Ming Jewelry added 18 company- operated stores and 64 franchise locations during the first half of 2014. It also introduced new products, including both mid- priced and high-end silverware and a new line of jewelry named Blue Wizard.
The company increased mobile and other online marketing to reach young consumers. These developments happened during a period when the China’s gold jewelry market was under pressure from decreased demand as consumers became more cautious.
Ming Jewelry’s main products are gold, platinum, and inlaid jewelry, which it sells domestically, particularly in Zhejiang and Jiangsu Provinces, the region around its headquarters, on the coast near Shanghai.
Net income jumped 382 percent to $24 million on revenue on a 15 percent decline in revenue to $702 million, in the first half of 2014.
For the full year 2013, net income totaled $14 million, a 16 percent rise on revenue of $1.4 billion, up 32 percent. The company has been listed on the Shenzhen Stock Exchange since its IPO (Initial Public Offering) in 2011.