Ex-Chinese Professor Builds Luxury Lingerie Empire, Amasses $770 Million Wealth

Zhang Rongming, a 64-year-old former university lecturer from Suzhou, has built an unlikely business empire by building Aimer, a leading lingerie brand in China. According to the South China Morning Post, Rongming has amassed a fortune of US$770 million through his innovative approach to the market and building the company from scratch. 

Zhang distinguished himself in metallurgy and chemistry during his university years before advancing to postgraduate research, laying a strong technical foundation. In the late 1980s, while teaching at the Shougang Institute of Technology in Beijing, Zhang developed high-performance coated blades -- an innovation that brought him his first significant financial success. A few years later, in 1991, a research project introduced him to shape-memory alloys, materials capable of returning to their original form after deformation. One of their practical uses was in the flexible yet supportive steel rings used in women's lingerie.

At the time, China's domestic lingerie market lagged behind. Most bras lacked proper elastic support, often resulting in discomfort, while more advanced underwire technology was largely confined to Japan. Zhang quickly identified a clear commercial opportunity. 

"At that time, I had no concept of bras. Even though I was married, I had never paid attention to what type of lingerie my wife wore," he said. 

After experimentation and repeated refinement, he successfully engineered an elastic memory-alloy underwire that combined durability with comfort. Convinced of its market potential, Zhang set out to commercialise the innovation. 

In 1992, Zhang took a gamble and partnered with a struggling fashion factory. He scraped together 800,000 yuan (US$116,000) from friends and invested in top-notch materials, including Japanese lace. Zhang's vision was to create lingerie that made Chinese women feel comfortable and confident.

He launched Aimer on International Women's Day in 1993, pricing his first bra at 49 yuan (Rs 662) – a premium price point in a country where urban residents averaged 195 yuan (Rs 2637) in monthly expenses. Zhang's focus was on quality, not affordability, and his innovative approach paid off, filling a gap in China's lingerie market and winning over women who valued premium products.

Aimer quickly dominated the Beijing market, hitting 1 billion yuan (US$145 million) in annual sales. By 2000, the company expanded into men's and kids' wear. Two decades later, in 2021, Aimer achieved a major milestone by listing on the Shanghai Stock Exchange, earning the distinction of being widely regarded as “China's first lingerie stock.”

Today, Aimer boasts over 1,600 stores and 400 patents. Zhang has acknowledged that one of his toughest competitive challenges came from Victoria's Secret. The American lingerie giant, famous for its highly stylised fashion shows and emphasis on overt sensuality, reshaped the global lingerie narrative. However, its 2017 entry into China proved short-lived, as it struggled with mounting losses and widespread store closures.

This inspired Zhang, who believed that Chinese women's aesthetic preferences were rooted in modesty and practicality, prioritising comfort. In traditional Chinese culture, lingerie is typically viewed as intimate and understated rather than a statement piece. Leaning into this cultural nuance, Aimer incorporated elements of Chinese heritage into its designs, including collections inspired by Dunhuang's distinctive colours and artistic motifs.

Last year, he was reportedly featured on the Hurun Rich List with a net worth of 5.3 billion yuan (around US$770 million). According to the Huajing Industry Research Institute, China's lingerie market reached approximately 250 billion yuan (US$36 billion) in 2024, reinforcing its status as one of the world's largest consumer markets in this segment.