The Ruifuxiang Silk Store (Chinese: 瑞蚨祥绸布店; pinyin: Ruì Fú Xiáng Chóu Bù Diàn) is a chain of silk stores in eastern China. The Ruifuxiang stores were founded by Meng Hongsheng, a descendant of the Confucian philosopher Mencius (Chinese family name Meng) from Jiujun County to the north of Zhangqiu City, Shandong Province. The Meng family had been in the clothing business since the reign of the Kangxi Emperor (1661-1722). In the beginning, Meng Hongsheng traded in a locally produced coarse cloth that was popular among peasants for its durability and low price. Accordingly, the business strategy was based on large sales volumes and small profit margins. Later Meng Hongsheng set up chain stores in cities such as Shanghai, Qingdao, Tianjin and began to extend his business into the market for luxury items like silk, satin, tea, and furs). More information...
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