CEO: Russia’s Almaz-Holding plans to sell jewelry in China

MOSCOW, Jul 3 (PRIME) -- Russian jewelry retailer Almaz-Holding plans to open a retail chain in the Chinese province of Shandong, the company’s President Flun Gumerov said in an interview with Sputnik news agency released Friday.

“We are considering the possibility of opening stores in Beijing, Shanghai, and Hong Kong. Hong Kong is the most solvent, but there is a big competition there. We should find our own niche on the market, that’s why in the near future we will develop a retail chain in Shandong,” he said.

The holding already opened one store there and plans to open a second one in the near future, while the future chain will comprise a total of 10–15 stores, Gumerov said.

The company started expansion in the East due to economic problems in Russia, which reduced the consumer purchasing power, he added.

Opening of a retail outlet costs 1 million euros, Gumerov also said.

Almaz-Holding currently owns 200 stores in Russia.

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