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Why MASA MASO wants to lock in the high-end menswear market?
MASA MASO stands out as an anomaly among popular clothing-focused e-commerce platforms. Most of these sites were born digital, yet MASA MASO is a product of the traditional menswear industry. Sun Hong, CEO of Wick, a veteran in the men's clothing sector with over a decade of experience, is spearheading this venture. His interest in e-commerce stems from a technology report he studied during his EMBA program at China Europe International Business School. Transitioning to e-commerce represents the culmination of this research, proving the practicality of the concepts explored.
In speaking about MASA MASO, Sun Hong emphasized that leveraging just the e-commerce channel is insufficient for a clothing company to thrive. The traditional clothing industry faces rising costs, pushing retail prices skyward. Consumers often find domestic brands priced higher than international ones, squeezing the domestic market and making growth difficult. Even as brands seek cost reductions, the entrenched pricing structure remains challenging to alter. Additionally, the influx of foreign mid-tier brands further complicates the domestic market.
PPG emerged as a game-changer, demonstrating the potential of online sales. This inspired Sun Hong and his team to create MASA MASO, focusing on efficiency and e-commerce while preserving the essence of traditional industry practices. Their approach combines lightness and speed, crucial for success in online fashion retail.
Initially, MASA MASO faced numerous challenges. Starting trials in June 2008 and going fully operational in September coincided with the U.S. financial crisis. Despite the grim economic climate, Sun Hong and his partners pressed on. Their initial $12 million investment dwindled, and market progress was sluggish. However, driven by determination, MASA MASO now holds the second-largest market share in men's e-commerce.
While still trailing VANCL in terms of sales volume, MASA MASO has achieved an average customer spending of over $500 and recorded its first profit. This is a significant milestone for the e-commerce sector. Sun Hong acknowledges that China's e-commerce models are still evolving, and MASA MASO is no exception. He believes that finding and correcting course is critical in this journey.
When discussing the convergence of traditional and online clothing, Sun Hong noted that both require distinct techniques but share similar core philosophies. Unlike other scaled e-commerce platforms backed by venture capital, MASA MASO has grown organically. Sun Hong and his team remain cautious about external investments, viewing them as supplementary rather than essential. They are thriving without venture capital and are mindful of how such funding could impact their development trajectory.
Looking ahead, Sun Hong is optimistic yet cautious. He envisions scaling MASA MASO's operations over the next year, with long-term goals of creating a robust, branded model. This year, MASA MASO expects revenues exceeding $70 million. While this falls short of the industry's billion-dollar benchmark, Sun Hong values profitability and market influence more than sheer scale. He recognizes that MASA MASO will face inevitable bottlenecks as it grows, but these hurdles are part of the natural progression for any expanding business.
Sun Hong hinted at the possibility of opening physical stores in the future, though he emphasized a limited number to ensure alignment with MASA MASO's digital-first strategy. Breaking away from the conventional belief that e-commerce must cater exclusively to budget-conscious consumers, MASA MASO has successfully introduced premium menswear online, earning consumer trust and redefining the cost-effective, mid-to-high-end apparel segment. This shift holds significant implications for the broader apparel industry.
As MASA MASO continues to evolve, its commitment to innovation and adaptability remains unwavering. The company's journey exemplifies how traditional wisdom and modern technology can converge to redefine retail success.
MASA MASO has carved out a unique niche in the crowded world of e-commerce, thanks largely to Sun Hong's vision and determination. Born from the traditional menswear industry, MASA MASO has leveraged the efficiencies of e-commerce while staying true to the principles of quality and craftsmanship.
The challenges faced by the team in the early days were immense. Operating during the global financial crisis meant navigating a tumultuous economic environment. Despite these obstacles, Sun Hong and his team persevered, relying on their deep understanding of the clothing industry and their belief in the transformative potential of digital commerce.
One of MASA MASO's greatest achievements has been its ability to appeal to a diverse customer base. By offering high-end menswear through the e-commerce platform, they've challenged the stereotype that online retail is synonymous with discount pricing. This strategic move has not only broadened their market reach but also strengthened their brand identity.
Looking forward, Sun Hong remains focused on sustainable growth. He acknowledges that while reaching the billion-dollar mark is a common goal in the industry, profitability and brand integrity are equally important. MASA MASO's approach to expansion—cautious yet forward-thinking—sets it apart from competitors.
Sun Hong's vision extends beyond mere profitability. He envisions a future where MASA MASO becomes synonymous with excellence in men's fashion, both online and offline. While the idea of opening physical stores exists, it remains a distant goal, contingent upon maintaining the delicate balance between digital and physical presence.
The story of MASA MASO serves as a testament to the power of perseverance and innovation in the ever-evolving landscape of e-commerce. As they continue to grow, Sun Hong and his team are poised to redefine the standards of success in the apparel industry.