Smith Barney Costume Zhou Chengjian: 100 billion e-commerce by 2020

September 27, 2025

Zhou Chengjian, founder of Smith Barney and chairman of the company, has set an ambitious goal: to reach 100 billion yuan in e-commerce sales by 2020. When he mentions this number, his expression remains calm, but when it comes to serving consumers, his tone becomes more animated. He says, “If Tencent were to shut down for a month, many people would face difficulties in their daily lives. If Smith Barney could be as essential as Tencent, then consumer needs would drive business growth naturally.” Zhou, who started working at his family’s grocery store at age 8, has spent decades in the retail industry and continues to maintain a strong presence in the apparel market. During this year's Spring Festival, he personally visited Smith Barney stores in Xiamen and Nanning, even acting as a purchasing guide, asking customers for fashion advice. He emphasized, “Retail can’t stay away from the market. The farther you are from the market, the more out of touch you become. As lifestyles and consumption patterns change rapidly, we must adapt quickly, evolve, and continue to meet and even anticipate consumer needs.” With China entering the high-speed rail era, and major cities like Beijing and Shanghai facing traffic congestion, Zhou sees new opportunities. Before the high-speed rail era, fashion standards varied significantly between first-tier cities and second- or third-tier cities, as well as between urban and rural areas. However, with the expansion of high-speed rail, these gaps have been shrinking. “As cities become closer, the gap between urban and rural markets narrows, leading to dramatic changes in fashion standards,” he said. “This brings both opportunities and challenges, as consumer demand for fashion increases, and our products and services must keep up.” Zhou also pointed out that congestion in major cities is creating new commercial spaces. For example, the original shopping districts like Nanjing Road in Shanghai may see a shift as consumers move to regional centers. “In the past, people would go to Nanjing Road to buy Metersbonwe clothes in 10 minutes, but now it takes two hours. That’s inconvenient. We need to bring our stores into local communities to better serve customers,” he explained. “This is an opportunity, but also a challenge for traditional stores.” At the core of his philosophy is understanding consumer needs—both known and unknown. “We must not only satisfy what consumers know they want, but also uncover their hidden potential,” he said. “That’s the key to building brand loyalty and long-term value.” He compared this to Tencent, saying, “If there was no Tencent today, life would be harder. If Tencent closed for a month, many people would struggle. That’s the value of being a necessity. If consumers don’t rely on you, your scale doesn’t matter.” Despite not using Taobao himself, Zhou has launched a large-scale e-commerce initiative called “Bang Buwang.” Launched quietly in December 2010, it exceeded 300,000 daily sales and over 1,000 transactions per day within a month. “The average order value of over 300 yuan shows that our model is being recognized,” he said. “E-commerce shouldn’t just be low-cost; it should reflect brand value, offer great experiences, and drive sustainable growth.” Looking ahead, Smith Barney aims to integrate its e-commerce platform with physical stores, combining the strengths of both. “Traditional stores are like ground forces, while e-commerce is the air force. Together, they win the battle,” Zhou explained. He also plans to expand the “Bangbuwang” platform beyond clothing, adding home bedding and children’s wear, and eventually footwear. Building the platform took years of preparation, with a focus on creating a cost-effective and user-friendly experience. “We haven’t done much promotion yet because we want to ensure the experience is rich and seamless,” he said. “We’re still testing, growing organically, and will gradually introduce the platform to the public.”

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