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26.05.2024
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Sokolov opened its first store in China

sokolov uralSokolov jewelry retailer has opened its first store in China - in the center of Shanghai, two more retail facilities in the city are planned to be launched in the first half of July, the company told TASS.

"A retail jewelry store under the Sokolov Moscow brand has opened in Grand Getaway, a large shopping and entertainment center in the center of Shanghai. This is the first of three stores that Sokolov plans to open as part of a pilot project to enter the jewelry retail market in China," the retailer said.
Two more stores in other shopping centers in Shanghai - Global Harbor and Cloud 9 - will start operating in the first half of July.
The area of the shops is from 70 to 150 square meters, they are decorated in a design concept specially developed for the Chinese market. The range includes more than 1.3 thousand models. Sokolov noted that they became the first Russian jewelry company to enter the market of traditional offline retail in China, writes TASS.
According to Sokolov Managing partner Artem Sokolov, three stores are being opened as part of a pilot project aimed at testing the business model. "Investments in the pilot will amount to $10 million in the next two years. We expect to see an average check in gold in the region of 500-600 dollars, just below the leader of the local market - Chow Tai Fook," said Sokolov, whose words were quoted in the company.
"We consider the success criterion of the pilot to be the output of stores to a turnover of $ 100 thousand per month during the first year of their operation. Taking into account all the costs of logistics and administration, we consider this pilot project an investment in development. At the first stage, it is important to bring the concept and business model to acceptable performance values. In the future, the number of stores can be scaled up to 30-50 within two to three years," he added.