Jewelery Queen Sees Opportunity in Downturn

According to a recent story in the Globe and Mail, Ms. ZHOU Xiaoguang, founder of Neoglory Holdings Group (the world's largest maker of costume jewelery), survived much tougher times than the current downturn. Instead of being discouraged, she sees the downturn as a chance to position her company for the inevitable recovery. 

Having come so far, so fast - the company is just 14 years old - she is not inclined to throw in the towel over something as trifling as a global economic crisis.

To the contrary, she says the crisis is a chance to snap up faltering rivals, shift into new markets and move up the food chain from maker of costume jewellery to designer, retailer and marketer.

"It's a dangerous time but it's an opportunity too and we are ready to take advantage of it," said Ms. Zhou, dubbed the "queen of costume jewellery" by a Chinese newspaper. "We are the top company in China in this industry. Why not take this chance to buy?"

That gung-ho attitude is common in Chinese business these days. China may be going through its sharpest downturn in years, with exports crashing and millions thrown out of work, but many companies see it not as a disaster to moan about but an opportunity to seize.