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Why is Metersbonwe going on an unusual road?
While staying focused on its core mission, Metersbonwe has consistently put its investment philosophy into practice: it avoids investing in projects that don’t generate profit, refrains from investing in profitable ventures that lack feasibility, and steers clear of opportunities where no one else is involved. This approach reflects a disciplined and strategic mindset.
"Staying on the conventional path" was once a key factor behind Metersbonwe’s rapid growth in the casual wear market. However, the company is now shifting toward an unconventional strategy—moving away from traditional methods and embracing a more diversified model. Heavy asset management is becoming more prominent, and the leisure apparel industry is gradually evolving into an "industry + investment" hybrid. At the same time, the brand’s benchmark selection has changed from Baleno Road and Jeanswest to global fashion leaders like ZARA and H&M. The shift may signal the maturity of the company's leadership, but it also raises questions about whether following the usual path is still viable. The key, however, lies in avoiding common mistakes.
On December 9, 2009, Metersbonwe officially announced the establishment of Changan Fund in collaboration with Armed Forces Finance and Xi'an Trust. This marked the company's official entry into the capital investment sector, similar to earlier moves by Youngor and Shanshan. While others took the "industry + investment" route by building their own investment platforms, Metersbonwe opted for a more cautious approach, partnering with established institutions to start with stable fund investments.
In the same month, another announcement came—not a positive one. Li Jindai, the former vice president of Metersbonwe, was arrested by the Pudong Public Security Bureau on suspicion of accepting bribes. His involvement stemmed from taking kickbacks during the development of Smith Barney stores, which led to losses for the company.
This incident highlights the risks associated with Metersbonwe's intense focus on expansion in 2009. That year, the company was aggressively expanding its store network, acquiring rented retail spaces across the country. According to its 2009 plan, opening 68 new stores—31 directly operated and 37 franchised—was a top priority. By the eighth month, the company had already secured 39 locations, exceeding half of the target. With such a massive investment in real estate and store expansion, the temptation of high returns was inevitable.
Today, Metersbonwe is investing over 33 million yuan in funds, entrusting professional teams to manage them while remaining as passive shareholders. Compared to Younger Li Rucheng’s approach of establishing an independent investment company, this method reduces risk significantly, even if it means lower profits. However, China's capital markets have a history of luring even seasoned business leaders. As Li Rucheng once said, "When you see that the money made in a day in the capital market equals a lifetime of income from clothing, who wouldn't be tempted or even go mad?"
Beyond financial investments, real estate has also become a major interest for industrialists. In its store expansion efforts, Metersbonwe has started investing in commercial real estate through capital. According to property purchase data, the company has acquired nearly 30 properties. For example, in 2009, it spent 370 million yuan to buy the "Kyoto Building" in Chengdu. These properties are gradually increasing the company’s asset base. Moreover, based on the commitments made in its initial prospectus, the average store size of Metersbonwe will reach 1,400 square meters, comparable to ZARA (1,128.9 sqm) and H&M (1,201 sqm). It is expected that the company’s future real estate expansion will continue to accelerate.
Currently, Metersbonwe's ME&CITY brand is targeting ZARA and H&M in terms of operations. From store design to the timeline of bringing clothes from design to shelves, everything aligns with fast fashion giants. Yet, as it continues to grow, the challenge remains: can it control its investment impulses and avoid non-core industries? Can it truly stick to its investment philosophy—avoiding projects that don’t make money, those that are unattainable despite being profitable, and those with no human involvement? Whether it can do so will determine whether it makes a critical mistake on its unconventional path.