Name: Qiu Guanghe
Date of birth: 1.1.1951
Education: High School drop out
Type of business: Businessman
Main Achievements: Chinese entrepreneur, an opportunist, confident, leader, and being an optimistic person Qiu’s now China’s one of the most renowned fashion retailer. He is the founder and the head of Semir Group Co. he is also the originator of the Balabala garment venture. He is also the prime director of Zhejiang Semir Ecological Agriculture Development Co. Forbes positions him as the 70th member in the China rich list and the 743rd person in the billionaires 2020 ranking.
Something interesting about the person: One point in life Qiu was earning just 40 Chinese Yuan per month, and he built himself from the scrapes to billions.
Qiu Guanghe was born in Ouhai, a small town located in Wenzhou, China. He was born on the first oh January in the year 1951. Qiu is another self-made entrepreneur who has the story of rags-to-riches. He was born in an underprivileged home and was the son of a blind man. To meet the month’s end, Qiu had to abandon his education at a primitive level.
At an early age of just 14, Qiu was a high school dropout and was getting waged by working in the fields. After two years, he then stepped foot in the military service where he fulfilled his commitment and stayed for the next four years.
Qiu began experiencing the industry by working in a home-appliances department. His entrepreneurial drive and corporate nature drove him to quit employment and invest his time and resources in founding his own company, Semir.
In the year of 1996, Qiu financed his idea and initiated the operations of the clothing venture by inaugurating the first store in his hometown, Wenzhou. He gained limelight in the garment industry as he chose to introduce the western style and trends to the culture of China. His target market was initially the youth of the country, aging from 16 to 25 years.
The company Zhejiang Semir Garment Co. started from a single store and has expanded its horizons all over the country and has now earned the title of China’s one the most prominent clothing retailers with more than 7,500 branches.
In 2002, Qiu Guanghe extended the length of his business transactions by practically employing his vision of introducing trendy and leisurely children’s attire. The business venture titled Balabala is one of the highlighted retail stores of the country as there was a gap in the industry, and Qiu being opportunistic identified it and grabbed it.
Guanghe shared his vision and appeal for business with his family. He, alongside his family, holds 84% of the company’s stake. One of the two sons of Qiu Guanghe, Qiu Jiangjang, also served the organization as the president in the year, 2012 but later he was succeeded by Qiu’s son-in-law, Zhou Pingfan. Qui Jiangjang remained in the business as the vice-president of the Semir Company Co.
Keeping the new changes and the contemporary innovations introduced in the global arena, Qiu was able to use his flexible nature and adapt his course of business operations accordingly. He introduced the products of both the companies, Balabala and the Semir Garments Co., to the e-commerce platform. He maintained an efficient practice of supply chain management, global logistics, and used opportunities like outsourcing the production to various countries. This allowed him to increase his revenue by cutting costs while maintaining quality and building a global supply chain and healthy connections.
Achievements of Qiu Guanghe have been recognized worldwide, in 2012 he along with the Balabala and Semir Garments have been materialized in a case study by the reputed Harvard Business Review. He has also extended his maneuvers as he is appointed as the second head of the China National Garment Association Leisurewear Committee, a board member in the Wenzhou Chamber of Commerce, and more.
Qiu is now aiming to expand its brand in the market of Saudi Arabia by launching 50 stores.