Mr. Chanat Sorakraikitikul, Chairman of Finance & Risk Management Committee of Pranda Jewelry Public Company Limited or Pranda Group revealed that Q1/2023, the company has sales revenue from production business at the amount of Baht 459 million, decreased by 9% compared to the same period of previous year. The mainly factor come from sales order of major market had been continuously decelerated since Q4/2022 due to customers concern on global economic recession and Russian invasion of Ukraine crisis. However, the second half of year 2023, the trend of luxury business is returning to grow, especially in Europe market, a good sign can be seen obviously from normal order resuming.
From the incident, Pranda Group has followed the strategic for production plan continuously, focused on business strength in fine craftsmanship jewelry manufacturer that meet quality requirements and commercial quantities. For the past 2-3 years, the company received positive feedback response from the plan, which expanded customer base in production business.
This 2023, the company has developed the potential operations in order to maintain existing customer group that held the chance of growth. Moreover, from economic factor that affected consumers buying behavior, the company is going to expand customer base to Accessible Luxury Jewelry Brand that can be grown significantly and got less effect by economic fluctuations. In 2023, the Accessible Luxury Jewelry Brand customer group direction has been continually grown higher than the expected target, compared to the previous year of 2022.
From that strategic plan can be assured that the sales revenue from production business in the second half of the year will be in accordance with the goal, due to a good sign that can be seen from customers who have planned together with the company both in design and new product development , pre-order planning, including existing customer group is now returning to repeat orders.