On Thursday, December 15, Primo Global Holdings Co., Ltd. opened I-PRIMO Guangzhou Taikoo Hui Store, its second store in the city of Guangzhou, China, in Taikoo Hui, the largest commercial complex in the Guangzhou area.

◆ Expansion in the Chinese market, which has a strong sense of trust in the high-quality products of Japanese brands

In mainland China, there is a strong sense of trust in the high-quality products of Japanese brands, which are viewed as high-end. The first Guangzhou store, opened in June 2022, targets bridal couples in their 20s and 30s, the same demographic as in Japan, but customers in Guangzhou paid a high average purchase price than those in Japan, showing their commitment to the once-in-a-lifetime purchase of a bridal ring. The fact that many customers wish to actually see and touch the high-quality products of Japanese brands before buying despite restrictions on travel to Japan due to the COVID-19 pandemic sparked the decision to open a second store in Guangzhou, a Tier 1 city.

 

Guangzhou Taikoo Hui, the largest commercial complex in the Guangzhou area

Guangzhou is the center of economy, culture, education, and transportation, not only in Guangdong Province but in the entire South China region, with a population of 18.81 million*. This attractive bridal market has the third largest number of marriages after Beijing and Shanghai, which is why the opening of the second store is expected to further enhance brand value.

I-PRIMO's strengths, such as meticulous personal support that meets the needs of each customer and our select-order style of delivering one-of-a-kind bridal jewelry, have been well received by customers in the Chinese market, allowing us to open a store in Taikoo Hui alongside stores from many other jewelry brands. Taikoo Hui is a large-scale commercial complex that opened in September 2011 containing about 190 stores, with a focus on international brands, and since many other jewelry brands also have stores there, we expect a positive effect from customers shopping around for bridal jewelry. It is directly connected to Shipaiqiao Station on Line 3 of the Guangzhou Metro for excellent access expected to further increase recognition of the I-PRIMO brand.

 

*National Bureau of Statistics of China, 2022

 

◆Continued store openings to further advance business in mainland China

Since developing our first overseas store in Taiwan in October 2007, we have expanded our store locations to Hong Kong in 2012 and mainland China in 2016. As of the end of the fiscal period to August 2022, our overseas sales ratio has exceeded 40%, and we aim to make further progress by continuing to open stores overseas. In addition to the existing stores in mainland China, Taiwan, and Hong Kong, we opened our first store in Singapore in November 2022, and through fine service and hospitality and the I-PRIMO brand’s high Japanese standards of product quality, we intend to provide overseas customers with a wide range of purchases that will create the memory of a lifetime.