On Thursday, January 12, Primo Global Holdings Co., Ltd. opened I-PRIMO Shenzhen MixC Store, its second store in the city of Shenzhen, China, in Shenzhen MixC, the largest commercial complex in the Shenzhen 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 Shenzhen store, opened in November 2021, targets bridal couples in their 20s and 30s, the same demographic as in Japan, but customers in Shenzhen paid a higher 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 Shenzhen, a Tier 1 city.

 

◆The largest commercial complex in the Shenzhen area: Shenzhen MixC

Shenzhen is one of four major cities in mainland China along with Beijing, Shanghai, and Guangzhou, and is home to a population of 17.66 million*. This attractive bridal market has the fourth largest number of marriages after Beijing, Shanghai, and Guangzhou, 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, and the excellent performance of orders from our pop-up store that has operated within the same facility since July 2020 has led to the formal opening of a store in Shenzhen MixC alongside stores from many other jewelry brands. Shenzhen MixC is a large-scale commercial complex that opened in December 2004 containing about 330 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 Grand Theater Station on Line 1 of the Shenzhen 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.