Jay Gems, a subsidiary of Renaissance Global, said on Tuesday it has signed an agreement with Lao Feng Xiang (LFX), one of the largest Chinese jewellery retailers, to launch Enchanted Disney Fine Jewellery in Mainland China.
The launch into China, the world's second biggest jewellery market, is a significant milestone for the Renaissance Global strategy of geographic diversification. "The increased distribution for the Enchanted Disney Fine Jewellery brand also represents significant growth for Renaissance's branded jewellery segment," it said in a statement.
Headquartered in Shanghai province, LFX has 166 years of continuous operation and annual revenue of more than 6.5 billion dollars. It operates over 3,700 stores worldwide.
"We are honoured to partner with a retailer which has the sterling reputation and impressive market reach of LFX," said Sumit Shah, Vice Chairman of Renaissance Global Ltd.
"The Enchanted Disney Fine Jewellery brand will now be available to consumers throughout China. This will further increase the geographic diversification of our sales and decrease the importance and the risks associated with any individual market."
According to IBIS World Industry Research, China's jewellery market is estimated to be worth 118 billion dollars with a compound annual growth rate of 6.7 per cent from 2014 to 2019.
Enchanted Disney Fine Jewellery features Disney Princess inspired engagement rings, earrings and pendants. Disney Consumer Products is the biggest licensing company in the world with 2018 global sales of 59 billion dollars, including 5.5 billion dollars for the Disney Princess brand.
( With inputs from ANI )