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Tag: jewelry

  • Pandora Jewelry’s Strategic Expansion: New Regional HQ and Factory to Accelerate Asian Market Growth

    Pandora Jewelry’s Strategic Expansion: New Regional HQ and Factory to Accelerate Asian Market Growth

    Pandora, recognized as the world’s leading jewelry brand in terms of sales volume, has announced its plan to establish a fresh regional headquarters in Singapore. The move forms part of a broader growth strategy designed to strengthen the company’s footprint across Asia.

    Why Singapore?

    Massimo Basei, Pandora’s Chief Commercial Officer, highlighted several reasons for choosing Singapore for this strategic move. He pointed out that the city-state’s robust business environment, dynamic economy, and strategic positioning within Asia were crucial in making this decision.

    Basei explained, “Singapore’s location, right at the heart of Asia, allows us to extend the right levels of support to markets ranging from Japan and South Korea to India and Southeast Asia.”

    A New Home for Pandora

    The Danish jewelry giant has inked a lease agreement for its new 8,600-square-foot office situated at Asia Square Tower 1 in Marina Bay. The new office is expected to become operational in the near future.

    Pandora has plans to expand its team by recruiting approximately 50 employees across various fields such as branding, marketing, and operations. The hiring process is anticipated to commence soon.

    Basei acknowledged that while Asia is home to some of the world’s largest jewelry markets, it remains relatively under-represented within Pandora’s global business landscape. He stated, “While we have had a presence in Asia, we now aim to intensify our focus on this region.”

    Current Market Position

    At present, the United States stands as Pandora’s most significant market, contributing to 32% of its revenue in the initial nine months of 2025. Other crucial markets are the U.K. (11%), Italy (7%), and Germany (7%).

    However, Pandora has been steadily reducing its operations in China due to flagging sales. Over the course of this year, the company has shut down 59 concept stores in China.

    Production Expansion

    In order to meet the expected increase in demand resulting from its Asian expansion, Pandora has launched a new production facility in Vietnam. The company commenced the construction of a US$150 million manufacturing site in Binh Duong, now a part of Ho Chi Minh City, in May last year. Production at this site is slated to start next year.

    Until now, all of Pandora’s jewelry has been produced at its three facilities in Bangkok and Lamphun, Thailand. The new Vietnam facility is projected to augment Pandora’s production capacity by approximately 50%, enabling the company to manufacture up to 60 million pieces annually. For context, Pandora produced a total of 113 million pieces in 2024.

    Questions & Answers

    Why did Pandora choose Singapore for its new regional headquarters?
    Singapore was selected due to its vibrant business environment, dynamic economy and strategic location in the heart of Asia.

    What is the main aim of Pandora’s expansion in Asia?
    While Pandora has had a presence in Asia, it aims to intensify its focus on the region, which is home to some of the world’s largest jewelry markets.

    How is Pandora planning to meet the increased production demand due to its Asian expansion?
    Pandora has set up a new factory in Vietnam, which will aid in increasing the production capacity by about 50%, enabling the manufacture of up to 60 million pieces annually.

  • Vietnamese Jewelry Store Fined For Selling Counterfeit Chanel Items Amidst Gold Price Surge

    Vietnamese Jewelry Store Fined For Selling Counterfeit Chanel Items Amidst Gold Price Surge

    In central Vietnam, a gold and jewelry store has been hit with a substantial fine of VND55 million (US$2,088.08) and has been instructed to obliterate its existing stock for engaging in the sale of falsified Chanel brand jewelry.

    Counterfeit Jewelry Seized

    The Market Management Department of Gia Lai Province reported that they recently discovered bracelets with the logo of Chanel, a renowned French fashion brand that has registered for protection in Vietnam, in the store. The provincial authority refrained from revealing the name of the establishment.

    The estimated total value of the seized goods is around VND35.7 million. The authority highlighted that all the seized jewelry items were counterfeit and lacked the requisite documentation to verify the origin.

    Surprise Raid and Future Plans

    These surprising findings resulted from an unexpected raid. In the aftermath of this event, the department has announced plans to maintain strict vigilance and continue inspecting other gold enterprises to prevent any further violations of intellectual property rights.

    Gold Prices Reach Record High

    In a related development, the prices of Vietnamese gold have witnessed a significant surge of 76% this year, reaching an all-time high of VND148 million per tael (equivalent to 37.5 grams or 1.2 ounces).

