Hengyuanxiang is a yarn store founded by Shen Laizhou in Shanghai in 1927. The name of the store comes from a couplet hanging in a grocery store where Shen Laizhou once worked: "Hengyuan Department Store, Yuan Send thousands of auspiciousness.” In the 1930s, Shanghai was the center of China's textile industry. At that time, the sales volume of wool yarn in Xingsheng Street, Shanghai accounted for more than 90% of the national sales volume. Shen Laizhou started from Hengyuanxiang yarn shop. By the peak of his career in 1948, he not only controlled a wool textile factory, opened two dyeing and weaving factories, but also owned shares in more than 20 factories. He was the leader in Shanghai's wool textile industry at that time. Important business figures. After liberation, Hengyuanxiang went through public-private partnerships and the turmoil of the Cultural Revolution. By the time Liu Ruiqi took over in 1987, Hengyuanxiang had shrunk back to a small shop. Although it was located on the busiest Nanjing Road in Shanghai, it only had a two-bay storefront and less than 40 employees. , all assets are only 500,000 yuan. Coincidentally, the number of employees when Liu Ruiqi took over was the same as when Shen Laizhou founded Hengyuan Xiang. Hengyuanxiang's breakthrough lies in Liu Ruiqi's bold reforms after taking office. He registered the three characters "Hengyuanxiang" from the store name into a trademark, and then launched a series of rebranding activities to attract wool processing factories across the country to join. Today, Hengyuanxiang has gathered more than 70 franchised factories and more than 5,000 franchised stores. Its products extend from simple handmade wool to more than 70 categories such as knitting, clothing, and bedding, with annual sales of more than 3 billion yuan. In 1988, Liu Ruiqi only spent 200 yuan to register "Hengyuanxiang" as a trademark. Today, Hengyuanxiang has been rated by the world's most authoritative "World Brand Laboratory", and its brand value exceeds 2 billion yuan.