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Chinese ENZO Brand Targets New Stores
Plans 18 moths strategy to make profit in 2007
By: Diamond World News Service
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Jul 1 2006 12:00AM
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Reference: 489  

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The retail ENZO chain, one division of jewelry manufacturer LJ International Inc., plans to add 10 new stores in China before year-end 2006, according to the company. At present ENZO has 30 stores in operation, which is ahead of the companys target to reach 40 in total in 2006. LJ International has established the retail stores across China, Hong Kong, and Macau. The company also said that 13 of the stores have turned a profit 18 months after launching the brand.

Total revenue from the ENZO division in the first quarter ending March 31, 2006, was $1.76 million, and ENZOs net loss (including operating and finance expenses for new store openings) declined to $550,000 in the first quarter of 2006 from $749,000 in the fourth quarter of 2005. LJI expects ENZO to reach break-even EBITDA (earnings before interest, taxes, depreciation and amortization) during 2006, with profitability expected in 2007.

Yu Chuan Yih, CEO of LJ International, said, "The financial growth of our ENZO retail stores in only its first 18 months of operation confirms the brands strong market acceptance in the Chinese retail jewelry market. It is also growing at such a rapid pace that it will likely emerge as one of the primary drivers of LJIs future financial growth faster than initially expected."

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