    Questions & Answers

    What was the penalty imposed on the jewelry store for selling counterfeit Chanel brand jewelry?
    The jewelry store in central Vietnam was fined VND55 million (US$2,088.08) and was ordered to destroy its existing stock.

    What did the Market Management Department of Gia Lai Province discover during their raid?
    During their surprise raid, the Market Management Department of Gia Lai Province discovered counterfeit Chanel brand bracelets being sold in the store.

    What are the future plans of the Market Management Department of Gia Lai Province?
    Following the discovery of counterfeit jewelry, the department plans to continue monitoring gold businesses to prevent any violations of intellectual property rights.

  • Lovisa Reports Record Sales And Profit Growth Amid Accelerated Global Expansion

    Lovisa Reports Record Sales And Profit Growth Amid Accelerated Global Expansion

    Lovisa, the popular jewelry chain, reported significant growth in its sales and profit in the past fiscal year, alongside an accelerated expansion program.

    Revenue and Sales Growth

    Lovisa’s revenue for the fiscal year, ending June 29, experienced a 14.2% surge, reaching A$798.1 million. This increase was primarily due to the persistent expansion of the store network. During the year, Lovisa launched 162 new stores, wrapping up the year with a total of 1,031 stores across over 50 markets. A noteworthy milestone was the opening of its first store in Zambia and the establishment of three new franchise markets in Ivory Coast, the Republic of Congo, and Panama.

    Comparable store sales also saw a growth of 1.7%, showing a marked improvement in the second half of the year, following a relatively stagnant first half.

    Profit Increase

    Lovisa also reported a significant rise in its earnings and net profit. Earnings before interest tax saw a hike of 8.2%, reaching $138.7 million while the net profit after tax rose by 4.8%, amounting to $86.3 million.

    Lovisa’s global CEO, John Cheston, remarked on the company’s consistent performance, highlighting its impressive gross margin performance and the acceleration of store rollouts in the second half of the fiscal year. Cheston expressed his eagerness to continue prioritizing affordable, high-quality fashion jewelry.

    Outlook for the New Fiscal Year

    In the initial eight weeks of the new fiscal year, Lovisa reported a 28% total sales increase and a 5.6% rise in comparable sales, along with the addition of 10 new stores. The company intends to keep expanding both its physical and digital store networks, with strategic plans to foster growth in both existing and new markets.

    Questions & Answers

    What contributed to Lovisa’s significant growth in the past fiscal year?
    Lovisa’s growth was primarily driven by the continued expansion of its store network, with 162 new stores opened during the year.

    What were the earnings and net profit for Lovisa in the last fiscal year?
    The earnings before interest tax rose 8.2% to $138.7 million and the net profit after tax increased by 4.8% to $86.3 million.

    What are Lovisa’s plans for the new fiscal year?
    Lovisa plans to continue expanding its physical and digital store networks, with strategies in place to drive growth in existing and new markets.

  • Pandora and Amazon Join Forces to Dismantle Major Counterfeit Jewelry Network in China

    Pandora and Amazon Join Forces to Dismantle Major Counterfeit Jewelry Network in China

    Pandora has made significant strides in the battle against counterfeit jewelry, successfully collaborating with Amazon to dismantle a sprawling network of fake products across Europe. This initiative culminated in a criminal conviction in China, marking a pivotal achievement for both companies in their commitment to combating counterfeiting.

    Investigation Sparks Action

    The investigation commenced in 2020 when Pandora’s Intellectual Property and Brand Protection team detected suspicious customs seizures. By partnering with Amazon’s Counterfeit Crimes Unit, they traced these counterfeit activities back to two China-based sellers orchestrating a large-scale operation.

    Raids and Convictions

    In a decisive move, Chinese authorities, with support from both Pandora and Amazon, conducted a raid that led to the seizure of thousands of counterfeit items. The two sellers were subsequently sentenced by a Shanghai court in March 2025 to five years in prison, accompanied by hefty fines. Justice, it seems, is best served with a side of bling.

    Remarkable Market Impact

    In 2024 alone, Pandora facilitated the removal of over 500,000 online listings touting fake products, a remarkable 215% increase from the previous year, fueled by the utilization of AI tools. The company also played a vital role in the global seizure of approximately 100,000 counterfeit items, a testament to its proactive approach in safeguarding its brand.

