Ringo Ng, chief financial officer of LJ International Inc., a Hong Kong-based jewelry maker, comments on the company’s prospects in China and the yuan. He spoke in a phone interview yesterday.
LJ International sells gold, platinum and silver jewelry under the “Enzo” brand in 130 outlets across China. The company also operates a global wholesale business.
On the benefit from a rising yuan:
“We are going to report a foreign-exchange gain in the fourth quarter.”
On expansion in China:
“The luxury market is growing really crazily. My feeling for this group of newly rich, it is their first time buying luxury items, so they are eager for luxury items. It is explosive.”
“This year we opened around 40 stores. By the end of next year, we’re going to reach 200 or more.”