On Wednesday, Chinese apparel company Ribo Fashion Group raised 425 million yuan (more than US$62 million) in its initial public offering, according to reports by Chinese domestic media, giving the company a market valuation of about 2.45 billion yuan. US President Donald Trump’s daughter Tiffany has been credited with showering the company with attention and giving it critical support in the lead-up to the IPO.
Chinese fashion designer Wang Tao has been “US first daughter” Tiffany’s favorite fashion designer and personal stylist over the past year.
Formerly one of the head designers of Broadcast: Bo, a high-end Chinese womenswear brand owned by Ribo, Wang was also a former board member of the company.
In September 2015, Wang left Ribo to establish her own brand, Taoray Wang, according to reports by the Chinese media. But her relationship with Ribo didn’t end with her departure. The company reportedly owns a 55% stake in Taoray Wang.
According to a story in the Shanghai Textile newspaper on Wednesday, Ribo got a boost from Taoray’s relationship with Tiffany. “Thanks to Tiffany Trump’s interest in Taoray Wang,” read the story, “and her show of support for the brand by wearing its outfits during the inauguration ceremony in January, Ribo Fashion Group received a lot of attention when queuing for its IPO.”
That story was later shared on WeChat by a member of the Taoray Wang team.
Tiffany Trump and Wang Tao initially found each other at Taoray Wang’s Spring/Summer 2017 Runway Show during New York Fashion Week (NYFW) last September. Since then, Trump has worn Wang ’s designs at several significant political occasions including the US presidential debate in September, and her father’s inauguration ceremony this past January.
She showed more love to the brand when she appeared with her mother Marla Maples at Taoray Wang’s Autumn/Winter Runway Show during the NYFW this past February.
On its first trading day, the share price for Ribo surged by 44% – its daily upper limit – to 10.2 yuan per share, from its pre-estimated market value of 7.08 yuan per share that was listed in the company’s IPO prospectus, which was released publicly on May 26.
Tiffany Trump’s support has also lifted the international reputation of the brand. According to a previous interview with Wang Tao by Jing Daily, Taoray Wang has plans to set up shop in upscale department stores in New York, London, Shanghai and Beijing this year, and will also start selling online.
Even though it is more about fashion than politics, the company’s close ties with the Trump family have given Ribo Fashion Group a spotlight in the IPO lineup.
This story was originally published on Jing Daily.