On Friday, September 22, Primo Global Holdings Co., Ltd. will open the I-PRIMO Wuxi Center 66 Store, its first store in the city of Wuxi, China, in the Center 66 shopping mall.

◆ Developing the brand in new cities to meet expectations for high-quality products

In mainland China, there is a strong sense of trust in the high-quality products of Japanese jewelry brands, which are viewed as luxurious. Since July 2016, I-PRIMO has come to operate a total of 27 stores in mainland China, targeting bridal couples in their 20s and 30s. This is the same demographic as in Japan, but customers in Shanghai have been shown to pay a higher average purchase price than those in Japan, reflecting their commitment to the once-in-a-lifetime purchase of a bridal ring. The desire among many customers to actually see and feel the high-quality products of a Japanese brand accompanies a rebound in their motivation to buy following the end of the COVID-19 pandemic, and I-PRIMO’s intention to increase our presence in the Chinese market sparked the decision to open our first area store in Wuxi, a major city in southern China.

 

◆ Center 66: A shopping mall in the Wuxi area where luxury overseas brands are gathered

Located between Shanghai and Nanjing, Wuxi is a Tier 2 city in Jiangsu Province with a population of approximately 6.2 million people.* The city has achieved remarkable development in recent years, with many Japanese and other foreign companies setting up operations there, and it has become one of the economic centers of the region. In 2022, the number of couples getting married in Wuxi was 26,700, and disposable incomes are at the same level as the Tier 1 city of Shenzhen, making it an attractive bridal market where further improvement in brand value can be expected from the first I-PRIMO store in the area.

I-PRIMO's strengths—such as our select-order style of delivering one-of-a-kind bridal rings and meticulous personal support that meets the needs of each customer—have been well-received by customers in the Chinese market, and along with strong sales at our 27 existing stores, have allowed us to open a new store in Center 66. This large shopping mall opened in 2013. It attracts the largest number of international brands in the area and is frequented by highly discerning customers. Center 66 contains about 200 stores, and because many other jewelry brands have stores there, we can anticipate a positive effect from customers shopping around for bridal rings. Furthermore, the mall is directly connected to Sanyang Plaza Station on Lines 1 and 2 of the Wuxi Metro, and this excellent access is expected to further increase recognition of the I-PRIMO brand.

 

*Source: 2021 annual report on individual cities (government website)

 

◆ 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 2023, our overseas sales ratio has exceeded 40%, and we aim to make further progress by continuing to open stores overseas. In addition to 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 memories of a lifetime.