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Beijing. The “Oracle of Omaha” has spoken again, and this time a Chinese suit maker is reaping the rewards.

Shares in Dayang Trands have soared by more than 70 percent in less than a month since billionaire Warren Buffett said he and Microsoft founder Bill Gates, the world’s two richest men, wore the company’s suits.

“I have to tell you that I now have nine suits all made in China. I threw away the rest of my suits,” the 79-year-old Buffett said in a video posted on the Web site of Dayang Trands, based in the northeastern port city of Dalian.

Since the video was posted on August 25, the company’s shares have surged nearly 72 percent — from 8.55 yuan then to a close of 14.67 yuan on Thursday.

“It’s been a long time since I got compliments on how I looked. But since I’m wearing Madam Li’s suits, I get compliments all the time,” Buffett said in the video, referring to Dayang’s chairwoman Li Guilian.

“So maybe Bill and I could start a clothing store and if we sold suits made by Dayang Trands, someday we might even be rich, who knows?”

According to Forbes magazine, Gates and Buffett have net worth of $40 billion and $37 billion, respectively.

Dayang Trands said in a statement filed with the Shanghai stock exchange on Wednesday that Buffett was only a client — rather than an investor — and the video was recorded to congratulate the company on its 30th anniversary.

Apart from that, the company “does not have any disclosable business relationship” with the US billionaire investor or his firm Berkshire Hathaway, the statement said. Dayang Trands has 20 outlets in 11 cities across China.



Agence France-Presse