LJ International Announces ENZO Store Count Rose to 202 Continues Prudent Expansion after Achieving Significant Growth Milestone
HONG KONG, Jan. 5, 2012 /PRNewswire-Asia/ -- LJ International Inc. (NASDAQ: JADE) ("LJI" or "the Company") announced today that ENZO, the Company's retail division, has grown its total store count to 202 at the end of 2011, fully delivered on its growth plan and marking a key milestone of its retail expansion strategy.
ENZO added 69 stores during 2011 from 133 at the end of 2010, with 30% and 39% of total stores are located in tier one and tier two tires, and the remainder in tier three cities as it continues to focus on locations with growing middle class and preferences for jewelry that is affordable and luxurious.
"Year 2011 is an eventful time for ENZO and we are proud to deliver on our growth plan to expand our retail network to 202 stores," said LJ International Chairman and CEO Yu Chuan Yih. "Leveraging the growing affluence of China and the rapidly expanding middle class group in the country, ENZO will continue to expand to capture the immense opportunities in China. In view of the uncertainties in global economy and the growth momentum of China, the Company is vigilant and will prudently expand the business while ensuring we can timely seize the opportunities. With the proven success of positioning the brand to target the affordable luxury market segment, and the marketing and expansion strategy, we remain confident in the growth prospect of ENZO and look forward to the continued expansion of the business in 2012 and beyond."
About LJ International Inc.
LJ International Inc. (LJI) (NASDAQ: JADE) is engaged in the designing, branding, marketing and distribution of its full range of jewelry. It has built its global business on a vertical integration strategy, and an unwavering commitment to quality and service. Through its China-based ENZO retail chain stores, LJI is now a major presence in China's fast-growing retail jewelry market. As a wholesaler, it distributes to fine jewelers, department stores, national jewelry chains and electronic and specialty retailers throughout North America and Western Europe. Its product lines incorporate all major categories, including earrings, necklaces, pendants, rings and bracelets. For more information about the Company, visit the Company's website at www.ljintl.com.
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SOURCE LJ International Inc.