On Friday, December 1, Primo Global Holdings Co., Ltd. will open its first store in the city of Ningbo, China, the I-PRIMO Ningbo Hankyu Store, within Ningbo Hankyu, a commercial complex in Ningbo. This marks the 29th store opening in 17 cities within our mainland Chinese business, which is expanding sales channels in Asian nations.

◆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. Targeting bridal couples in their 20s and 30s, the demographic in mainland China is the same as Japan, but average purchase price is higher than Japan, reflecting a commitment to the once-in-a-lifetime purchase of a bridal ring. Since 2016, we have opened 28 stores in mainland China, and we decided to open our first area store in the new city of Ningbo based on the desire among many customers to actually see and feel the high-quality products of a Japanese brand before buying as well as to increase our presence in the Chinese market.

 

◆Ningbo Hankyu, a shopping mall in the Ningbo area that brings together international luxury brands

Ningbo is a new Tier 1 city in Zhejiang Province with a population of approximately 6.18 million*. Commerce and industry have developed in this port city in coastal China, making it an economic center. In 2021, the number of couples getting married in Ningbo was 30,000, and disposable incomes are at the same level as such Tier 1 cities as Guangzhou and 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.

This opening in Ningbo Hankyu was achieved thanks to the favorable reception in the Chinese market of Primo Global Holdings’ strengths, which include meticulous personal support provided to meet the needs of each customer as well as the brand power of Star Jewelry, which is highly popular in China for its richly sophisticated designs and high-quality, original jewelry made in Japan. This large shopping mall, opened in 2021, attracts the top international brands in the area and is frequented by highly discerning customers. Center 66 contains about 360 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 Haiyan North Road Station on Lines 1 and 5 of the Ningbo Metro, and this excellent access is expected to further increase recognition of the I-PRIMO brand.

 

*) Source: Ningbo Statistical Yearbook 2022

 

 

◆Comment from Naoki Sawano, President of Primo Global Holdings., Co. Ltd.

~ 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 approached 50%, 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.