. This led to the accumulation of initial capital but also exposed the risks of diversification. We gained a rational understanding of various industries, accumulating invaluable experiences and lessons for future growth,” Li admitted during the anniversary celebration.
Recognizing these insights, a few years ago, Li Rucheng made a clear decision to return to the company’s core apparel business. He articulated a corporate vision of building an “international fashion group.” To achieve this strategic goal, Youngor has made significant investments to enhance brand power and focused on its core business, aiming to boost competitiveness in the apparel industry through targeted acquisitions and investments.
Youngor and MAYOR Strengthen Efforts to Build China’s Leading Menswear Brand
Starting with men’s shirts and menswear, Youngor has grown into a beloved brand across China, ultimately establishing itself as a leader in the national textile and apparel industry. Its rigorous standards for fabric selection, manufacturing techniques, and product quality have been deeply ingrained in the company’s DNA.
As early as 1993, Youngor set its sights on the global stage, collaborating with Italy’s Chevvis to adopt advanced suit-making techniques. The company invested RMB 80 million (approximately $11 million USD) in computerized flat knitting machines from then-West Germany and Japan, making it the largest professional shirt brand in the province and among the top three in China.
In 2006, Youngor pioneered detoxified hemp fiber technology and textile innovation, successfully developing new hemp-based materials and launching the “Hemp Family” brand. In 2018, Youngor established a 10,000-square-meter intelligent suit factory, later upgrading it to a world-class 5G-enabled smart factory, further enhancing production efficiency and product quality.
Five years ago, to achieve the goal of making its MAYOR brand a global leader in menswear, Li Rucheng signed the “Building MAYOR with the World” strategic agreement with top fabric suppliers, including Loro Piana, Zegna, Albini, and Alumo, by Lake Como in Italy. Now, during the 45th-anniversary celebration, Youngor has welcomed three more global fabric giants—COLOMBO, Piacenza, and OLMETEX—into the partnership.
With these global top-tier fabric collaborators, MAYOR has significantly strengthened its positioning as a premium menswear brand.
To further enhance its flagship brand, Youngor has created its highest-tier retail concept, the “Fashion Experience Center,” implementing the strategy of “one experience center for each city.” This initiative continues to explore new retail models that integrate online and offline channels.
Youngor currently operates 14 Fashion Experience Centers in major cities, including Shanghai’s Nanjing East Road, Wuhan, Zhengzhou, Nanning, and Ganzhou. Notably, the buildings housing these centers are entirely owned by Youngor. According to the company, the goal is to open 40 Fashion Experience Centers in key cities across China.
In 2021, Youngor launched the “Innovation 100” project. By September 2022, this initiative had selected 56 designs from 30 designers across 8 countries, unveiling a new concept shirt collection at its Shanghai debut, showcasing Youngor’s transition towards a more fashion-forward identity.
Youngor has also revealed that more than 95% of its sales revenue comes from its self-operated retail channels.
At the Business Leaders Forum held during the celebration, executives from top retail groups, including China Resources MixC Lifestyle, Vanke Commercial, Wanda Commercial Management, and Intime Retail, participated in a roundtable discussion. Addressing the challenges in the fashion retail sector, Xu Peng, Executive President of Youngor Fashion Co., Ltd., said:
“Long-termism is what Youngor firmly believes in. We are willing to collaborate with commercial enterprises to open large-scale stores, working closely together to weather the temporary cyclical downturn in the market.”
From its brand development history, Luxe.CO observed that since the 1980s, Youngor has partnered with major department stores such as Maoye, Intime, Zhongyang, Huadi, Wangfujing, Dashang, Beiguo, Wushang, Hefei Baida, Chongqing Department Store, Wenfeng, and Eurasia. It later expanded to collaborate with comprehensive commercial enterprises like Ginza, Golden Eagle, Rainbow, Lanzhou Guofang, Dennis, Fat Donglai, Wanda, Longfor, Wuyue, China Resources MixC, and Vanke Yintai.
Recently, Youngor has also established close partnerships with Bailian, Shanshan, Sasseur, and Florentia Village. Representatives of these enterprises attended the 45th-anniversary celebration and signed agreements on-site.
Above: Youngor Wuhan Fashion Experience Center located at the foot of Yellow Crane Tower
The Emergence of a Multi-Brand Matrix and Strengthened Synergies
Globally, numerous well-known multi-brand luxury fashion conglomerates have risen to prominence. Over the past 40 years, the dominant trend in the global luxury fashion industry has been the rise of multi-brand groups. In fact, four of the five most valuable publicly listed luxury companies today—LVMH, EssilorLuxottica, Richemont, and Kering—are multi-brand groups.
