LJ International Inc., a company that works with its subsidiaries to engage in the design, manufacture, marketing, and sale of precious and color gemstones as well as diamond jewelry, announced that its ENZO retail division has reported a 91% year-over-year increase in sales during the National Day Holidays, also known as “Golden Week,” fueled by the expansion of retail network and strong 53% year-over-year growth in corresponding store sales.
ENZO opened 28 stores from June 30, 2011, to reach a total of 182 stores at the end of September 2011. It was operating 128 stores during the corresponding period in 2010. Of all the new openings, eight are located in South China as the Company continues to focus upon expanding its market share and extending ENZO’s presences in wealthy yet under penetrated locations. The recent openings have provided ENZO a strong presence in 49 cities in China.
The Company anticipates bringing the total store count to about 200 by the end of this year. Scheduled store openings for the remainder of the year are mainly in major cities in East China and in mega cities such as Shanghai and Beijing. These new store locations are chosen based on their growing consumer base and rising demand for more affordable luxury jewelry.
“We are very pleased with ENZO’s performance, which has been delivering exceptional growth this year thus far and since its new growth phase starting last year,” said Yu Chuan Yih, Chairman and CEO of LJ International. “The performance during the Golden Week was exceptional, again testifying ENZO’s expansion strategy and our selective mapping of new stores in cities where our target market of the affluent middle-class is strongly emerging. ENZO will maintain this effective expansion strategy as it continues its store rollout while accelerating the expansion to deepen and broaden ENZO’s national presence.”
Mr. Yih added, “The National Day Golden Week sales performance is a good litmus test for the sentiment of the consumption market and the trend for the fourth quarter. The strong start strengthened our optimism in the continued robust performance of ENZO in the coming quarter.”
For more information on LJ International, Inc. and its future endeavors, visit their website at www.ljintl.com
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