Last Updated : Tuesday, January 14, 2020 13:51:12

RENAISSANCE GLOBAL launches Enchanted Disney Fine Jewelry in China

MUMBAI | RAJKOT – In a regulatory update as submitted to the Indian Stock Exchanges, Mumbai headquartered Indian Jewelry company Renaissance Global Ltd said of having launched Enchanted Disney Fine Jewelry in China partnering with a leading jewelry retailer Lao Feng Xiang.

The release titled, “Enchanted Disney Fine Jewelry Launches in China Renaissance Global partners with leading jewellery retailer Lao Feng Xiang,” further read that, Jay Gems Inc., a subsidiary of Renaissance Global Limited and exclusive licensee of Enchanted Disney Fine Jewelry, has signed an agreement with Lao Feng Xiang, one of the largest Chinese jewellery retailers, to launch Enchanted Disney Fine Jewelry in retail stores 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 Jewelry brand also represents significant growth for Renaissance’s branded jewellery segment.

Lao Feng Xiang (LFX) is a leading retail jewellery brand in China, with 166 years of continuous operation and annual revenue of more than USD $6.5 billion.

LFX, headquartered in Shanghai province, operates over 3,700 stores worldwide, including stores in almost every province in Mainland China.

The Lao Feng Xiang brand, the country’s second largest jewellery retailer, has been shortlisted in the “Shanghai Top 100 Enterprises List”, Fortune’s “China Top 500” and “The World’s 100 Largest Luxury Companies”.

According to IBIS World Industry Research, China’s jewellery market is estimated to be worth USD $118 billion.

China’s jewellery market is growing steadily, with a compound annual growth rate of 6.7% from 2014 to 2019.

Renaissance Global Group has pursued a successful strategy of geographic diversification: in FY2011, 85% of the company’s revenue came from the United States market.

By FY2019, the revenue from the U.S. market was reduced to 57%.

Enchanted Disney Fine Jewelry 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 USD $59 billion, including USD $5.5 billion for the Disney Princess brand.

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