    Pandora’s Retail Strategy

    While Pandora does not sell its products on Amazon, it collaborates with the platform to eradicate the circulation of counterfeit goods. With a presence in over 2,700 stores worldwide and sales through its official website, pandora.net, the company remains dedicated to upholding brand integrity.

    Addressing a Global Challenge

    Counterfeiting poses an ongoing challenge worldwide, with the OECD estimating that fake goods represent a staggering 2.3% of global trade. In response, Pandora has pledged to continue its investments in enforcement and strategic partnerships to protect its brand and the interests of its customers.

    Questions & Answers

    What prompted the investigation into counterfeit Pandora products?
    The investigation was sparked by suspicious customs seizures identified by Pandora’s IP & Brand Protection team in 2020, leading to a collaboration with Amazon’s Counterfeit Crimes Unit.

    What were the outcomes of the raid conducted in China?
    The raid resulted in the seizure of thousands of counterfeit items, and the two sellers involved were sentenced to five years in prison along with significant fines.

    How has Pandora’s approach to combating counterfeiting evolved in recent years?
    Pandora has significantly increased its efforts by leveraging AI tools, leading to the removal of over 500,000 fake product listings in 2024, and is committed to ongoing investment in brand protection.

  • Luk Fook’s retail revenue falls in third quarter

    Luk Fook’s retail revenue falls in third quarter

    Luk Fook posted lower retail revenue in the fiscal third quarter as high gold prices continued to weaken consumer sentiment.

    The group’s retail revenue fell 9 percent as Hong Kong and Macau plunged 20 percent and Mainland China soared 27 percent.

    Overall same-store sales plummeted 22 percent, with Hong Kong and Macau decreasing 24 percent and Mainland China falling 11 percent.

    In terms of products, same-store sales of gold fell 26 percent while fixed-price jewelry slid 7 percent.

    During the three months ended March 31, the group saw a net decrease of 65 shops.

    Moving forward, the company plans to actively promote non-diamond fixed price jewellery products as demand for diamond products remains weak.

    The company also anticipates sales of gold products to resume to normal levels after consumers adapt to high gold prices.

    Luk Fook targets to allocate more resources for expansion and add about 15 shops in the overseas markets in the current financial year.

    The company forecasts business performance to improve in the second half.

  • French jeweller Fred opens first store in Malaysia

    French jeweller Fred opens first store in Malaysia

    French luxury jeweller Fred has opened its first outlet in Malaysia, selling its latest Pretty Woman necklaces.

    The store, located on the ground floor of Seibu The Exchange TRX, features a futuristic design with wide glass windows. The store is gold and white throughout, with blue display shelves in the centre.

    The venue offers a wide range of products including the new Pretty Woman Sunlight Message necklace, which features a hidden message that can only be seen by light.

    Founded by Fred Samuel in Paris in 1936, the company now has more than 50 stores worldwide and retail outlets in 30 countries. It was also the first jewellery brand acquired by LVMH in 1996.

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  • Why are Moissanite Stackable Bands the Best Choice for Gifting Your Friend?

    Why are Moissanite Stackable Bands the Best Choice for Gifting Your Friend?

    You can dress up an outfit easily if you have a collection that works well for formal and informal settings. That is what jewelry made of moissanite gives. Because of their versatility and everlasting beauty, moissanite jewels are indispensable accessories for any event. Not only does moissanite make excellent engagement rings, but it’s also far more reasonably priced than diamonds, making it a wonderful gift for anniversaries, holidays, or birthdays.  It’s always lovely when someone grins sparkles tend to have that effect. Just in case you’re seeking a significant character moment. Who doesn’t adore Moissanite rings and jewelry? It shines brilliantly and lasts forever. Regardless of the occasion for giving, this is a hit when you factor in its incredible cost.

    Symbolism of Friendship

    Stackable bands, with their interlocking design, symbolize the interconnectedness and strength of friendships. Each band can represent a different aspect or make it a profoundly personal and meaningful gift. Moissanite, known for its brilliance and durability, further adds to this symbolism, representing the enduring and radiant nature of your bond.

    A good giver of gifts

    All set to dominate the gift-giving scene? A gorgeous present, moissanite rings may make a big impression with their dazzling little—or not so little—stone. As patient with any current, choose how much to give and proceed. Prioritize your budget before making purchases. You can choose your perfect design or go a little bigger if you’re feeling adventurous with moissanite since it’s far less expensive than a diamond.

