History
In the 1870s, founder Eu Kong Pai, better known as Eu Kong, left the village of Foshan in Guangdong, China and settled down in the small mining town of Gopeng, Perak. He started tin mining and noticed that the tin mine coolies were heavily dependant on opium as the easiest method for immediate relief for their medical needs. The majority were illiterate and oblivious to the dangers of opium to their health.
Eu Kong brought in herbal remedies to nurse their health, thus the set up of ‘Yan Sang’ shop. Eu Kong opened his first Chinese medicine shop in 1879 in Gopeng. Eu Kong died suddenly in 1890, aged 37.
Eu Kong’s family business was inherited by his eldest son, Eu Tong Sen, when he was only 13 years old. However, Eu Tong Sen only took over the running of the business in 1898, after he turned 21. The family business included remittance, tin mining and rubber planting. Eu Tong Sen was heavily involved in Malaya’s tin mining industry. His prospecting of tin in Kampar led him to open a second medicine shop in Kampar, Perak in Malaya.
By early 1900s, Eu Tong Sen expanded the family's traditional Chinese medicine business to other parts of Malaya, Singapore, Hong Kong and Southern China. The expanded business adopted the brand name, "Eu Yan Sang".
Eu Tong Sen passsed away in 1941, in Hong Kong. In Singapore, a main street in Chinatown is named after him.
The family assets left by Eu Tong Sen was inherited by his 13 sons, in equal shares. By 1973, most of the businesses were sold or liquidated. Only Eu Yan Sang remained, with the family controlling 75% of the business.
In 1989, Richard Eu, a 4th generation family member, joined EYS Holdings in an attempt to keep alive the last family business. However, Eu Yan Sang Holdings was taken over by Lum Chang in 1990 as Eu Yan Sang shares were sold off by the 3rd generation family members.
Within four years in 1993, Richard Eu, along with cousins from the 4th generation, Joseph and Clifford Eu, successfully bought over Lum Chang's shares in Eu Yan Sang Holdings. Once again family-owned, the company was renamed Eu Yan Sang International (EYSI). EYSI was listed on the mainboard of the Singapore Stock Exchange in 2000.
As of 2012, Eu Yan Sang has 209 100% owned Traditional Chinese Medicine retail outlets in Singapore, Malaysia, Hong Kong, China and 88 Healthy Life stores in Australia.
Read more about this topic: Eu Yan Sang
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