· Investment will be through the expansion of diamond stores network in the Gulf region to reach 30 stores
· Annual growth over past three years at over 30%
Riyadh, December 19, 2012: L’azurde announced today the details of its strategic expansion plan in the Gulf region. The Company will invest over SAR 100 million through the expansion of its diamond stores network, going from 10 stores to 30 over the next three years. The announcement came during the launch of L’azurde’s Olaya Street flagship store in Riyadh. Mr. James Tanner, Head of Corporate Investment at Investcorp, L’azurde founder Mr. Abdul Aziz Al Othaim, Mr. Hussein Abdulrahman Al Azel, Riyadh Chamber of Commerce and Industry (RCCI) Secretary General, along with many VIPs and media personalities attended the event.
The launch of a flagship store reflects the fast growth of L’azurde since its establishment in 1980. Annual growth rate over the past 3 years has exceeded 30%. The Olaya store offers a jewelry retail experience that set itself apart from other retailers and showcases L’azurde’s ability to blend national Saudi taste and culture with global gold and jewelry expertise.
Through its network of retail stores L’azurde plans to reach a share of over 40% of the Saudi jewelry market, as well as to introduce a new experience for jewelry buyers.
L’azurde CEO Mr. Selim Chidiac commented: “The Company is always seeking to develop new products that reflect the Saudi culture yet that are of the highest international standards.”
L’azurde Executive General Manager Mr. Ayman Al-Haffar added: “The goal of our ambitious expansion in the retail sector is to provide diamond jewelry to different types of consumers and for different occasions. For example, we offer marriage sets and gem fashion sets like sapphire, rubies and pearls.”
L’azurde produces more than 3,000 different jewelry items every year through its manufacturing center in Riyadh. The company has won numerous global awards including the Global Quality Prize in Paris, France for its gold and jewelry products, the Technological Innovation Award in Italy and the King Abdulaziz Award for the Model Factory.