Announcement of Agreement Signing to Strengthen the Operational Structure of "LAZARE DIAMOND®"

Primo Global Holdings Co., Ltd. (Headquarters: Chuo-ku, Tokyo; President and CEO: Shuichi Fujie; hereinafter referred to as "PJ"), which operates the Japanese business of Primo Japan Inc., Ltd. (Headquarters: Chuo-ku, Tokyo; President and CEO: Naoki Sawano; hereinafter referred to as "the Company"), Lazar Kaplan International Inc. (Headquarters: New York City, USA; President and CEO: Leon Tempelsman; hereinafter referred to as "LKI"), and Lazar Kaplan Japan Inc. (Headquarters: Taito-ku, Tokyo; Representative Director: Shoichi Akechi; hereinafter referred to as "LKJ") have entered into an agreement (hereinafter referred to as "this Agreement") to strengthen the operational structure of "LAZARE DIAMOND®".

◆Background and purpose of this agreement

PJ Corporation, LKI Corporation, and LKJ Corporation, LKI Corporation's Japanese branch, entered into an agreement in September 2023 to transfer the trademark rights and related rights of "LAZARE DIAMOND®" in Japan. As a result, PJ Corporation became the sole brand owner of "LAZARE DIAMOND®" in Japan, with the rights to manufacture, market, distribute, and sell the product. However, some functions, such as diamond procurement and inventory management, were handled by LKI Corporation and LKJ Corporation.
Through the conclusion of this agreement, our aim is to further enhance the competitiveness of "LAZARE DIAMOND®" in Japan and improve our corporate value in the medium to long term by promoting three things: (1) the integration of the operational structure of "LAZARE DIAMOND®" in Japan, (2) accelerating decision-making in the process from procurement to sales, and (3) improving profitability by improving brand value and gross profit in the medium to long term.

◆Summary of this Agreement

(1) Changes to existing contracts

We will amend the agreement signed in September 2023 to transfer the trademark rights and related rights of "LAZARE DIAMOND®," and change the system so that PJ Corporation will take over the functions of diamond procurement and inventory management, which were previously handled by LKI Corporation and LKJ Corporation.

(2) Acquisition of assets and acceptance of personnel related to business operations

PJ Corporation will acquire the inventory assets and some equipment that LKJ Corporation used to operate its business, and will also accept specialized personnel necessary for the continuation of the business.

About "LAZARE DIAMOND®"

Known as "The World's Most Beautiful Diamond®," LAZARE DIAMOND® is one of the world's most renowned diamond brands. Its quality, beauty, and brilliance are recognized globally. Every piece of LAZARE DIAMOND® jewelry is carefully designed and crafted to highlight the unique characteristics of the diamond itself.

Official website: LAZARE DIAMOND®

◆ About Lazar Kaplan International, Inc.

Founded over 120 years ago, LKI has earned an unparalleled reputation in the diamond industry for its leadership, commitment to product quality and ethical business practices, and is best known for its premium line of perfectly proportioned diamonds sold internationally under the brand name "LAZARE DIAMOND®".

Official website: Lazar Kaplan International Inc.

About Primo Global Holdings

Under the corporate philosophy of "Making PRIMO (the best) dreams into PRIMO (supreme) happiness" we plan and sell bridal jewelry and operate 136 stores in Japan and other Asian countries. Since entering Taiwan in 2007, we have expanded our store locations to Hong Kong in 2012, mainland China in 2016, and Singapore in 2022.
Going forward, we will continue to provide a wide range of customers with "high-quality products that meet Japanese standards" and "meticulous service and hospitality" that will create "purchases that will become lifelong memories."

Official website: Primo Global Holdings