“Congratulations, Manager Zhu!”

The New Year came early this year, falling before February, with January 29th being the first day of the Lunar New Year. That’s why Xia Xiaolan had settled the building materials store’s accounts early.

January 28th was New Year’s Eve – Zhu Suizhou and Sheng Xuan were certainly rushing their wedding.

Zhu Suizhou delivered the invitation to Xia Xiaolan, with the venue in Beijing, obviously accommodating the bride’s side.

Xia Xiaolan didn’t want to go, but since she would be in Beijing on New Year’s Eve anyway, it would be difficult to decline.

Zhu Suizhou smiled with genuine sincerity:

“Director Xia, others may not come, but you must attend!”

“Of course, I’ll be there to congratulate Manager Zhu and Director Sheng.”

Did Zhu Suizhou not know about her conflict with Sheng Xuan?

He knew.

But he was clever, never treating such conflicts seriously or bringing them up.

While Old Pan was blocking Sheng Xuan’s job transfer, demanding she collect the loans before leaving, Zhu Suizhou personally came to deliver the wedding invitation to Xia Xiaolan. No one would believe these events were unrelated.

Zhu Suizhou’s implication was clear: since he and Sheng Xuan were getting married, and her job transfer was to start their married life together in South Henan, he hoped Xia Xiaolan would show mercy given their business partnership. Ha! Unfortunately, while Xia Xiaolan might have been willing to be generous, Sheng Xuan hadn’t just given loans to anyone – she’d given them to Ji Ya.

Neither Zhu Suizhou nor Xia Xiaolan spoke directly, but both were skilled at diplomatic conversation.

After seeing Zhu Suizhou off, Xia Xiaolan called Old Pan:

“Did you know Director Sheng is getting married soon? Be careful – her husband came to see me today. This Zhu Suizhou is quite capable; we’re even co-investors in a project.”

Pan Yijun laughed heartily:

“Then he’s found the wrong person. What does this have to do with you? When Director Sheng collects that 10 million back, then—”

“Manager Pan, wait, how did it become 10 million? I remember it was 5 million.”

“The first loan was 5 million, then she mortgaged Elegance’s store for another 5 million.”

A second mortgage, additional loan.

Throwing around the bank’s money – Director Sheng certainly wasn’t concerned.

Xia Xiaolan called Chen Xiliang: “How many franchise stores does Luna have now?”

“Ma’am, with the New Year coming, I’ve been wondering when you’d check the accounts! You said Luna should develop steadily. Since you went to America, I’ve slowed the expansion – now Luna has 2 direct stores and 74 franchise stores—”

Xia Xiaolan recalled the February ’86 figures.

Before she went abroad, Luna’s franchise stores had expanded rapidly, with the “Donate 1 Yuan per Sale” slogan and Zhang Xiao as a brand ambassador, even advertising on Central TV.

As of February 1, 1986, Luna had added 53 franchise stores, totaling 58 including the 5 existing ones before advertising.

Xia Xiaolan remembered the franchise fees alone exceeded 4 million, with 2 million distributed as dividends – Zhou Cheng, holding 45% of shares, received 900,000 yuan.

Compared to the rapid expansion of 53 stores after the TV advertising, in the year since she went to America, Luna had only added 16 franchise stores – indeed a slower pace.

Chen Xiliang had maintained steady growth.

But Xia Xiaolan called him not to check accounts, but to ask about Elegance:

“We have 74 franchise stores, surely Ms. Ji wouldn’t want to fall behind?”

Chen Xiliang sneered: “Of course not. From what I see, Ms. Ji opens an Elegance store wherever Luna exists, without any market research or considering local suitability. Unlike us, she invested her own money for initial expansion, only later attracting franchisees. In terms of store numbers, they’re only ahead, not behind.”

“Alright, why are you angry with her? Ms. Ji has troubles now.”

When Xia Xiaolan mentioned Ji Ya’s 10 million bank loan and the bank’s demands for repayment, Chen Xiliang laughed until his stomach hurt.

“Serves her right!”

After hanging up, Xia Xiaolan started calculating.

How had Ji Ya spent that 10 million?

Luna expanded using others’ money – franchisees provided the funds, so financial pressure was low.

Ji Ya used her own money to expand sales outlets.

It wasn’t entirely wrong – whoever controls sales terminals has bargaining power and profits.

Ji Ya took shortcuts, following Luna’s lead, opening stores wherever Luna did… Shameless like a leech, but it saved her market research effort.

Xia Xiaolan and Chen Xiliang, worried about damaging Luna’s reputation, ensured each franchisee paying fees and following brand requirements could profit, maintaining strict standards for each store.

County-level cities were forbidden.

Smaller cities too.

Only cities with consumer potential qualified, prioritizing provincial capitals.

Elegance benefited by following Luna’s expansion.

If a place could support a Luna store, it could support an Elegance store. With different styles and similar pricing, Elegance wasn’t unsellable.

The problem was Ji Ya’s competitive drive burning through money.

Her bank loans were all invested in Elegance’s expansion.

Ji Ya wanted Elegance to match Luna’s prices with higher quality.

For clothes priced around 35 yuan, Luna’s cost might be 15 yuan, while Elegance’s could be 20 yuan.

Luna typically supplied franchisees at 60-70% of the tag price, earning about 5 yuan per piece. Elegance’s retail points were mostly under Ji Ya’s control – despite higher costs, each sale earned more… Luna’s profits went straight to the company, with sales costs transferred to franchisees.

Elegance had higher per-item profit but bore all sales costs.

The rent wasn’t free.

High-end store decoration costs tens of thousands per location.

Staff salaries added more expenses.

Could Ji Ya effectively manage nationwide stores? There would be losses.

Ha, Ji Ya might make some money.

Her development strategy required heavy initial investment – not entirely wrong.

But bank loans must be repaid.

Given two more years, she might have recovered. But Sheng Xuan couldn’t wait, demanding immediate repayment – ha, would these two end up fighting?

Xia Xiaolan now felt she must attend Sheng Xuan’s wedding.

There would be drama to watch.

As for Ji Ya, how would she repay the loan? Rob Peter, to pay Paul?

“Wait, there’s been no movement from Xu Changle – could Tina still be in Pengcheng…” Xia Xiaolan muttered.