According to the ranking of the world's richest people published by Forbes, in 2003, there were 587 billionaires with wealth exceeding US$ 1 billion, among which Michael Ying Lee-yuen ranked 3rd10 with US$1800 million (about NT$ 60 billion), becoming a new face on the rich list. According to Forbes' wealth statistics, Michael Ying Lee-yuen's wealth surpassed that of Xu Wenlong, Chairman of Chimei Group, Lin Baili, Chairman of Quanta Computer and Zhang Rongfa, President of Evergreen Group.
Michael Ying Lee-yuen's ESPRIT clothing is a household name in Hongkong. Michael Ying Lee-yuen's wife Brigitte Lin was a popular movie star in Hong Kong and Taiwan ten years ago, so Michael Ying Lee-yuen has a certain popularity in Hong Kong and Taiwan. However, it is hard for ordinary people in Taiwan Province Province to imagine that Michael Ying Lee-yuen can become a global rich man by selling ready-made clothes, even richer than Lin Baili, the owner of the world's largest notebook computer company.
In recent years, Michael Ying Lee-yuen's wealth has increased year by year, mainly because the share price of Esprit Global Holdings has continued to rise. On March 1 day this year, Esprit Global Holdings closed at 3 1 HK$, and its share price doubled compared with the same period last year. Michael Ying Lee-yuen, who owns 33% of ESPRIT, is naturally rich. After all, what kind of businessman is Michael Ying Lee-yuen? How did he build a fashion enterprise kingdom?
Michael Ying Lee-yuen, 60, has only a high school education. He married Brigitte Lin on 1994. In many public occasions, when he appeared with Brigitte Lin, he always kept a low profile and didn't attract attention. Low-key is his usual style. In addition, his attitude towards life has a profound understanding of human nature. Brigitte Lin mentioned in an interview with Hong Kong media that once her daughter hosted a dinner party at the full moon, Michael Ying Lee-yuen also asked Brigitte Lin not to dress up too beautifully that day, so as not to steal the limelight of the guests.
Precision Falcon plays the strategy of internationalization and branding.
"He is not unassuming, not too modest and extremely sensitive to the market." This is the observation of Michael Ying Lee-yuen by Shenzhen Business Daily. Indeed, this Hong Kong clothing manufacturer is playing an international and brand strategy that is rare for ordinary China businessmen. Moreover, he is bold and cautious, like an accurate falcon. He won't go home empty-handed every time he moves.
197 1 year, 2 1 year-old Michael Ying Lee-yuen entered the clothing industry, when he was studying business in a MGO textile factory. In this factory, he met the founders of California-style clothing ESPRIT (Douglas and Susie tompkins). At that time, the couple's feelings about Michael Ying Lee-yuen were "confident, smart and impressive". 1972, Michael Ying Lee-yuen became the Hong Kong raw material purchasing agent of ESPRIT, and opened the door of his clothing business.
1974, Michael Ying Lee-yuen borrowed HK$ 2,600, and the founders of ESPRIT each contributed 50% to set up a company to expand ESPRIT's business in Asia. Like many businessmen who seized the opportunity to start from scratch, Michael Ying Lee-yuen made a fortune in the stage of Hong Kong's economic development. But if we only rely on agents to eat, Michael Ying Lee-yuen has been eliminated by the market now.
Unlike ordinary agents, Michael Ying Lee-yuen is extremely sensitive, and he knows how to transform into a brand. 198 1 year, he opened the first ESPRIT retail store in Causeway Bay, Hong Kong, which is the first global ESPRIT retail store.
He is ahead of American ESPRIT. Since then, Singapore, Taiwan Province Province and Shanghai have successively set up ESPRIT retail stores. Today, ESPRIT has 570 stores around the world.
Bold enough to expand stores quickly during the recession.
197 1 year was the beginning of Michael Ying Lee-yuen's career, and 198 1 year was the first turning point of his career success. By operating retail stores, Michael Ying Lee-yuen has raised the brand of ESPRIT to a new height. Michael Ying Lee-yuen attaches great importance to the image of the store. From time to time, he would pretend to be a customer and walk around the ESPRIT store to observe the decoration, atmosphere, service attitude and customer reaction. He is a keen shopper. For example, when he was interviewed by Asia Weekly, he bluntly said, "I like to buy clothes, and I must wear them!"
Brand is Michael Ying Lee-yuen's dream. In order to fully own the ESPRIT brand, 1996, after the couple divorced, he bought 63% of the shares of American esprit, and in 2002 he repurchased the remaining 37% at a price of about NT$ 5.4 billion. Since then, he has owned the trademark right of ESPRIT 100% in America.
I was the agent of American ESPRIT 30 years ago, and now I come back to buy my parent company. Michael Ying Lee-yuen is also very happy to say that this is his happiest thing. In 2002, Esprit Global became a constituent of the Hang Seng Index, but compared with these two happy events, Michael Ying Lee-yuen thought that "it is more important for me to buy American business".