    Moissanite is a terrific place to start searching for excellent present ideas. Especially if you wish to add something a little extra or not into necklaces.

    A Gift That Grows With Your Friendship

    The beauty of stackable bands lies in their ability to add over time. You can start with a single moissanite band and, on future occasions, add more rounds to the collection. This way, the gift evolves and grows like your friendship, marking milestones and special moments shared between you and your friend.

    Timeless Elegance

    Moissanite is renowned for its sparkling brilliance and clarity, rivaling that of diamonds. This timeless elegance makes moissanite stackable bands a gift that will never go out of style. They can be cherished for years to come, serving as a constant reminder of your enduring friendship.

    Personalization Options

    Moissanite stackable bands offer numerous customization options. From choosing the cut and size of the moissanite to selecting the metal for the band (like gold, silver, or platinum), these bands can be tailored to your friend’s taste. Engravings can add an extra personal touch, whether a significant date, initials, or a short message.

    Moissanite jewelry’s portability and adaptability are further benefits.

    Having Moissanite rings and jewelry portable, strong, and lightweight is essential when you’re on the go. The ideal material is moissanite. A few essential parts may create various designs because their versatility and durability guarantee that they will resist demands to travel. Stow a pendant necklace, a stackable ring, and a pair of moissanite stud earrings in your luggage for an easy transition from day trips to fancy dinners.

    Moissanite’s features and quality

    Understanding a moissanite engagement ring’s quality and beauty is crucial when contemplating one. You can choose from a range of colors for moissanite, including fancy-colored alternatives, greenish-yellow, black, and colorless stones, to fit your taste and style. Moissanite exhibits fewer defects than most natural diamonds, making it a highly sought-after material in terms of clarity. Your engagement ring will dazzle brilliantly and strikingly because of the gemstone’s extraordinary clarity.

    Double Your Sparkle

    While two to three carats may be considered a mid-sized moissanite, they are particularly sparkly. And use Kristen’s 10x multiplier if you can’t get enough of that gorgeous shine. The ring moves a lot thanks to the marquise and round diamonds set in the band. The added brilliance of the moissanite is greatly enhanced by two bright stones. We wish to live there full-time since it’s a “shining city.” A space rock weighing two carats is quite substantial and purchased for a minuscule portion of the cost of a diamond.

    Factor Chonk

    What is the ideal moissanite size? Avoid going overboard to avoid turning the entire neighborhood two primary criteria determine the size of a rock.

    Budget.

    What is your desired spending amount? You may be pleasantly surprised at how much you can get by if you first determine your price point.

    Style.

    Her style strongly influences the appropriate size. Go big or go home if she likes dramatic outfits and heroic events. You might choose something more subdued if she prefers a classic, modern, or minimalist look. Ultimately, it all comes down to money and arrogance. A moissanite ring can give off a hint of glimmer or even turn on like a Christmas tree. The mood is everything.

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  • Danish jewelry maker Pandora to build $163M crafting facility in Vietnam

    Danish jewelry maker Pandora to build $163M crafting facility in Vietnam

    Denmark’s Pandora will start work on a jewelry crafting facility in Vietnam in the first quarter next year at a cost of US$163 million.

    The facility, in the southern industrial hub of Binh Duong, is scheduled to become operational in 2026, Michael Zinck Jensen, project head of Pandora Production Holding in Binh Duong, told Deputy Minister of Construction Bui Xuan Dung Monday.

    It will come up in the Vietnam Singapore Industrial Park and employ 7,000-9,000 workers.

    But it is having difficulty acquiring construction permits, and he expected the Ministry of Construction to speed up the process, Jensen said.

    Dung said he has tasked a unit with assisting the company to complete all paperwork.

    Pandora sells its jewelry in over 100 countries and reported revenues of $3.76 billion last year.

    It has 15 stores in Vietnam, mostly in malls in Hanoi and Ho Chi Minh City.

    Another Danish giant, Lego, began building a $1 billion toy factory in Binh Duong in the last quarter of last year.

    The first made-in-Vietnam Lego bricks are set to be launched in the second half of next year.

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  • Vietnam consumes 50 tons of gold annually

    Vietnam consumes 50 tons of gold annually

    Vietnam consumes nearly 50 tons of gold jewelry each year, with 80% absorbed by HCMC, according to the Saigon Jewelry Association (SJA).

