bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

helpersCheckIsPostiesArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

moreOnThisArticles

urlAlias

commentCount

authorLocations

authors

corrections

sponsorType

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

additionalInfoBoxes

quizIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

SCMP Reporter

WHILE former Giordano boss Jimmy Lai seems unable to stay out of the limelight, his counterpart at Esprit Asia, Michael Ying, is a man who cultivates a low profile.

 Unlike Mr Lai, Mr Ying professes no strong interest in politics and is decidedly coy about taking risks.

 In fact, the Esprit chairman said he was surprised by Mr Lai's strategy of rapid expansion, particularly in China.

 Mr Ying claims never to have set himself a numerical target concerning his fortune or market share.

 ''I enjoy my work. To me it's an interest and a game as well,'' he said.

 ''There are a lot of uncontrollable elements which can easily frustrate your plans if you are too focused on a fixed target, for example, grabbing a certain market share within a set period of time.''   But he is unconcerned by the rapid growth of Giordano. ''It makes retailing seem like a war game rather than a marathon requiring a steady pace and stamina,'' he said.

  Mr Ying said he would never run the risk of investing too much in a new business or market.

 ''Currently, I have just the Esprit brand, I am not thinking of starting another related brand or second line, such as an E2.''  This fits with his apparently conservative approach to investments in general, which includes steering clear of other sectors: ''If you ask me to invest in the property market, I really would have no idea how to manage something like that.''  Mr Ying's fashion empire extends to 32 Esprit outlets in South Korea, 29 in Taiwan, 25 in Hong Kong, 17 in Singapore and seven in China. There are also 16 Red Earth outlets around the region which sell a new line in natural products.

 Mr Ying was in particularly high spirits when Sunday Money interviewed him, having just returned fresh and relaxed to his To Kwa Wan office and showroom from his honeymoon in the south of France.

  Taiwan-born movie star Lin Ching-hsia is his second wife and the territory's ''number one beauty'', as well as its highest-paid actress.

 But Mr Ying said they had no plans for her to help manage the business or join the firm as a director in the foreseeable future.

 ''I don't want to frighten her by getting her to work for me so soon after our marriage,'' he smiled.

 He and his first wife, well known Hong Kong model Flora Cheong-leen, married in 1987 but separated in 1989.

 ''My first marriage was a failure. Of course, I felt depressed about it but it did have a positive impact on me since I learned to overcome my weakness and to forgive,'' he said, speaking openly about a subject which had until recently been taboo.

 This relaxed attitude seems these days to be pervasive.

 People tend to expect the rich to look every inch a million dollars, sporting the most expensive designer labels money can buy.

 But on a visit to the company's To Kwa Wan headquarters, it is difficult to distinguish Mr Ying from the designers who are casually dressed in shirts and jeans and sport short haircuts.

 Certainly, in terms of appearance, Mr Ying does not flaunt his wealth.

 Casual wear is part of his image and he seems unconcerned that others may expect him to be a smartly dressed man about town.

 ''I think I dress well. People who criticise me are really just envious that I can turn up for work in casual wear every day,'' he said.

 ''If you're too fastidious about clothing, it's just like having 12 dishes for every meal. It is [too] painstaking.''  His business philosophy echoes his fashion sense: everything seems to be done at will rather than by elaborate planning. ''[My] outside represents my inside,'' he said.

 Mr Ying never dreamed of amassing a fortune when he started from scratch after graduating from Kowloon's Kings College in 1967.

  ''I did not plan to become a billionaire when I was a student. I started the business because it could give me a living,'' he said.

 Today, as the owner of a company worth $2.28 billion, he no longer has to worry about earning his living.

 He has always had an independent streak and decided to move away from home soon after graduating.

 After moving, his living costs were high, although his first job - working in a Cathay Pacific ticket office with a monthly salary of $570 - was not at all bad even by today's standards.

 ''At that time I was sharing a room with a friend in Tsim Sha Tsui,'' he said. ''With rent, travel expenses and clothing, I had only about $20 left every month.''  After he had been working with Cathay for more than a year, a relative who ran a sweater factory asked him to join the firm. This turned out to be the fateful first step on to the corporate ladder.

  He later borrowed $20,000 from his boss so that he could set up a garment processing factory with three other friends.

 But things were tough in those days and sometimes he had to borrow from the bank just to pay the salaries of his staff.

 However, his golden opportunity came when apparel merchandisers Susie and Doug Tompkins arrived in Hong Kong from the United States, where they had founded Esprit Group in 1968.

  Mr Ying was able to work closely with the couple since they sourced products from Hong Kong.

  He grabbed the chance to ask the Tompkins to let him buy one-third of the shares in Esprit Group.

  At the same time he received sole franchise rights in the Asian region under the name Esprit (Far East). It marked the start of his fashion retail empire.

  Last year, Mr Ying took the company public under the name Esprit Asia, a wholly owned subsidiary of Esprit (Far East). He still owns 75 per cent of Esprit Asia through Esprit (Far East).

  He has a simple catchphrase: ''Do the right thing at the right time with the right people.''  That motto and his relaxed approach have paid enormous dividends.



A stylish way to make a fortune