Wow Buffet, Gates and Munger wears Chinese made suits. I would imagine that the quality is pretty good.
Sept. 17 (Bloomberg) -- Billionaire Warren Buffett turned Dalian Dayang Trands Co. into China’s best-performing clothing stock after saying he wears the company’s suits and praising it as “wonderful.”
Dayang, based in the northeastern city of Dalian, rose by the 10 percent limit for a fourth day at 10:33 a.m. in Shanghai after posting a video on its Web site of Buffett congratulating the company and Chairman Li Guilian on its 30th anniversary.
“I have to tell you that I now have nine suits all made in China. I threw away the rest of my suits,” Berkshire Hathaway Inc.’s chairman and CEO Buffett, 79, says in the video, adding that his business partner Charlie Munger and Microsoft Corp. Chairman Bill Gates also wears Dayang’s outfits.
Dayang is up 261 percent this year, the most of 25 apparel companies traded in Shanghai and Shenzhen. The company, with 2008 sales of 894.6 million yuan ($131 million), and a market value of less than $350 million, doesn’t have any “disclosable business relationship” with Buffett, it said yesterday.
“Buffett has a lot of influence on the stock market and so when Dalian Dayang shows him wearing their suits, that has an impact,” said Kong Jun, a Shanghai-based analyst at China Jianyin Investment Securities Co. Kong recommends investors buy Dalian Dayang’s shares.
Buffett assistant Carrie Kizer confirmed that Buffett recorded the video at Li’s request. “It was something they asked him to do and he agreed,” Kizer said in an e-mail. Dayang’s spokesman could not be reached for comment.
Gates Venture
“It’s been a long time since I got compliments on how I look but since I’m wearing Madam Li’s suits, I get compliments all the time,” he says.
Buffett, the world’s second-richest man with an estimated fortune of $37 billion according to Forbes magazine, jokes in the video that “maybe Bill and I could start a clothing store” and sell the company’s suits, adding that “some day we might even be rich, who knows?”
Gates is the world’s richest man with wealth of $40 billion, according to Forbes.
Li founded Dayang in September 1979 with 85 employees, according to its Web site. She now employs around 6,800 workers and about 40 percent of sales are derived from the U.S. and Europe. The company supplied the clothing for the U.S. delegation at the opening ceremony of the 2008 Beijing Olympics, its annual report shows.
To contact the Bloomberg News staff for this story: Chua Kong Ho in Shanghai at [email protected]; John Liu in Shanghai at [email protected]
Last Updated: September 16, 2009 23:11 EDT
Sept. 17 (Bloomberg) -- Billionaire Warren Buffett turned Dalian Dayang Trands Co. into China’s best-performing clothing stock after saying he wears the company’s suits and praising it as “wonderful.”
Dayang, based in the northeastern city of Dalian, rose by the 10 percent limit for a fourth day at 10:33 a.m. in Shanghai after posting a video on its Web site of Buffett congratulating the company and Chairman Li Guilian on its 30th anniversary.
“I have to tell you that I now have nine suits all made in China. I threw away the rest of my suits,” Berkshire Hathaway Inc.’s chairman and CEO Buffett, 79, says in the video, adding that his business partner Charlie Munger and Microsoft Corp. Chairman Bill Gates also wears Dayang’s outfits.
Dayang is up 261 percent this year, the most of 25 apparel companies traded in Shanghai and Shenzhen. The company, with 2008 sales of 894.6 million yuan ($131 million), and a market value of less than $350 million, doesn’t have any “disclosable business relationship” with Buffett, it said yesterday.
“Buffett has a lot of influence on the stock market and so when Dalian Dayang shows him wearing their suits, that has an impact,” said Kong Jun, a Shanghai-based analyst at China Jianyin Investment Securities Co. Kong recommends investors buy Dalian Dayang’s shares.
Buffett assistant Carrie Kizer confirmed that Buffett recorded the video at Li’s request. “It was something they asked him to do and he agreed,” Kizer said in an e-mail. Dayang’s spokesman could not be reached for comment.
Gates Venture
“It’s been a long time since I got compliments on how I look but since I’m wearing Madam Li’s suits, I get compliments all the time,” he says.
Buffett, the world’s second-richest man with an estimated fortune of $37 billion according to Forbes magazine, jokes in the video that “maybe Bill and I could start a clothing store” and sell the company’s suits, adding that “some day we might even be rich, who knows?”
Gates is the world’s richest man with wealth of $40 billion, according to Forbes.
Li founded Dayang in September 1979 with 85 employees, according to its Web site. She now employs around 6,800 workers and about 40 percent of sales are derived from the U.S. and Europe. The company supplied the clothing for the U.S. delegation at the opening ceremony of the 2008 Beijing Olympics, its annual report shows.
To contact the Bloomberg News staff for this story: Chua Kong Ho in Shanghai at [email protected]; John Liu in Shanghai at [email protected]
Last Updated: September 16, 2009 23:11 EDT