    The country imported more than 1,000 tons of gold in the 1991-2012 period.

    Businesses have not been allowed to import raw gold since May 2012, but consumption of the precious metal has still increased stealthily every year, said SJA.

    In recent years, the export turnovers of Vietnamese gold jewelry have stood at $20-30 million per year.

    The jewelry is mainly exported to Asian and European markets such as Germany, Denmark and France.According to the World Gold Council, Vietnam’s demand for gold bars, coins and jewelry ranks first in Southeast Asia.

    Vietnam gold companies churn out more than 11 million gold products weighing over 40 tons, thanks to an industry that employ over 38,000 jewelers, according to SJA.

    However, the ban on importing raw gold has caused difficulties for gold companies because there are differences between gold prices in international and local markets.

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  • Pandora plans $100-mln jewelry plant in Vietnam

    Pandora plans $100-mln jewelry plant in Vietnam

    Pandora, the world’s largest jewelry company by sales, will set up a US$100-million production facility in Vietnam.

    To be situated in the Vietnam-Singapore Industrial Park 3 in Binh Duong Province, it will be built to LEED Gold green building standards and powered completely by renewable energy.

    Construction is set to start in early 2023, and production by the end of 2024.

    It will hire more than 6,000 craftspeople and have an annual capacity of 60 million pieces of jewelry.

    This is the company’s third production site and the first outside Thailand.

    “We scouted countries all over the world before deciding on Vietnam and Binh Duong Province,” Jeerasage Puranasamriddhi, the company’s chief supply officer, said.

    Pandora is a Danish jewelry manufacturer and retailer founded in 1982 by Per Enevoldsen.

    It sells its products in over 100 markets, and had revenues of $3.5 billion last year.

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  • FLC launches jewelry brand

    FLC launches jewelry brand

    Conglomerate FLC on Wednesday entered the jewelry industry with the new brand FJC, establishing its first store in Hanoi.

    Located at Bamboo Airways Tower in Cau Giay District, FJC’s first store sells 24-karat gold, jewelry, diamond and fengshui accessories.

    The jewelry business will help FLC complete its ecosystem, which already includes real estate, aviation and tourism, said FLC Deputy Chairwoman Dang Luu Van, who is also the chairwoman of FJC.

    More FJC stores will be set up at FLC resorts and urban areas across the country, she added.

    The main competitors of FJC will be long-established jewelry brands like Saigon Jewelry Company (SJC), Phu Nhuan Jewelry (PNJ) and DOJI.

    FLC targets a revenue of VND27 trillion and profit of VND2.1 trillion this year, double from last year.

  • Pandora has no plans to join platforms like Amazon or Farfetch

    Pandora has no plans to join platforms like Amazon or Farfetch

    Jewelry maker Pandora would prefer to invest in physical stores or its own online sales platform rather than join large e-commerce marketplaces like Amazon or Farfetch, its chief executive said on Wednesday.

    “If you’re a small and unknown brand, marketplaces offer a great opportunity, because they provide you with an audience. I already have an audience,” CEO Alexander Lacik said during an interview.

    Pandora, the world’s largest jewelry maker by production capacity, has found a niche between cheaper accessories sold by the likes of H&M and more expensive jewelry like that of Tiffany & Co .

    “Eight out of ten women globally are aware of our brand, so I don’t need to make you aware of me. What I need to do is to show you what I’ve got, and I can to this much better if I have a direct relationship with my customer,” he said.

    The $12.3 billion company, headquartered in Copenhagen, has increased investment in e-commerce during the pandemic. It is present on China’s T-mall platform but not on large global platforms like Amazon or Farfetch.

    “Marketplaces always have to make a compromise for all the clients they are serving. I don’t have to compromise,” he said.

    Pandora’s more than 2,600 physical stores remain the core of its business and accounted for 62% of global sales between July and September.

    “Nearly two-thirds of my customers are men buying jewelry for their girlfriends, wives, grandmothers, or children. And we know that men buying jewelry need help,” he said.

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  • Hiersun Group unveils stunning 3D store design

    Hiersun Group unveils stunning 3D store design

    Hiersun Group’s jewelry label, I Do, has unveiled the ‘Peaceful Elephant’ I Do Artist store in Wuhan, China, created by AntiStatics Architecture in collaboration with artist Yue Min Jun.

    Located on the Han-river shopping street, I Do Wuhan stands out from its surroundings with a stunning facade featuring a giant diamond structured elephant sculpture and a white wavy installation.

