Ata ul Hassnain FA12-MBT-015
Ahsan Ali FA12-MBT-039
Asad Raza FA12-MBT-011
Fraz Asmat FA12-MBT-027
Sir Kashif Luqman
04th Oct, 2013
Jimmy Lai was born into poverty in mainland China's Guangdong Province
in 1948. At the age of 12 Lai was smuggled by his family into Hong Kong which
at the time was still outside Chinese Communists' control. Through relatives Lai
easily managed to ascertain work at a local textile factory and by the age of
twenty had succeeded in becoming the company's General Manager. With his
first end of year bonus of $1000, along with all his life savings, Lai decided to
trade on the Hong Kong stock exchange. The gamble, although risky proved
fortuitous and Lai turned his measly original $3000 investment into
approximately $40,000 dollars. With that money Lai bought out the owners of
the bankrupt garment company of Comitex in 1975 and began manufacturing
sweaters. The company was an overnight success and had exports to major
American retail brands of J.C. Penney, Montgomery Ward and several others. It
was during this time that Lai made several trips to the United States. He was then
exposed to many western retail formats which inspired him to get into the retail
market himself. In 1981 Lai founded Giordano (named after a favourite New
York restaurant) and opened several stores across Hong Kong.
“Giordano vision is to be the best and the biggest world brand in apparel
“To make people look good and feel great”.
Giordano is the company that changed the rules of clothes retailing in the
fast growing markets around Hong Kong, China, Malaysia, and Singapore. Before
Giordano gave good quality and good service, cheaper clothes piled high and sold
by sales assistants.
Jimmy Lai founder and chief executive of Giordano changed all that when he saw
that low level of service offered an opportunity in the casual clothes market and
they can give value and service at low price and get better benefits. So he raised
the wages of his sales people between 30 to 40 percent and allocates a big
brother or big sister from among them to develop their quality skills.
They trained the staff to talk to customers and seek their opinion on product and
try to seek what are their wants and needs. This information urgently gives
feedback to company designers and due to this urgent feedback company knows
the wants and needs of the customer which is very beneficial for the Giordano.
Giordano operations principals are summarized in its “Q.K.I.S.S” list which is