| Zhou Xiaoguang knows a thing or two about surviving | | | | China, with plans to open 2,000 more in the next two |
| hard times. As a girl of 17, she left her poor Chinese | | | | years. |
| village to make a living as a peddler. She sold | | | | It has 300 designers producing more than 100 new |
| embroidery hoops,needles and patterns, hefting a | | | | designs a day. It has teamed up with diva Celine Dion |
| 100-kilogram sack as she moved by train from town | | | | to produce a new line of high-end jewelry. It has |
| to town. | | | | formed an alliance with Austria's luxury brand |
| Today she is a millionaire owning the world's biggest | | | | Swarovski to use its crystal in Neoglory products. |
| maker of costume jewelry. Her company, Neoglory | | | | Once a “hidden champion,” Neoglory now |
| Holdings Group, employs 4,000 workers in a vast | | | | aspires to protect itself from economic ups and downs |
| factory complex in this trading hub three-hour drive | | | | by becoming an enduring brand of its own, with an air |
| from Shanghai. | | | | of quality and romance. |
| The company is just 14 years old – Zhou | | | | With demand for Neoglory jewelry dropped by half in |
| Xiaoguang is not inclined to throw in the towel over | | | | Europe and the United States, the company is shifting |
| something as trifling as a global financial crisis. To the | | | | its export focus to emerging markets such as Russia, |
| contrary, she said the crisis is a chance to snap up | | | | South America and Middle East. Like other Yiwu |
| faltering rivals, shift into new markets and move up the | | | | manufactures, Zhou is also putting more emphasis on |
| industry chain from maker of costume jewelry to | | | | the domestic market, which now accounts for 60 per |
| designer, retailer and marketer. | | | | cent of its $340-million annual sales, up from 40 per |
| “It's a difficult time but it's an opportunity too and we | | | | cent five years ago. |
| are ready to take advantage of it,” said Zhou, | | | | Rather than churning out more jewelry, Zhou said, |
| dubbed the “queen of costume jewelry” by a | | | | “We have to improve design, research and |
| Chinese newspaper. “We are the top company in | | | | processing.” To that end, she travels all over the |
| China in this industry.” Zhou said proudly. | | | | world for trade shows and visits jewelry factories |
| That proud attitude is common in Yiwu entrepreneurs | | | | looking for new ideas. This month she is going to |
| these days. China may be going through its sharpest | | | | Switzerland. Next month she is off to the United |
| downturn in years, with exports crashing and millions | | | | States for the speech about investing and the |
| thrown out of work, but many Yiwu companies see it | | | | economy delivered by Warren Buffett. |
| not as a disaster to moan about but an opportunity to | | | | Zhou said that financial crisis is a chance for Yiwu |
| seize. | | | | companies to mature, going beyond the low-tech and |
| Ms. Zhou is taking advantage of the crisis to sharpen | | | | labor-intensive model to lift Yiwu into a more thriving |
| Neoglory's competitive edge. The company started off | | | | market. “Companies with good capabilities and |
| as a simple low-cost manufacturer, knocking off cheap | | | | determination can survive and even refine their skills |
| rings, bracelets and necklaces from copied foreign | | | | for the better,” she commented in an interview. |
| designs. Now it has 600 of its own stores around | | | | |