    “The elephant is a symbol of wisdom, strength, and unity,” the design studio said on Facebook. “In the bustling urban environment, we hope that the shape of an elephant within a weathered cave environment will bring people to a primitive and romantic atmosphere.”

    Located in the heart of the store is the world’s tallest 3D printed lattice metal sculpture using parametric design and digital fabrication. The 9-meter tall artwork features Minjun’s signature laughing figure sitting on an elephant’s back, spanning two floors through a central core.

    The 250sqm retail space is light and airy with what the designers describe as “fluid ribbons of robotically milled formwork continuously wrapping the space, and further enveloping the visitors within a warm embrace”. A cave-like space is carved out of the interiors wrapping the visitors in a continuously fluid environment and drawing people through the floor plan.

    Jewelry displays are designed with diamond crystal structures. The twisting staircase leads customers to the second floor, which houses a minibar and a VIP commission area.

  • Global luxury sales could return to pre-Covid levels this year, Bain says

    Global luxury sales could return to pre-Covid levels this year, Bain says

    The luxury goods sector could shrug off the hit from the coronavirus crisis as early as this year as Chinese and US shoppers help sales recover to pre-pandemic levels, consultancy Bain said on Monday.

    Bain now sees a 30 percent probability that sales of high-end handbags, clothes and jewelry will return to or exceed their 2019 level of US$340 billion this year, depending on how quickly vaccines are rolled out and tourism picks up.

    Its more likely scenario is for a full rebound in 2022, which would still imply a faster convalescence than Bain predicted in November, when it said the sector may have to wait until 2023 to put the crisis squarely behind it.

    Luxury goods sales fell by 23 percent to $264 billion last year, the largest-ever drop and the first decline since 2009, as the pandemic forced shop closures and brought international tourism to a virtual halt.

    But the crisis does not seem to have had a lasting impact on consumers’ appetite and spending power for high-end wares.

    Soaring sales in China, the biggest market for luxury goods, and a stronger-than-expected US rebound thanks to a big stimulus program have helped revenues bounce back sharply in the first quarter of 2021.

    “The US market has been the unexpected bright spot,” Bain said. By contrast, Europe is lagging behind, hampered by a slower vaccination campaign and restrictions on tourism.

    The speed of the recovery has been uneven. The industry’s biggest groups such as LVMH, Hermes, and Kering are already above their 2019 levels, while smaller labels like Ferragamo and Tod’s still have to catch up.

    The crisis has forced brands traditionally more reluctant to sell online to fully embrace e-commerce, which is set to become the leading channel for luxury purchases in the next few years.

    Bain said that as people moved to countryside homes and worked remotely, sales in second-tier cities often went better than in big luxury capitals like New York or Milan – a factor brand will have to consider as they review their footprint.

    And while handbags, leather goods and jewelry have been driving the recovery, spending on clothes, makeup and perfumes is expected to pick up too as lockdowns ease and people resume going out.

  • Jewelry firm PNJ eyes 15-pct post-tax profits growth

    Jewelry firm PNJ eyes 15-pct post-tax profits growth

    At its annual general meeting Saturday, it also announced a revenue target of VND21 trillion, up 20 percent.

    But Phu Hung Securities Corporation has forecast revenues of VND18.4 trillion and profits of VND1.09 trillion, explaining that the volatility in gold prices and consumers’ increasing preference for imported jewelry would keep numbers down.

    BSC Securities expected the jewelry industry to recover this year, and forecast PNJ a 22 percent rise in profits to VND1.3 trillion on revenues of VND19.8 trillion (up 13 percent).

    PNJ chairwoman Cao Thi Ngoc Dung said the targets are achievable since the pandemic would be contained this year and the economy would recover.

    The company aims to open 40-45 stores in 2021 and buy machinery for its jewelry workshops.

    Its CEO, Le Tri Thong, said demand for jewelry among young people in major cities is high, and this would boost the company’s revenues and profits. Smaller cities and rural areas too however show promise, he said.

    Last year, revenues edged up 3 percent to VND17.5 trillion, but Thong pointed out though the growth was lower than the average of 32 percent in recent years, the fact that PNJ managed to grow its revenues amid the pandemic was a success for it.

    It opened 29 stores and closed 36 existing ones in 2020, most of them were silver jewelry stores in shopping malls with modest business and high rentals.

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