This year, Mihuang set its sales outlet growth target at 10%. Wu Jinhai, the chairman of Zhejiang Mihuang Group Co., Ltd., emphasized that rapid expansion could strain management and negatively impact brand development. According to him, the key for Mihuang in building its marketing channels is to grow steadily, focusing first on improving the performance and efficiency of individual stores.
Mihuang has been preparing for CHIC2010, a major event in the fashion industry. Since its first participation in 2003, the brand has evolved significantly. Back then, Mihuang's exhibition presence was modest, with a booth of only 68 square meters. This year, the company expanded its booth to 270 square meters, reflecting its growing influence and commitment to brand enhancement.
Wu Jinhai stated that participating in CHIC is not just about investment but more about upgrading the brand. The goal is to "raise the brand, consolidate positions, and integrate channels"—key strategies for Mihuang’s brand development in 2010. He sees CHIC as a crucial platform for domestic apparel brands to grow and gain visibility.
In recent years, Mihuang has adopted a "multi-colored strategy" to break through industry limitations. This approach covers products, channels, and marketing, emphasizing multiple seasons, categories, and distribution methods. By doing so, the brand has moved away from a single-product structure and introduced more diverse styles.
The multi-color strategy has led to significant success. Over the past two years, Mihuang has maintained steady sales growth of 20% to 30% for six consecutive years. Its outlets have expanded into second- and third-tier cities, even during the 2009 financial crisis.
Looking ahead, Mihuang plans to maintain a controlled growth rate of 10% for sales outlets this year. Wu Jinhai believes that rushing expansion can lead to operational challenges and weaken brand value. Instead, he advocates for gradual and sustainable development, ensuring each store performs effectively before expanding further.
Participating in CHIC is seen as a vital step in raising the brand’s profile. Wu Jinhai praised the event as the "first platform" for domestic fashion brands. He also hopes that CHIC will provide better support and services to exhibitors, helping them elevate their experience and overall quality.
This year, Mihuang's booth is located in the Women's Pavilion, highlighting its focus on women's cashmere fashion. Wu Jinhai noted that the cashmere industry won’t undergo major changes in the next three to five years, but the trend toward stylish and fashionable cashmere garments will continue.
According to Mihuang’s plan, it aims to become the leading fashion brand in the cashmere industry within the next few years. The company will expand into a multi-category cashmere clothing brand, offering more variety while maintaining its core identity.
"Of course, Mihuang wants to develop steadily and take things one step at a time," Wu Jinhai said. For now, the most important task is to focus on current operations and ensure every aspect of the business runs smoothly. After all, doing things well is the foundation of long-term success.
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