Asia’s Top Entrepreneur Award 2019
Mr. Xu Rongcan started working on black and white photography during his Southwest University (Chongqing, China) days in 1985, with beauty being the most important element in his eyes. In 1989, Mr. Xu embarked on his art and business dream in Chongqing with RMB6,500, founding the “Sasseur” brand through the opening of a cafe. From 1992 to 2005, he then experienced various roles in the clothing industry, having operated international fashion retail stores and represented international designer clothing. Later on, he created his own high-end women’s clothing line under the brand “Sasseur”. The valuable experience he gained over the years helped to lay a solid foundation for Sasseur’s entry into the outlet industry.
In 2008, he led Sasseur to successfully transform and create the group’s first outlet project – Sasseur Chongqing Outlets. With its stunning design and architecture, the Chongqing Outlets mall was named one of the “Top Ten Fashion Landmarks of Chongqing”. Under Mr. Xu’s leadership, Sasseur Outlets’s development outpaced many of its peers.
In 2017, Mr Xu decided to list some of Sasseur’s properties as a Real Estate Investment Trust (“REIT”) in Singapore, in order to create a capital recycling platform for Sasseur group. On March 28, 2018, Sasseur REIT (SGX: CRPU) went public successfully on the Singapore Exchange as the first retail outlet mall real estate investment trust in Asia. Since then, Sasseur REIT has outperformed its DPU projections for six consecutive quarters and was highlighted as one of the top-performing S-REITs with over 47% of total return YTD. Its outstanding performance contributed to the Sasseur Group being ranked 17th out of the top 100 private enterprises in Chongqing in 2019.
For his close work and partnership with Italy and its fashion brands, Mr. Xu was conferred the honour of Knight of the Order of the Star of Italy by Italian President Sergio Mattarella. He also received the Merit Award as part of the 40th Anniversary of China’s Commercial Reform and Opening-up for his contributions to his country.