| 16 Aug 2010 |
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Aaron Shum eyes wider Mideast retail footprint
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Monday, Aug 16, 2010
Jeweller aims to drive cost-competitiveness advantage
Dubai Having gained considerable traction as a retailer in these markets, Hong Kong-based Aaron Shum Jewelry has set itself a new marker for its Middle East operations. In the medium term, the jeweller intends to grow the wholesale side of its business across a much wider regional footprint.
Already, gains have been made on this score. But with last week’s opening of its Middle East head office in Dubai’s Gold Land, the crystallising of its stated aims just got quicker.
The company already has partnerships with several gold and jewellery retailers in the region in creating exclusive collections, which also includes high-end timepieces. These will now be built upon.
It will also be driving an in-built ‘China factor’ to full advantage. Aaron Shum Jewelry operates its own jewellery manufacturing facility on Mainland China which will help expand the wholesale part of its business here.
Factory rates
“We are bringing more cost-competitiveness to the region — customers will now have access to direct factory rates, thus benefiting them further,” said Pearl Chandrawansa, director of Aaron Shum Middle East. “We are looking at strengthening our business partnerships and building a wider customer profile. With our new office, we will offer the opportunity to create exclusive labels for them.”
Traditionally, jewellery retailers here have sourced designs from the Subcontinent and within the region for those pieces heavily influenced by Arabic motifs. Aaron Shum Jewelry’s plans for the region could be seen as part of a wider trend where Chinese manufacturing facilities can bring their considerable scale and clout into the equation.
“We see a strong growth potential in the region,” Pearl added. “This is a complement to our strategy for China, which is the world’s second largest jewellery market now, where we are expanding our reach.”
Escalating cost
It’s interesting she should say so as the wider jewellery trade in the UAE has been through a testing phase over the last 12 months and more. The escalating cost of gold had its impact on the retail side, as did the wider economy. On whether Aaron Shum Jewelry would insist on “fixed” pricing for its wholesale operations, Pearl said: “Different retailers have varying strategies for their transactions. For us, our asset is our and longstanding partnerships with retailers. We therefore follow a flexible approach and are committed to building our partnerships in the region.”
While growing the wholesale side, Aaron Shum Jewelry will simultaneously add grow its retail presence, including that of its subsidiary, the Lifestyle, which presently has more than 20 outlets in the region.
“The biggest plus for Aaron Shum Jewelry is its extensive domain knowledge complemented by our own manufacturing facility in China,” said Pearl. “We have a team of international designers fully in tune with changing global trends, [and] we believe gold prices will continue to be influenced by growing demand.”
Supplied picture
Glittering trade
By Manoj Nair?Associate Editor
© Gulf News 2010. All rights reserved.
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