Pranda Announces Its Business Strategy for the Year 2024

Mar 19, 2024

Emphasizing Aggressive Growth Plans for Manufacturing and Omnichannel Distribution Base

Pranda Jewelry Public Company Limited (PDJ), one of the world’s leading fine craftsmanship jewelry manufacturers, has disclosed its revenue for the year 2023 at Baht 3,411.49 million, a decrease of 5.51% compared to the previous year. The primary factors contributing to this decline were production business sales revenue affected by delayed orders from the main markets due to orders from key markets decelerating as concerns over economic recession in the company’s main export markets in Europe and America arose. Meanwhile, revenue in the Omnichannel business increased, mainly as the distribution channel in India grew continuously throughout the entire year and started a local production line to supply the growing demand in the Indian market.

For the year 2024, Pranda sets growth targets for both its manufacturing and Omnichannel Distribution businesses, aiming to leverage business opportunities to competitively position itself in the jewelry industry, both domestically in Thailand and internationally. Mr. Chanat Sorakraikitikul, Managing Director – Finance & Risk Management, revealed the strategy, emphasizing that this year’s manufacturing growth plan focuses on maintaining strong Strategic Partners by having competitive prices and improving internal processes. Additionally, expanding the customer base into markets with diverse high seasons to optimize order planning and balancing capacity utilization throughout the year. Moreover, cultivate corporate culture with a Growth Mindset for continuous improvement. The sales target for the manufacturing business is set at the amount of Baht 2,570 million, representing a 5% increase compared to the previous year.

The operational plans for the Omnichannel Distribution business in 2024, which includes PRIMA brand in Thailand and Vietnam, PRIMA ART in India, and GEMONDO in the United Kingdom, are outlined as follows:

PRIMA Thailand targets the younger generation segment with engaging marketing communications while retaining existing Prestige and Premier customers through exclusive campaigns. Additionally, implement a new image for PRIMA stores and expand the store network.

PRIMA Vietnam has devised a strategy to elevate the PRIMA fine jewelry brand to be the destination of high craftsmanship Fine Jewelry & Crafts. Furthermore, it aims to expand PRIMA ART via Stand Alone stores and expand PRIMA ART via Authorized Retailers in current segments and new segments (home decorative), as well as explore the possibility to expand corporate accounts for corporate gifting, thereby facilitating sales channels and maximizing future growth prospects.

PRIMA ART India has achieved significant success and continues to experience growth. The marketing strategy focuses on new and existing Key Accounts with high profitability and active TRJs (Trusted Retail Jewelers), including both new and existing customers with high profitability, as well as the Active TRJs (Trusted Retail Jewelers) group, alongside efficient regional sales team management. Additionally, the company expands the new product line in response to growing demand and expands the wider customer base. By the end of 2023, the company had expanded PRIMA ART retail stores in India to 2,823 branches nationwide, marking a 30% growth increase compared to the previous year. Furthermore, the sales revenue in the first two months of 2024 increased by 28% compared to the same period of the previous year.

GEMONDO U.K. aims to optimize merchandising and marketing campaigns to suit each channel and market. Additionally, the company focuses on GEMONDO’s website ecosystem and expands on new potential marketplaces, and continues to improve marketing effectiveness.

Based on the operational plan outlined by the Omnichannel Distribution business, it is anticipated that the sales revenue will experience growth in 2024. This projection includes a targeted increase at Baht 1,260 million, representing a 23% increase compared to the sales revenue of the previous year.