Michael Ying Lee-yuen is bold enough. He often takes action in times of economic depression. Hong Kong was hit hard by the financial turmoil in 1997. Michael Ying Lee-yuen did not slow down its expansion, but took advantage of the sharp drop in store rents to expand rapidly and opened several large-scale ESPRIT compound concept stores. Last year's SARS (Severe Acute Respiratory Syndrome) storm reduced the income of Hong Kong and Taiwan by 30%, but Michael Ying Lee-yuen decided to close Joyce Boutique's store in a prime location in Hong Kong after the lease expired, and then open a flagship store of ESPRIT, including not only clothing, jewelry, accessories and household items, but also a top hairdressing salon with the same name. He insisted that ESPRIT "is not just selling clothes ... (ESPRIT) is a way of life and attitude." Mark ronson Rosenfeld, a consumer analyst in Hong Kong, believes that large stores can strengthen the brand of ESPRIT, selling images rather than products.
In fact, in recent years, ESPRIT has actively developed large-scale specialty stores in Taiwan Province Province, but the performance of department stores has stagnated, which shows that ESPRIT hopes to build a brand image through specialty stores.
Global Vision is going to be listed in new york.
The second turning point of Michael Ying Lee-yuen's success is internationalization. 1993 Esprit Global Holdings was listed in Hong Kong and listed in London for the second time at the end of the same year. In the following ten years, he launched four acquisitions. 1995- 1996 bought Australian ESPRIT and European ESPRIT successively, and later bought red soil cosmetics. In 2002, it completed what Michael Ying Lee-yuen called "the great cause of reunification" and acquired the equity of American ESPRIT parent company. A series of acquisitions are aimed at transforming esprit into a global enterprise, and his dream is to list ESPRIT on the new york Stock Exchange. 1996 when he started to go out of Asia and develop in Europe, he thought of the whole world. At that time, he pointed out: "Only if you have European business can you be listed in Europe, and the price-earnings ratio (that is, the price-earnings ratio) does not exceed 15 or 6 times. Only by turning Esprit into a global enterprise and listing in new york can we get a triple P/E ratio. " 1998, ESPRIT listed in London, which seems to be a little closer to the dream of listing in new york from Xing Li.
In the international layout of enterprises, we must be able to afford companies and find good talents. The giant animal discovered by Michael Ying Lee-yuen is a Czech-born German Heinz krogh. Nine years ago, after Michael Ying Lee-yuen was hired as the president of ESPRIT Europe from a German textile company, the European business increased fourfold. Today, Europe has become the focus of ESPRIT's global business. Last year, 84% of its performance came from Europe, of which Germany accounted for 53%. In 2002, Michael Ying Lee-yuen simply gave up the position of CEO, and Krone became CEO. He said to Crohn, "You are my only choice!" "Crohn also confidently said without modesty," exactly! "Krone didn't disappoint Michael Ying Lee-yuen. Last year (from July 1 day, 2002 to June 30, 2003), Esprit Global's revenue approached HK$ 124 billion (about NT$ 53 billion), and its profit was nearly HK$1200 million (about NT$ 5 1 00 million), with growth rates of 34% and 34% respectively.
World-class leaders come from Canada, Germany, the United States and Singapore.
According to figures released in February this year, profits in the second half of 2003 increased by 53%, reaching 880 million Hong Kong dollars (about NT$ 3.7 billion).
In recent years, ESPRIT's financial statements are bright, mainly due to the contribution of the European market, especially the German market. Markets such as Hongkong, Taiwan Province, Canada and Britain are still losing money. How to make these markets turn losses into profits is a challenge for Krone.
Michael Ying Lee-yuen has formed an international team. Besides Krone, the CFO of ESPRIT is chinese canadians, the global retail business is in the charge of Americans, the image director is Singaporean, and the wholesale business is in the charge of Germans.
Michael Ying Lee-yuen's competitors are not stingy. It is reported that Krone's annual income in 2002 was nearly HK$10.60 billion (about NT$ 660 million). The 62-year-old Krone has thus become a new generation of "working emperors" in Hong Kong (referring to professional managers with the highest annual income).
Xing Li used to bring people to the international stage, and he fully authorized it. CHIBBER Surinder, who is in charge of ESPRIT's Asia-Pacific wholesale business, said in an interview with Hong Kong media that the degree of decentralization in Michael Ying Lee-yuen is that it has not even signed a check for more than 20 years. Michael Ying Lee-yuen also pointed out many times that in order to attract talents, people must have room to play. Therefore, he emphasized "cronyism", not only not wanting the next generation to take over the business, but also not letting relatives work in the company.
In the past, consumers and media in Taiwan Province Province regarded Michael Ying Lee-yuen as "Mr. Brigitte Lin", but they actually underestimated Michael Ying Lee-yuen, an international businessman who "strategized and won thousands of miles". However, whenever someone asks him how he succeeded, he always answers: "I don't know, push, push, and things went up before I knew it!" " "