Jubilee expanding at Asian
Diamond retailer Jubilee Enterprise plans to expand its brand portfolio into other Asian countries over the next three years.
Meanwhile, the company is investing heavily this year on new stores and counters in the domestic market to meet demand from both local consumers and international visitors.
Chief finance officer Unyarat Pornprakit said yesterday that the company was studying a feasibility study on overseas expansion in high-potential markets such as mainland China, Hong Kong and Singapore.
Any overseas moves will be either via joint ventures or partnerships with local diamond retailers.
There is room to grow in these Asian markets, while the US and European countries are facing an economic downturn, she said.
To cash in on demand from overseas visitors, Jubilee has earmarked about Bt150 million for 15 new branches, including a Bt80-million flagship store at the heart of the commercial district of Bangkok.
The investment size of each of the other new branches would be between Bt7 million and Bt10 million, she said. The outlets will be a mix of stand-alone stores and counters at key shopping centres in Bangkok and other provinces.
"Some of the new branches will be located in prime areas that attract foreign visitors," she said, adding that the strategy could double the proportion of revenue from foreign customers this year to 20 per cent.
Last year, the diamond retailer enjoyed a 29-per-cent surge in sales to Bt887 million, with 90 per cent accounted for by local customers.
The CFO said the company believed Thai customers would continue to spend on diamonds and other jewellery, the overall market for which is valued at about Bt35 billion. With increased demand, Jubilee expects to see the market growing by about 3 to 5 per cent this year.
Jubilee is also focusing on launching new collections, comprising some 300 designs this year against 200 last year, in order to lure new-generation customers and retain repeat buyers.
Yesterday, it gave a debut to "The Excellent" collection, which contains triple-excellent cut-grade diamonds. Customers will be offered two series – SEIS and Legacy – which will appear on the company’s shelves this month.
"With new collections and branch expansion, the company expects to witness at least a 20-per-cent increase to sales of Bt1 billion this year," Unyarat said.
