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SK Jewellery opens flagship Shanghai store to tap burgeoning Chinese demand
CATALIST-listed SK Jewellery on May 21 formally unveiled its flagship Shanghai bridal jewellery store to capitalise on increasing demand for wedding jewellery in China.
The store, located in upmarket Hong Kong Plaza, comes under its Love & Co brand which specialises in bespoke bridal jewellery.
It is the group's second outlet in China, serving as a "solid anchor" for the SK Jewellery group to expand its presence in the country, the jeweller said in a media statement.
The group plans to open more stores in other tier one cities to strengthen its presence in the country, SK Jewellery said. This will be done in phases over the course of the current fiscal year.
SK Jewellery's chief executive Daniel Lim described the opening of the store as another "strategic milestone" for the group's expansion as it seeks to tap into new growth areas.
"Bridal jewellery has been, and will continue to be, an essential item in traditional Chinese wedding customs. With the growth in the number of people getting married, supported by the PRC's huge population, this bodes well for the PRC bridal market as a whole," Mr Lim said.
He added that coupled with an increase in disposable income and growing acceptance of Western wedding customs by millennial couples, the store's opening represents untapped potential for its Love & Co brand.
SK Jewellery's counter last traded on May 17, ending the day at S$0.138.