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PNJ strengthens position in jewelry market

Friday,  Jan 26,2018,15:40 (GMT+7)
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PNJ strengthens position in jewelry market

HCMC – After a successful 2017 with pre-tax profit rising by 54%, Phu Nhuan Jewelry Joint Stock Company (PNJ) will celebrate its 30th anniversary this year, further expanding the retail system and promoting e-commerce activities.

A profitable year

According to 2017 business results of PNJ, the company’s consolidated pre-tax profit was VND908.11 billion, up 54% year-on-year and equivalent to 121% of the full-year plan.

PNJ saw total revenue picking up 28% to VND11.049 trillion, some VND5.780 trillion of which was retail revenue (up 39%). Its gross profit neared VND1.912 trillion, a 36% rise against the previous year.

Focusing on the retail system is attributed to PNJ’s high profit. In particular, the company opened 50 shops last year, bringing the total number of shops to almost 270 across the country.

Expanding retail system

Talking about the development strategy for the coming years, vice chairman of PNJ Le Tri Thong said that PNJ will open more shops this year. The company will have 300 shops when it marks the 30th anniversary of establishment, April 28.

By expanding the retail network, PNJ will have its market share up to 27%. According to VPBank Securities, the market share can climb to 28% this year and to 30.4% in 2020 if PNJ sticks to the expansion plan.

As revealed by Thong, PNJ targets not only more shops but also new distribution channels and e-commerce to give customers pleasant shopping experience.

In addition, PNJ will work on categorizing customers and launch new collections for different customer segments. This is to provide them with not only beautiful items but also spiritual values. PNJ will also present tailor-made designs for specific groups of customers, which is in tandem with the management board’s earlier vision.

PNJ continuously unveiled jewelry collections with outstanding designs, particularly young ones, last year. There were eight PNJ Gold collections with thousands of items and seven PNJ Silver collections with more than 1,200 items.

Thanks to investments in designing, PNJ was a big winner at a design competition held by the Saigon Jewelry Association with 11 winning works. Also, the company was chosen to design badges and souvenirs for guests at the 2017 APEC Economic Leaders’ Week taking place in Danang City late last year.

Working towards social activities

In the past 30 years, PNJ has always aimed at sustainable development, associating benefits of customers and communities with its own benefits. The company has granted 57 charity homes to the underprivileged nationwide. Besides, PNJ has run other activities like offering scholarships, building schools and sponsoring the National Fund for Vietnamese Children, among others, with more than VND10.5 billion spent on those activities so far. 

Besides using part of its revenue to aid the communities, PNJ has launched a program called Cảm ơn vì bạn không xả rác (Thank you for not littering) to raise environmental awareness.

According to the management board of PNJ, such social activities have made PNJ staff feel more meaningful and committed.

 

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Giấy phép Báo điện tử số: 321/GP-BTTT, cấp ngày 26/10/2007
Deputy Editor-in-Chief: Pham Huu Chuong
Managing Editors: Nguyen Van Thang, Huynh Cam Tung
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