Page last updated at 09:27 GMT, Friday, 18 September 2009 10:27 UK

Buffett praise for Chinese suits

Warren Buffett
Mr Buffett joked that he might start selling suits with Bill Gates

Shares in Chinese suit maker Dayang Trands have rocketed after Warren Buffet, one of the world's richest men, said he liked the cut of its cloth.

The firm's shares have jumped by almost 85% this month after the famed investor, the so-called "sage of Omaha", said he wore its suits.

And Mr Buffett said Bill Gates, Microsoft founder and the world's richest man, was also a fan.

Dayang said that it had no "business relationship" with Mr Buffett.

Get rich

"I have to tell you that I now have nine suits all made in China. I threw away the rest of my suits," said Mr Buffett in a video posted on Dayang's website to congratulate the company and chairman Li Guilian on its 30th anniversary.

"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," added the chairman of Berkshire Hathaway.

In response to rumours that Mr Buffett may hold a stake in the company, Dayang issued a statement saying that he was only a client, and not an investor.

According to Forbes magazine, Mr Gates has a personal fortune of $40bn (£24.5bn), with Mr Buffett close behind on $37bn.

In his video, Mr Buffet joked that "maybe Bill and I could start a clothing store and if we sold suits by Dayang Trands, someday we might even be rich, who knows?"

Ms Li founded Dayang in 1979 with 85 employees. It now employs over 6,000, has 20 outlets across China, and derives a significant portion of its sales from Europe and the US.

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