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 company should focus on steady, controlled growth, starting with improving the performance and efficiency of individual stores before expanding further.
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, their booth was just 68 square meters, but this year it expanded to 270 square meters. Wu Jinhai sees CHIC as a crucial platform for raising the brand’s profile and consolidating its position in the market.
The main goal of participating in the exhibition is now more about brand enhancement than investment. Wu Jinhai described the strategy as “raising the brand, reinforcing positions, and integrating channels.†This reflects Mihuang’s broader vision for 2010, which includes strengthening its market presence and building a more cohesive distribution network.
Since 2008, Mihuang has adopted a “multi-colored strategy,†breaking away from traditional industry limitations. By introducing multiple seasons, categories, and channels, the brand has diversified its offerings and reduced product homogeneity. This approach has helped Mihuang maintain consistent growth, achieving annual sales increases of 20% to 30% for six consecutive years.
Even during the 2009 financial crisis, the brand managed to sustain growth. Now, Mihuang is focusing on expanding into second- and third-tier cities, while maintaining a balanced growth rate of 10% for new outlets.
Wu Jinhai believes that CHIC plays a vital role in promoting domestic apparel brands and hopes the event will continue to offer better support to exhibitors. He also highlighted the long-term potential of the cashmere industry, predicting that it will remain stable for the next three to five years.
Looking ahead, Mihuang aims to become the leading fashion brand in the cashmere sector within the same timeframe. The company plans to expand into multiple categories under the cashmere umbrella, while maintaining a steady and sustainable growth path.
“Doing things well right now is the most important thing,†Wu Jinhai said. “Stability and gradual progress are key to long-term success.â€
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