Tuesday, September 24, 2013
Mikimoto To Accelerate Asian Store Openings
TOKYO (Nikkei)--Jeweler K. Mikimoto & Co. is accelerating store openings in Asia outside Japan in response to an increase in the region's affluent consumers.
On Wednesday, the company will open a 37-sq.-meter store inside the Marina Bay Sands luxury resort hotel in Singapore. The store will offer products such as necklaces made with Akoya or South Sea pearls, at prices ranging from 40,000 yen to 16 million yen. This will become Mikimoto's 15th directly run store in Asia outside Japan.
More stores will be opened in Singapore, Indonesia and Malaysia via a Singaporean unit established last year. The plan is to open five directly operated stores in the next three years.
This year, Mikimoto began commercializing pearls farmed at a site in Shingu, Fukuoka Prefecture, which opened in 2007. At present, only enough pearls for domestic consumption are turned out, but the company is looking at supplying other parts of Asia in the future.
(The Nikkei, Sept. 24 morning edition)