Interview With UR Founder Li Mingguang

With H&M, ZARA, UNIQLO, Forever21 and other fast selling brands pouring into China, fast fashion has become an irresistible trend. The hot selling scene of fast selling brands has become a hot topic. Although the time of entry is not as well known as international. Fast fashion The brand is early, but the development speed of UR in the Chinese market is still attracting much attention. From the brand positioning to the development strategy, the reporter interviewed Li Mingguang, founder of UR.

Reporter: what do you think of the current development of China's fashion industry?

Li Mingguang: China, as the world's first "garment exporter", has experienced the embryonic stage of the early 90s of last century. By the beginning of twenty-first Century, it experienced the fashion upgrading stage of the rapid growth of high-end brands and luxury brands. With the increasing brand awareness and consumption ability of Chinese consumers, they no longer blindly pursue brands, but pay more attention to product personalization and cost performance. At the same time, influenced by the economic and national policies, the sales growth of luxury goods in China has slowed down, and some new commercial projects prefer the fast fashion brands to attract people and increase sales. In my view, under the current economic situation and the increasingly mature and rational consumption concept, Fast Fashion's new consumption concept combines luxurious and changeable fashion with popular parity. The rapid rise of many fast fashion brands also proves the trend and great potential of fast fashion mode.

Reporter: now there are many fast fashion brands in Shanghai and China. How do UR stand out and attract consumers in competition?

Li Mingguang: Shanghai It is a very competitive market, especially the clothing market. Although many brands in the fast fashion industry began to rise, compared with the traditional clothing industry, he is still a new business mode. Each brand has its different brand positioning. Compared with the international fast fashion brand, in the increasingly rapid subdivision of the fast fashion industry, the brand image that distinguishes itself from other brands or urban or mass leisure is UR's elegant and luxurious European style. We call it "light luxury and fast fashion". Whether from the shop decoration or the texture of the product, it brings consumers a luxury and comfortable shopping experience comparable to the international brand. That is to say, UR has the high price performance system that matches other fast fashion brands, and it can also quickly lead the trend, so that consumers can easily enjoy the luxury and fashion.

Reporter: what cities will be the focus of future development?

Li Mingguang: in 6 years, UR has opened 21 stores in the country, all over 800 square meters, and will open 10 stores at the end of 2013. In the next three years, there will still be a second tier city for market expansion. At the same time, we will start to expand in the three or four tier cities. At present, many fast fashion brands have not yet entered the three or four tier cities, but the demand for fast fashion in these cities will also be great. We will focus on the needs of the three or four line city market, enrich the brand product line, and do more in line with the three or four line cities' shops and products, and carry out the permeable development. We plan to achieve 100 stores in the Chinese market in three years, and begin to enter the Asia Pacific market in 2014. In 2015, we began to enter Europe and other markets in a timely manner and implement the strategy of synchronous development of the global market.

Reporter: what are the requirements and standards of store location and storefront design for UR?

　　 Lee Ming Kwong From the development of target consumption to the consumption of experience, only when the consumption environment is good and the quality of products is good, can consumers continue to attract consumers to enjoy the UR luxury and comfortable one-stop shopping experience. In the process of development and expansion, UR has accumulated a set of shop opening methods, and every shop has strict location criteria. First of all, in terms of site selection, we basically follow the "onion ring" rule, which develops from the center. We also spare no efforts in store design. UR's store area is over 800 square meters, and the store design is also costly to achieve the international image of luxury and fashion. Different series of products are orderly displayed in different areas. There are many products, but it will not be disorganized, the price is popular, but the product design is not luxurious. This contrast of high quality and low price attracts many consumers.