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PNJ: Vanguard of success in Asian Jewellery sector

Phu Nhuan Jewelry Joint Stock Co (PNJ) of Vietnam is further solidifying Asian jewellers’ status in the global jewellery world, thanks to its business expertise and impressive product portfolio. With unrelenting growth, the company continues to make inroads in the industry through new collections and a stronger retail footprint.

Over the years, Phu Nhuan Jewelry Joint Stock Co (PNJ) has proven its mettle as Vietnam’s leading jewellery manufacturer and retailer. Citing a well-defined business plan as its recipe for success, PNJ has increased its retail stores to 250, opening 49 new shops in the last 12 months. Its market share has likewise improved by 2 percent, with total retail sales rising 40 percent compared to the same period last year.

These achievements encapsulate PNJ’s strength in the field, with solid support from domestic and foreign customers, noted PNJ CEO Cao Thi Ngoc Dung.

PNJ CEO Mrs. Cao Thi Ngoc Dung

“Along with revenue growth, PNJ continued to gain the trust of buyers from local and overseas markets. We attribute this development to top-quality service and aggressive marketing initiatives,” remarked Cao

PNJ also considers its more than 4,500 employees among its competitive advantages.
The jeweller commented, “PNJ’s expansion is closely related to our growing number of employees. Our company invests heavily in education and training to ensure the quality of our human resources. This is part and parcel of our corporate culture.”

Business acumen

According to Cao, a clear and precise development strategy is the secret to its success. “From the management level down to each employee, there is unity and compassion. We aim to have a unified direction and understanding of the company’s vision and mission. This is where our strength comes from,” stated Cao.

Over the years, this no-nonsense business tactic has helped the company overcome challenges.
“PNJ’s massive retail network across the country confirms its leading position in the industry but also poses a challenge to continuously meet our customers’ diverse needs,” revealed Cao. “Each local region has specific preferences that are different from the rest. This requires PNJ to constantly do research and explore market trends.”

The jeweller also counts nearly 30 years of manufacturing and retail expertise as a competitive edge. With its long history, PNJ’s contribution to and influence on Vietnam’s jewellery industry are invaluable.

“PNJ is the foundation of Vietnam’s thriving jewellery industry. As a leading brand, PNJ has a deep understanding of what customers are looking for in terms of products, services and experiences. It is our job to satisfy our customers’ needs,” the company official noted.

Bespoke necklace from the I Love Vietnam Collection

PNJ also operates its own modern jewellery manufacturing facility with a total area of 12,500 sqm and more than 1,000 craftsmen who are instrumental in the production of top-quality designs and collections.

More than its jewellery-making expertise, PNJ is deeply focused on corporate social responsibility efforts. It regularly holds community activities and supports various pro-women associations to help promote the role and development of women in society.

Into the future

PNJ is banking on a generally favourable economy in Vietnam, as well as Vietnamese clients’ perpetual appetite for fine, bespoke jewellery, to fuel the company’s growth moving forward. “Vietnam’s jewellery industry is booming, and growth opportunities abound. Customers continue to buy jewellery as gifts or investments. Vietnam’s economy is also poised to become even stronger in 2018. These positive scenarios will bode well for PNJ,” noted Cao. The company’s major markets are North America and Europe, including France, Denmark and Germany.

In the first nine months of 2017, PNJ’s total revenues reached US$350 million, up 34 percent compared to the same period last year. This figure represents 77 percent of the full-year target, according to PNJ. Gross profit reached US$58 million, 31 percent higher from 2016. Profit before tax was US$28 million, up 42 percent from a year ago, fulfilling 84 percent of 2017 targets. Citing these favourable results, PNJ said the company is poised to end the year with a 40 percent growth. PNJ’s strength is likewise recognised by the industry. It recently won the Outstanding Enterprise of the Year by JNA Awards while Cao was honoured in the Top 50 Most Influential Women of Vietnam 2017.