The appreciation of the Yuan in mid-2005 delivered a blow to many Chinese exporters, including Sun’s business. The strong Yuan pushed up purchase costs for overseas buyers and thus eroded Chinese producers’ price advantage.
The crisis prompted Sun to rethink the importance of innovation and added value. He started exploring hat designs and decided to turn his company into an Original Design Manufacturer, or ODM. At the same time, he also kept his existing OEM business.
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