PNJ to expand retail system, online sales

Update: April, 23/2018 - 09:00
Cao Thị Ngọc Dung, PNJ’s chairwoman, speaks at the company’s annual general meeting in HCM City on April 21. — VNS Photo Courtesy of PNJ
Viet Nam News

HCM CITY — Phú Nhuận 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 Thị Ngọc Dung said the company targets VNĐ14.195 trillion (US$662.58 million) in revenues and VNĐ882 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 VNĐ150 billion this year and at least VNĐ1 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 VNĐ1.621 trillion.

It will also make a 3 per cent ESOP, equivalent to 4.86 million shares, at a par value of VNĐ20,000 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.

Lê Trí Thông, vice chairman and general director, said last year was a successful one for PNJ, with sales growing by 28 per cent to VNĐ11.049 trillion, and jewellery retail sales accounting for nearly VNĐ5.78 trillion.

Its consolidated pre-tax profit was 54 per cent up at VNĐ908.11 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 Việt Nam increased by 7 per cent last year to 16.5 tonnes. The demand is expected to keep increasing. — VNS