On Wednesday, January 3, Primo Global Holdings Co., Ltd. opened the I-PRIMO Nanjing IFC Store, its third store in the city of Nanjing, in Nanjing IFC, a new luxury shopping center also opened on January 3 in Nanjing, China. This marks the opening of the 31st store in 17 cities in our China business as it expands sales channels in Asia.

◆Opening a 3rd Store in Nanjing 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 high-end. While the demographic for I-PRIMO in mainland China is, like Japan, bridal couples in their 20s and 30s, customers in China 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. We began expanding business in mainland China in 2016, opening our first store in Nanjing in 2021 and our second store in 2022. The desire among many customers to actually see and feel the high-quality products of a Japanese brand sparked the decision to open our third store in Nanjing to increase our presence in the Chinese market.

 

◆Nanjing IFC, a New Shopping Center Bringing Together International Luxury Brands

Nanjing is the capital of Jiangsu Province, with a population of approximately 7.4 million*. It is one of the four major ancient cities in China and is directly connected to Shanghai by high-speed rail, so it is visited by many tourists from home and abroad. In 2022, nearly 60,000 couples got married in Nanjing, and with disposable incomes at the same level as such Tier 1 cities as Guangzhou and Shenzhen, this is an attractive bridal market where further improvement in brand value can be expected from the opening of this store.

Primo Global Holdings' 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, allowing us to open this store in Nanjing IFC. This large shopping center, opened on January 3, boasts among the highest numbers of international brands in the city of Nanjing and is expected to be frequented by highly discerning customers. Nanjing IFC contains about 300 stores, and with many other jewelry brands with stores there, we anticipate a positive effect from customers shopping around for bridal rings. Furthermore, the mall is directly connected to Yuantong/Huaxia Bank Station on Lines 2 and 10 of the Nanjing Metro, and this excellent access is expected to further increase recognition of the brand.

 

*Source: 2023 Nanjing Statistical Yearbook

 

 

◆Comment: 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 in August 2023, our overseas sales ratio has exceeded 50%, 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.