In a bold initiative that places the brand center stage globally, jewelry retailer Lao Feng Xiang prepared to open a flagship store on New York’s Fifth Avenue in time for the yearend holiday season of 2014.
The move is part of the company’s recent accelerated expansion, including 145 new locations in China opened during the first half of 2014. The China store count totaled 2,769 at the end of June 2014.
Lao Feng Xiang also invested in line extension, acquiring a producer of enamel products. The Fifth Avenue real estate and the acquisition are part of an effort to move the brand more upscale with an offering centered around jade, pearls, colored stones and enamel.
Net income increased 8 percent to $68 million on a 1 percent revenue rise to $3.0 billion, in the first half of 2014. For the full year 2013, net income jumped 49 percent to $145 million on a 32 percent revenue rise to $5.3 billion. Lao Feng Xiang is listed on the Shanghai Stock Exchange.