LJ International Announces Its ENZO Division in China Reaches 20-Store Milestone
January 20 2006 - 11:00AM
PR Newswire (US)
ENZO Retail Chain Well-Ahead of 2006 Store Opening Schedule; Now
Has 18 More Stores in China than Tiffany, the Second Largest
Foreign Jewelry Brand in China HONG KONG and LOS ANGELES, Jan. 20
/Xinhua-PRNewswire-FirstCall/ -- LJ International, Inc. (LJI)
(NASDAQ:JADE), one of the fastest-growing jewelry companies in the
world, today reported that its China retail division, ENZO, has
just opened its 20th retail store in China, well-ahead of its goal
of at least 40 retail stores by the end of 2006. ENZO's
better-than-expected initial performance in 2005 enabled the retail
chain to beat its 2005 financial and store opening schedule by over
a month. The latest stores to open include outlets in Changsha (the
capital of Hunan Province), Chengdu and Beijing. LJI's
8,000-square-foot mega-store at the Fisherman's Wharf development
in Macau celebrated its soft opening on December 31, 2005 and is
expecting its grand opening soon. The ENZO unit now has one or more
retail locations in China's largest population centers, including
Shanghai, Beijing, Harbin, Qingdao, Shenyang, Ningbo, Chengdu,
Changsha, Wuxi, Hong Kong, Macau, Shenzhen and Wuxi. The current
20-store total puts LJI well ahead of other competing jewelry
retailers based outside the People's Republic of China. Tiffany
& Co., for instance, has just two stores in China. Yu Chuan
Yih, LJI's Chairman and CEO, commented: "The new additions to our
rapidly growing lineup of ENZO stores have made us a truly national
retail presence and one of China's most successful foreign retail
chain launches. We have been extremely pleased by the results so
far from our ENZO stores, which have easily exceeded our sales
expectations to this point. And this is just the start. We now look
forward to maintaining or accelerating the current pace of store
openings in the current year, at the end of which we foresee having
at least 40 ENZO stores in operation by the end of this year and at
least 100 stores by 2008, just-in-time for the Beijing Olympics."
As previously announced, LJI is now projecting overall sales of
approximately $2 million from ENZO stores in 2005 This is up from
earlier guidance of $1.5 million. About LJ International Inc. LJ
International, Inc. (LJI) (NASDAQ:JADE), based in Hong Kong and the
U.S., is engaged in the designing, branding, marketing and
distribution of a full range of jewelry. It has built its global
business, currently one of the fastest-growing in the jewelry
industry, on a vertical integration strategy and an unwavering
commitment to quality and service. LJI distributes to fine
jewelers, department stores, national jewelry chains and electronic
and specialty retailers throughout North America and Western
Europe, with a growing retail presence in China through its ENZO
stores. Its product lines incorporate all major categories sought
by major retailers, including earrings, necklaces, pendants, rings
and bracelets. For more information on LJI, please visit
http://www.ljintl.com/ . Forward looking statement: Except for the
historical information, the matters discussed in this news release
may contain forward-looking statements, including, but not limited
to, factors relating to future revenues. These forward-looking
statements may involve a number of risks and uncertainties. Actual
results may vary significantly based on a number of factors,
including, but not limited to, uncertainties in product demand, the
impact of competitive products and pricing, changing economic
conditions around the world, release and revenues of new products
and other risk factors detailed in the company's most recent annual
report and other filings with the Securities and Exchange
Commission. AT LJI: AT INVESTOR RELATIONS INTL: Betty Ho Haris
Tajyar Vice President, Corporate Development Managing Partner Tel:
011-852-2170-0001 Tel: 818-382-9702 Email: Email: DATASOURCE: LJ
International, Inc. CONTACT: Betty Ho of LJ International,
011-852-2170-001, or ; Haris Tajyar of Investor Relations Intl,
818-382-9702 or , for LJ International Web site:
http://www.ljintl.com/
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