Abstract Frongo Gomerov, president of Russia's third-largest jewelry retailer "Diamond-Holding", said that "Diamond-Holding" was the first Russian jewelry retailer to enter China. The first store has started trial operation and plans to open 10 to 15 chain stores...
"Diamond-Holding", the president of Russia's third-largest jewelry retailer "Diamond-Holding", said that "Diamond-Holding" was the first Russian jewelry retailer to enter China. The first store has started trial operation and plans to open 10 to 15 chain stores. In introducing the reasons for the company's preferred Chinese market, Gumerov said that the current economic situation in Russia has caused the decline in consumer spending, forcing companies to develop the eastern market. Since the raw materials of the products need to be purchased in foreign exchange, the devaluation of the ruble makes the price of finished jewelry rise, which leads to a decline in the demand for jewelry in Russian residents, which requires other markets and means of survival. Therefore, the first choice is naturally China, where residents' spending power is rising.
According to Gumrov, the competition in the Chinese market is fierce and entry is not easy. He said: "We are studying the opening of chain stores in Beijing, Shanghai and Hong Kong. Hong Kong has the strongest purchasing power, but the competition is fierce. We have to find our place in the market, so we will expand the retail network in Shandong Province. More convenient in logistics and promotion."
He said that the investment required for China's business includes registered capital and taxation totaling about 2 million to 3 million euros. The registered capital must be more than 1 million euros. The cost of opening a point of sale is also around 1 million euros.
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