PNJ to expand retail system, online sales

Monday, Apr 23, 2018 08:57

Cao Thi Ngoc Dung, PNJ’s chairwoman, speaks at the company’s annual general meeting in HCM City on April 21. — VNS Photo Courtesy of PNJ

Phu Nhuan Jewelry Joint Stock Company (PNJ) has said it will further expand its retail network and online sales and carry out customer segmentation to offer tailor-made designs meeting the needs of every customer.

Speaking at the company’s annual general meeting in HCM City last Saturday, chairwoman Cao Thi Ngoc Dung said the company targets VND14.195 trillion (US$662.58 million) in revenues and VND882 billion ($38.68 million) in net profits, 30 per cent and 22 per cent higher than last year.

Revenues from online sales are expected to rise five-fold to VND150 billion this year and at least VND1 trillion by 2021.

The company would also open at least 40 stores this year to increase the total number to more than 300, she said.

Two subsidiaries, PNJ Production and Trading Ltd and Customer Era Ltd, would be set up for trading jewellery, precious metals, precious and semi-precious stones, gold bars, souvenirs and gifts, import and export gold jewellery and import and distribute watches, eyewear and fashion accessories, she said.

PNJ plans to issue bonus shares this year at the ratio of 2: 1, increasing its charter capital to VND1.621 trillion.

It will also make a 3 per cent ESOP, equivalent to 4.86 million shares, at a par value of VND20,000 to members of the board making outstanding contributions and the most competent staff at PNJ and its subsidiaries.

The meeting also voted two new members of the board of directors.

Le Tri Thong, vice chairman and general director, said last year was a successful one for PNJ, with sales growing by 28 per cent to VND11.049 trillion, and jewellery retail sales accounting for nearly VND5.78 trillion.

Its consolidated pre-tax profit was 54 per cent up at VND908.11 billion, he said.

He attributed the company’s success to its investing in modern production and managment technologies, human resource development, risk management and development of its brand and retail network.

According to the World Gold Council, demand for jewellery gold in Viet Nam increased by 7 per cent last year to 16.5 tonnes. The demand is expected to keep increasing. — VNS

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