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Friday, April 22, 2011

Enzo Targets Underserved $10 Billion Wedding Market

Chinese jewelry retailer Enzo launched the  “All About Love” jewelry collection that targets China's vast wedding market. The collection, unveiled at Enzo's 20,000 square foot flagship store in Macau, features colored gemstones and diamond products that enable consumers to create personalized jewelry sets for engagements, weddings and anniversaries. 
(Caption: Asian celebrities Aarif Lee and Janice Man model 'AllAboutLove' collection at its unveiling)

The collection is Enzo's first comprehensive line targeted specifically at the wedding market. The retailer says it estimates total sales in China to be about $10 billion, based on an average retail price of $1,000 and 10 million weddings each year. This is just for wedding rings. The potential markets for engagement and anniversary rings are comparably large.

“Most Chinese consumers up to now have had limited choices in wedding, engagement and anniversary items at local jewelers,” said Yu Chuan Yih, chairman and CEO of Enzo's parent company, LJ International. “We think the consumer is ready for this fresh western retailing concept, and Enzo is in an ideal position to profit from it with a full range of offerings not only in wedding rings, but in engagement and anniversary jewelry as well. For these reasons we expect All About Love to be a big winner for both Enzo and the consumer.”

All About Love provides a selection of colored gemstones and a collection of diamond products that, together, make up a comprehensive wedding collection. Customers can mix and match a full range of engagement, wedding and anniversary jewelry pieces to create their personalized wedding jewelry sets of engagement rings and wedding bands made of colored gemstones and diamonds.

LJ International Inc. is engaged in the designing, branding, marketing and distribution of a full range of jewelry. It has built its global business on a vertical integration strategy. 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.

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