Heng Yuan Xiang(恒源祥) was founded in 1927 in Shanghai, China, whose products include wool, knitting, apparel, home textiles and other categories. Its wool, wool sweater comprehensive annual sales ranks first in China. Heng Yuan Xiang is both the earliest brand operating companies (1991), and is China's first franchising business (1999) after the implementation of China's entry into the market economy. Currently Heng Yuan Xiang has more than 100 joined factories, cover more than 90% of the municipal market outlets glass, and county-level market outlets has a coverage of over 60%. It is an important part of Shanghai culture.
In 1927, Shen Laizhou set up a man-made silky store to store which named "Heng Yuan Xiang." In 1956, after a public-private partnership, Heng Yuan Xiang became state-owned enterprises. In 1987, Heng Yuan Xiang knitting wool shop moved from Jinling Road to Nanjing Road. In the same year, Liu Ruiqi enter Heng Yuan Xiang as a manager, when he was 29 years old. In the future development of Heng Yuan Xiang, the name of Heng Yuan Xiang and Liu Ruiqi will always together.
After Liu Ruiqi entered into Heng Yuan Xiang, the first thing that he has done was deviant. He decided to cut the stock price of each store and disposed of in a manner that is equivalent to the loss of state assets. His behavior has been criticized at the time, but gave Heng Yuan Xiang working funds. With this funding, the store merchandise assorted and color enriched. Then, Liu Ruiqi use his ingenuity to create a business model of "lead plant into the store". The shop counter leased different manufacturers, sales of the best manufacturers to get the best counter position, poor sales of the manufacturers are likely to be driven out of the store. In the competitive mechanism motivated, Heng Yuan Xiang sales will be doubled 10 times in two to three years.
In order to have "Heng Yuan Xiang" brand products, by the end of 1989, Liu Ruiqi start looking plant co-production. On March 1, 1991, Heng Yuan Xiang knitting wool brand was born. With brand product, Liu Ruiqi embarked on to promote the brand. He almost exhausted the previous year's profit into advertising, so Heng Yuan Xiang ad frequently appeared in the prime-time CCTV. With the maintenance effort, Heng Yuan Xiang trademark continued growth. Its wool product alone cannot support a single case, Heng Yuan Xiang products since 1997 started to implement the extension, in addition to the production of yarn, sweaters, wool underwear, wool shirts and other knitted products. Heng Yuan Xiang also began to engage in suits and bedding production.
By the end of 2004, Heng Yuan Xiang has established more than 5800 sales outlets, has joined more than 170 factories, the production of more than 375 million products by the way of franchise in China. In the same year, they successfully bid for the world's finest wool by 600 million price, in order to prove to the world the strength of Chinese mills. Today, Heng Yuan Xiang is still in its exploration. There is no doubt that the old Heng Yuan Xiang trademark has become their greatest asset and it will also create more wealth.
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