In the rapidly growing Chinese consumer market, the exploration of multi-brand strategies is just beginning. Chinese companies have experienced both the rewards and growing pains of adopting this model. However, the foundation of a successful multi-brand approach aligns with the core principle of managing a single brand: focusing on and satisfying the increasingly diverse and nuanced needs of customers and markets.
By adhering to this principle, companies can significantly enhance their operational strength, resilience, and capacity for innovation. These improvements ultimately become the inevitable outcomes of success in a multi-brand model.
In December 2023, Youngor Group Co., Ltd. officially renamed itself Youngor Fashion Co., Ltd., reaffirming its focus on the fashion industry. Through independent incubation, joint ventures, and acquisitions, the company has built a comprehensive multi-brand structure catering to all scenarios and age groups (see diagram below):
Diagram: The seven brands under Youngor Fashion Co., Ltd.
With its robust foundation, Youngor is poised to continue advancing its multi-brand strategy with the enduring “Four Thousand Spirit.”
The synergistic effects of this multi-brand model have already begun to manifest. Recently, Youngor Group collaborated with MixC to explore a “group-to-group” partnership model. Five of its brands—Youngor (the flagship brand), MAYOR, HART MARX, UNDEFEATED, and HELLY HANSEN—debuted together at Chongqing MixC, the largest luxury-oriented mall in China.
Youngor and HELLY HANSEN also supported “China Ningbo One,” the only Asian team in the 2024 M32 Catamaran European Championship held on Lake Garda, Italy. The team secured third place in the European Championship and, due to their stellar performance throughout the season, won the overall M32 European Series Championship.
Another example is HELLY HANSEN’s successful re-entry into the Chinese market with Youngor’s support. Over the past three years, the Norwegian premium outdoor brand has established around 40 stores in 24 cities, including flagship locations in prestigious malls such as Beijing China World Trade Center, Hangzhou Tower, Chengdu IFS, Xi’an SKP, Nanjing Deji Plaza, and Shenyang MixC.
Meanwhile, UNDEFEATED, another Youngor brand, developed a large-scale sports center called “UNDEFEATED SPORTS CENTER” in Aranya North Coast, Qinhuangdao. This facility includes spaces for fitness, strength training, basketball, swimming, and Brazilian Jiu-Jitsu, becoming a new landmark for youthful energy in Aranya.
These developments underscore the strength of Youngor’s multi-brand strategy and the synergies driving its continued growth in both domestic and global markets.
Conclusion
As the second-generation entrepreneur of the company, Ms. Li Hanqiong, Vice Chairperson and President of Youngor Fashion Co., Ltd., remarked during the anniversary celebration:
“Youngor’s achievements today are the result of three indispensable factors: the right timing, the right place, and the right people. The right timing refers to the favorable opportunities created by China’s reform and opening-up; the right place represents Ningbo’s vibrant culture and the spirit of the Ningbo business community; and the right people are our family, friends, and partners here today.”
At the celebration, Luxeplace.com witnessed firsthand the “people synergy” that Youngor has cultivated. Over 45 years, numerous partners from Youngor’s ecosystem gathered, including top domestic and international fabric suppliers, as well as executives from retail and commercial sectors, all of whom have played a role in the company’s growth.
Notably, as a large enterprise group with 20,000 employees, Youngor has demonstrated its commitment to both economic contributions and social responsibility. Over the past 45 years, the company has paid cumulative taxes of RMB 49.5 billion (approximately $6.8 billion USD), distributed and repurchased dividends worth RMB 31.5 billion (approximately $4.3 billion USD), and paid cumulative salaries totaling RMB 34 billion (approximately $4.7 billion USD).
These figures not only reflect Youngor’s economic achievements but also highlight its sense of social responsibility.
In 2023, Youngor achieved an annual revenue of RMB 191.6 billion (approximately $26.2 billion USD), ranking 36th among the Top 500 Chinese Private Enterprises and 140th among the Top 500 Chinese Enterprises, as it strives to enter the ranks of the Global Fortune 500.
Chairman Li Rucheng, in an earlier media interview this year, shared his current focus:
“I am now fully committed to three priorities: cultural development, institutional development, and talent cultivation.”
At the 45th-anniversary celebration, he extended a cooperative proposal to the entire industry:
- Build platforms for brand, supply chain, and commercial mutual benefits to collectively tackle new challenges.
- Leverage digital technology to create unified VIP channels and explore integrated online-offline business models to better serve customers and enhance satisfaction.
- Foster capital cooperation by exploring equity partnerships for mutual growth, creating a true community of shared interests and destiny.
| Image Credit: Youngor Group
| Editor: LeZhi
