Primo Japan Inc. (Head Office: Chuo-ku, Tokyo; Representative Director: Naoki Sawano), operator of Japan’s largest chain of bridal jewelry specialty stores, announces that on October 17, 2012 (Wednesday), its subsidiary Primo Diamond Hong Kong Ltd. will open the I-PRIMO Causeway Bay Flagship Shop, its first store in Hong Kong.

Causeway Bay, the location of the new store, is Hong Kong’s largest commercial district, attracting all types of businesses and establishments, from small street-side shops to large-scale commercial complexes. It is also considered the source of new trends in Hong Kong. This first Hong Kong store faces Hennessy Road, Causeway Bay’s main street, and occupies the entire four floors of the building with an area totaling 175m2; a large sign erected on the building’s exterior will also serve as a billboard for the business. Interior spaces are elegantly designed to offer the same relaxed, spacious surroundings found in our stores in Japan, in order to optimize the experience of viewing and selecting this once-in-a-lifetime piece of jewelry.

 

A customer survey conducted in Hong Kong—which is known for its love of new, talked-about brands and for the popularity of Japanese products—revealed that the proportion of men who select and purchase engagement rings on their own before proposing is higher than in Japan. The survey also revealed that platinum is gradually replacing gold as the mainstream material for wedding rings. Hong Kong already has number of major jewelry brands whose business is focused on gold products that have expanded to multiple stores. However, because there are almost no bridal specialty stores, we plan to introduce Japanese products and sales methods here as we did recently in Taiwan.

 

Hong Kong has a population of seven million, with 50,000 marriages a year. Sales at the new I-PRIMO Causeway Bay Flagship Shop are expected to reach \400 million annually. Future expansion in Hong Kong includes plans for stores on Hong Kong Island and in Kowloon with the goal of having three stores by 2017 with combined sales of \1.0 billion.
In our overseas expansion, centered primarily on Asia, we are currently filing applications to establish a local office in Shanghai, and plan to open stores in the Shanghai region within the next few years. We are also considering opening stores in Guangzhou, which is located not far from Hong Kong.

 

 

■ Overview of the I-PRIMO Causeway Bay Flagship Shop

Store Name:	I-PRIMO Causeway Bay Flagship Shop
Address:	452 Hennessy Road, Causeway Bay, Hong Kong
Floor Size:	53 tsubo (=174.9m2)
Scheduled Opening:	October 17, 2012 (Wednesday)